Minimize

Welcome!

Targets for the US markets and gold

April 7, 2016

Doc joins us for the market wrap today when we have seen the US markets sell off throughout the day. Gold got a buy and some of the gold and precious metals stocks performed very well.

Click download link to listen on this device: Download Show

Discussion
70 Comments
    CFS
    Apr 07, 2016 07:46 PM

    The one thing I don’t understand today is the performance of Palladium.

    Apr 07, 2016 07:49 PM

    Too much is too much ! Buy GOLD ! https://www.youtube.com/watch?v=GuKb9jo4QoI

    Apr 07, 2016 07:02 PM

    So on the daily chart of gold did we breakout of the handle that it had set?

    CFS
    Apr 07, 2016 07:17 PM

    As I look at the US dollar, I’m slightly puzzled.
    Most blog-watchers here probably realize I believe most markets are manipulated to some extent. at some times, and totally rigged at other times.

    Having watched the US dollar for some time, I am now beginning to believe that it will hold up until it doesn’t.
    I can’t prove it, but I believe the Chinese are manipulating the US dollar; propping it up, because they still have a sizable amount of their reserves in US treasuries.
    Clearly there have been times when the US dollar has dropped, that the Chinese have overtly changed there RMB-USD peg and range, to lower the RMB, and this has caused market reactions,. But I also believe the Chinese or even the US are also surreptitiously propping up the dollar. I further believe this will continue until the monetary system of the West fails.
    At this discontinuity point, I suspect physical gold in any quantity will not be available and, if Rickards is correct, effectively some gold-correlated standard for money begins.

      Apr 07, 2016 07:24 PM

      Some very good thought…….and I would agree with
      -“it will hold up until it doesn’t”
      and “physical gold in any quantity will not be available”

    Apr 07, 2016 07:26 PM

    Doc.
    Thank you for analysing markets
    Glad we have you.

    CFS
    Apr 07, 2016 07:30 PM

    Mr. Temple refered to China exporting copper earlier today.

    I assume he was referring to a Reuters article or some derivative thereof:
    http://www.reuters.com/article/us-china-copper-idUSKCN0X40EW

    I believe that article to be either hot air or propaganda. Probably mostly BS designed to drive the price of copper down. I will continue to believe this until I see China actually exporting copper or actually reducing imports further.

    Sorry, Chris, I am still in a “believe, but verify” mode, and I always will be; call me, CFS, Crazy Foreign Skeptic.

      Apr 07, 2016 07:41 PM

      What happened to Cash For Silver? ๐Ÿ™‚

        Apr 08, 2016 08:49 AM

        He made a loan to Foreign nationals……..which is highly skeptic and crazy………

          Apr 08, 2016 08:43 AM

          I’m a Skeptic that the Foreign nationals are Crazy, but will continue to buy Cash For Silver.

            Apr 08, 2016 08:44 AM

            change buy Cash to spend Cash….and we got a deal.

            Apr 08, 2016 08:16 AM

            Crazy is cashing in the silver………… ๐Ÿ™‚

            Apr 08, 2016 08:35 AM

            Correct – I got that crazy in the past. I meant spend Cash for Silver, but I wrote buy Cash for Silver in error. That would be a big whoops!

            Apr 08, 2016 08:39 AM

            YEP…………

    Apr 07, 2016 07:50 PM

    Doc:
    Do you use the Transports to confirm your thoughts on the Dow & S&P? Don’t think I’ve ever heard you mention them. Just wondering.

      Apr 07, 2016 07:03 PM

      Silver, I’ve in the past talked about the correlation of the dow theory concerning the transports and the Dow.

    CFS
    Apr 07, 2016 07:37 PM

    Why is it we have to go to Russia TV to gain more facts about the Panama Papers?

    Freedom of information in Russia?
    Suppression of information in US?

    Why not! After all the US Presidential candidates are being chosen by the media.

    CFS
    Apr 07, 2016 07:39 PM

    https://www.youtube.com/watch?v=gohIJeHIK_k

    gives more information on Panama papers on RTV.

    11 million pages. Not even I can read that much in a day or two!

    Apr 07, 2016 07:00 PM

    Good market wrap guys.
    Gold does look like it’s in a conundrum, until you look at the weekly ADX, which is a downward bias. Doc, have you looked at JNK? It looks to me like it’s about to seriously hit the skids. When that happens, it will bring the stock market with it. The stock exchange could (I’m sure will) get routed starting a few weeks from now. The junk bonds lead by about three weeks before the crash of 08. It’s looking very similar right now..!

