A focus on the drop in oil the US markets and mining stocks
Rick Ackerman and Doc join Cory Fleck for today’s market wrap.The focus is on the biggest movers of the day which were the falling markets, continued fall in oil and move down in gold stocks when the metal held flat.
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Outlooks and Lowering Gold Prices Sent Miners Reeling Today (AUY, SSRI, IAG, NGD)
Tyler Crowe (TMFDirtyBird) Jan 19, 2016
Lower gold prices coupled with some production guidance numbers sent shares of Yamana Gold, Inc., IAMGOLD Corporation, and Silver Standard Resources, Inc., and New Gold, Inc. down 10% today.
Silver Standard Posts Q4, FY15 Production; Guides FY16
by Zacks Equity Research Published on January 19, 2016
Silver Standard currently carries a Zacks Rank #4 (Sell).
Better-ranked companies in the basic materials sector include Fortuna Silver Mines Inc. (FSM – Snapshot Report), Golden Star Resources, Ltd. (GSS – Snapshot Report) and Agnico Eagle Mines Limited (AEM – Analyst Report), all carrying a Zacks Rank #2 (Buy).
http://www.zacks.com/stock/news/204234/silver-standard-posts-q4-fy15-production-guides-fy16
Doc, bless him, has been telling me to wait on SLW since it was 27. He has been right so far, and I am waiting for him to ring the bell at the bottom. I’ll bet SLW and silver will go over 100 one day, maybe much higher than that.
oil now under $28.00, hear rumors of $15.00. hard to believe, but so was $30.00.
Good comment regarding the 200wk MA of the Dow. Definitely looking for a retest to see if it holds. But as far a bounce this week, I wondering if it will be a short dead cat bounce because: stepping outside the technicals, the market might finally be allowed to have a good correction thus setting the stage for a healthy rebound during the general election.
Spare cash laying about…50% Phs gold…50% long oil.
*** THE PAIN CONTINUES as Asian markets and Dow Futures plunge!
Nikkei entering a bear market down over 2%.
Oil back at 27.
Nice wrap. Deflationists get it. Holding SPY short on a tight leash. Playing for a waterfall through August lows. Silver looks like a good short here.
Nikkei now down as much as 531 points, over 3%.
Dow Futures down 255 pts!
If this keeps up tomorrow will be another interesting day on Wall Street!
How much longer is it going to take for investors to wake up!
I mean how blind to greed can you be!
WE KNEW THIS WAS COMING…………………THERE WERE WARNINGS!
Gold:
*** ALL OVERNIGHT MARKETS BEING SMASHED IN ASIA AND EUROPE!
Dow Futures down 360 points! Hey, Janet Yellen wake up………see what you did!
Safe haven looks to be gold and silver!
Gold is on the move………..hope it holds onto 1100
*Wow…………like Obama, Davos banker members all say that everything is all right!
I said last year that Sprott would get er’ done……
__________________________________________________________________________
Sprott Completes Exchange Offer for Central GoldTrust (“GTU”)
Sprott Unlocks Significant Value For Thousands Of GTU Unitholders
Sprott Offer Received 96% Of All Votes Cast At Special Meeting
TORONTO, Jan. 18, 2016
Fantastic outcome for GTU. Now if they could only do the same with CEF, too.
It would be nice if silver finishes January above this 50% Fibonacci arc:
Zoomed-in:
ditto…………it would be………..needs to play catch up…………..jmho
Priced in gold (GLD), the S&P 500 (SPY) is now down 17% since its December high. I wonder how many paperbugs have noticed.
I remember Doc/Richard mentioning SLW heading for $10 last year and he got the heat from some posters back then.
Well… stock hit $10.46 today… so it’s pretty much there.
I think what’s potentially interesting is that Richard made the comment that SLW COULD see $5.
As much as I love the silver sector… I treat it VERY carefully. Coz if SLW goes to the $5 zone, it might mean that some silver names will also get bamboozled even further.
My 2cts.
GL to all investing/trading.
LPG