        Apr 07, 2016 07:44 PM

        I agree Chartster that the general markets do look like they want to turn over, and if JNK takes a nosedive while Oil pulls back down from the right should of the H&S, then things are about to get much more exciting. We said April would be more volatile.

        Brian – I agree the worm is turning……….

        You guys are great.

          Apr 07, 2016 07:31 PM

          EX

          By the way? The very odd, lopsided 30-2-30 KELT I have been analyzing and backtesting, is indeed based on Weinstein 4-stage analysis.

          You are VERY perceptive; no one else picked that up.

          Brian

            Apr 07, 2016 07:02 PM

            30 week moving average……all the way!

          Apr 07, 2016 07:43 PM

          If anyone is interested? GDXJ on the weekly with a slightly different perspective:

          http://stockcharts.com/h-sc/ui?s=GDXJ&p=D&b=5&g=0&id=p23418369427&a=452805921&listNum=1

          1. Keltner Channels set at “WONKY” (30, 2.0, 30). Seems to work best on the weekly charts, but is kind of fun on the daily (REF: Weinstein Stage 4)
          2. Chart type: Heiken-Ashi (REF: Gold Tent about 2 weeks ago)
          3. Slow STO (Focusing on the “50” for bull continuation)
          4. MFI (the red-haired cousin of RSI that considers other … you know … stuff)
          5. MACD ( … of course)

            Apr 08, 2016 08:05 AM

            That is and interesting chart Brian, and based on that setup, it does look more bullish.

    Apr 08, 2016 08:27 AM

    Kaiser report 898 : WELL WORTH A LISTEN: CEO of Allocated Bullion Exchange explains how his new company enables his company to by-pass all intermediary dealers and set a new benchmark of gold.

    https://www.rt.com/shows/keiser-report/

      Apr 08, 2016 08:08 AM

      FINALLY……………..OPEN FOR BUSINESS………….ABX……….

      CFS
      Apr 08, 2016 08:44 AM

      Yes, Thanks Andrew, I had only watched the front end of that report before.

      (Idislike the anti-conservative propaganda on RT. Which makes sense until you realize how much worse and destructive Labour is.)

      I almost moved to Brisbane, before a brain tumor forced me back to the US.

    Apr 08, 2016 08:16 AM

    It would be nice if silver could at least finish the day above 15.40

    http://schrts.co/0nV0od

    Apr 08, 2016 08:21 AM

    The yen is strong and going higher.

    http://schrts.co/HB9qms

    Apr 08, 2016 08:01 AM

    Anyone follow Midas Gold, MDRPF?

    Has been almost dormant for months and months, then up almost 25% in the last two days.

    Have not found any news, but wondered if anyone else has insights?

      Apr 08, 2016 08:29 AM

      Yes JayT. I follow Midas Gold and this may be a result of them getting their financing done and moving forward on their Stibnite Gold Project in Idaho. I believe them to be a very intriguing development story and they are on track to be a near-term producer and I also believe they could be a takeout target in the near future.

      I think many mainstream investors have been ignoring the Precious Metals and most of the resource market for the last 4-5 years, but that the recent rout in Oil, NatGas, Coal, and Base Metals has reminded the world that Resource space may be where the cheese is moving. They are rotating out of stocks and into the under-valued miners, and are finally doing research into the valuations and uncovering the large discrepancies in share price versus stored value. Midas Gold is one of those examples. There are actually dozens of quality companies that are still way undervalued.

      I have heard a few analyst’s plug it recently on BNN, there were a number of great articles over the last few years from Octa Finance, Seeking Alpha, Motley Fool, and I believe both John Kaiser and Eric Coffin have mentioned Midas Gold as an intriguing development story that they’re both following. Brent Cook did an interesting video where he went and “kicked the tires” on Midas Gold at the PDAC and it was featured on Tommy’s site CEO dot CA. I remember thinking he did a good job of discussing their permitting process when I was gobbling up videos during PDAC coverage.
      __________________________________________________________________________
      Brent Cook kicks tires on Midas Gold
      Published on Mar 17, 2016
      Brent Cook of Exploration Insights stops by the Midas Gold booth at PDAC to find out more from president and CEO Stephen Quin about the company’s plans in the Stibnite gold district in Idaho.

      https://www.youtube.com/watch?v=BVMnHrc3-Sw

        Apr 08, 2016 08:30 AM

        Stock Trend Analysis Report
        Prepared for you on Friday, April 8, 2016.
        MIDAS GOLD CORP (TSE:MAX)

        http://club.ino.com/trend/analysis/stock/TSE_MAX

        Apr 08, 2016 08:00 AM

        Thanks Excelsior! I forgot to mention that I’d heard Brent Cook and/ John Kaiser recommend Midas a long time ago, which is why I bought it, but I’d not heard recent updates, so thanks for the video and report links.

          Apr 08, 2016 08:08 AM

          It’s definitely one I’m watching with curiosity, but I want to see how they do with their permitting process and when the get closer I may wade in prior to the news breaking, or if they run into problem between now and then, and it gets unduly punished I may buy some in that scenario, because longer term I think this deposit will likely make it into production. Someone is going to get er’ done.

            Apr 08, 2016 08:12 AM

            The permitting process may take 3 years, so this may just be one to buy and forget about for awhile. It looks like a very high quality deposit in a friendly jurisdiction. So, while not a bet the ranch thing, IMO it’s a potential home run, but by the time the pitch is thrown and over the plate it may have already taken off.

            Apr 08, 2016 08:12 AM

            I guess due to the permitting time frames, then I’m just going to categorize them as a development company, because they won’t be producing in 2016 and the soonest would be the end of 2017. I’m thinking they’ll go into production in 2018 based on how things typically go in the mining space. I usually just keep the development stage companies gathered with the near-term producers because development companies are often acquired by larger companies once they’ve been de-risked.

            Apr 08, 2016 08:20 AM

            Mit-as…. well forget them for now……. ๐Ÿ™‚

            Apr 08, 2016 08:22 AM

            or MAd as .. ..hell , and not going to take it anymore……

            Apr 08, 2016 08:32 AM

            fallen but not forgotten….. simply keeping them on the back burner on low heat….

      Apr 08, 2016 08:54 AM

      I don’t know Midas but that’s great price action backed by good volume since February.

      http://schrts.co/ySyIry

        Apr 08, 2016 08:01 AM

        Thanks Matthew!

    Apr 08, 2016 08:44 AM

    The Loonie continues to consolidate in more bullish way than most experts expected.

    http://schrts.co/Dduclm

      Apr 08, 2016 08:52 AM

      I agree, it’s been to dance the Loonie Bull Ball.

      Oil has been stronger that most experts expected lately as have the mining stocks, so the Loonie has been flying high. I anticipated Oil putting it the final touches on it’s right should this week (on the daily chart), but it has really surprised me with the really strong short-covering rally this morning. Wow! (got to tip my hat to Paul L !)

      http://www.investing.com/commodities/crude-oil-advanced-chart

        Apr 08, 2016 08:31 AM

        Here’s the primary driver of Oil this morning – King Dollar getting taken down.

        US Dollar Index 94.12 -0.38 -0.40%

          Apr 08, 2016 08:28 AM

          I recently said that the USD looked like it might skip the bounce and continue lower.

          Here’s UUP holding just a hair above the 500 day EMA – for now…

          http://schrts.co/QNtCfR

    Apr 08, 2016 08:49 AM

    So what do you think this “unexpected” meeting Monday by the fed is all about?

    Apr 08, 2016 08:24 AM

    1241 hold for the day………..

      Apr 08, 2016 08:31 AM

      HUI………….. ON THE MOVE……………UP $6…..

        Apr 08, 2016 08:32 AM

        GOLD phyz………then BIG CAPS…. just saying………… ๐Ÿ™‚

          Apr 08, 2016 08:49 AM

          AUY……looking good.

            Apr 08, 2016 08:51 AM

            UP …..9% today

            Apr 08, 2016 08:08 AM

            Yamana has been up nicely the last 2 days.

            Apr 08, 2016 08:33 AM

            I am only mentioning BIG CAPs, …..because as I mentioned yesterday, RICK RULE says……..1st. Phyz, 2nd BIG CAPS.

            Apr 08, 2016 08:34 AM

            but, then again does RICK know anything?……… ๐Ÿ™‚

            Apr 08, 2016 08:43 AM

            I like Rick Rule, but he personally invests in many of the smaller producers, development companies, and JR explorers, as does Sprott. I believe Rick’s favorite large cap is the streaming company Franco Nevada. I’d have to agree that Franco is about the best in class for the streamers and for the large cap PM companies. Expensive but stable and solid.

            Apr 08, 2016 08:47 AM

            I see the bottom is in………..if the HUI starts to climb….THINK 6 MONTHS OUT…..
            Elections coming and there will definitely be a changing of the guard….

            Apr 08, 2016 08:01 AM

            AUY………………UP 10.3%

            Apr 08, 2016 08:02 AM

            CRIMEX GOLD ……..OR HUI……….

    Apr 08, 2016 08:00 AM

    Main Street, Wall Street see higher gold prices……….kitco