“We don’t know what we are going to do about it”, say the banks!
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After being up a bit over $1300/ounce, gold falls a bit to under $1300.
Sorry Bird I did not mean for my comment to come off saying that you were telling people to buy DUST only that you had mentioned DUST over the weekend in the comments. I hope everyone here understands that whoever we have on and all the people commenting are only sharing their thoughts and actions and not telling anyone specifically to buy or sell.
Thanks for clearing it up for everyone who tunes in.
Thank you Cory.
Maybe I will stop talking about it altogether just so there is no confusion.
Birdman stay focused on the trade.Knowing that you didnt put a stop loss in place and that leaves you with 2 options now.Either you flip or hold.If I were in your situation I will surely hold and start averaging down when price strikes the 1.2 – 1 range.The odds are still in your favor eventough you bought in the 2 level.Your time is yet to come birdman and as I told you before you are gonna be rewarded handsomely.You are on the money buddy.It is a matter of time.
Birdman re. to dust there is a positive divergence on all indicators i.e roc,rsi,slow stochastic and macd.My first target in gold has been reached.Now I am watching another target,this time in silver.It is 18.26 and imo should be reached next week.By then gold will be in 1330 range assuming gold:silver of 73.3.
We don’t know where it will go Don or how far it might fall at this stage. The hedge is more than sufficient anyway as I suspect this won’t take long to resolve one way or the other. Rick offered a downside target but it is not like that is written in stone either and it conflicts with another he put up last week. Keep in mind he also has a number for gold to fall to 812.00 so I take some of his work with a grain of salt.
I believe that $820 was a long, long time ago when the atmosphere was quite different. Enjoyed your comments this past weekend. Sounds like we are “birds of a feather”!
Of course, that’s his long term outside target to the downside. I take his lowball number on DUST with the same outlook.
Yeah I recall that figure.Atm the 200mma is at 848 and if projected forward it will intersect the lower supporting trendline exactly in that area in the first quarter of 2017.As far as I know Rick is in the deflationary camp and he could not be long term bullish on the usd and gold at the same time.It does not makes sense.If stock market crashes and usd soars then all assets including precious metals will automatically drop.Less money chasing the same goods.That is the definition of deflation .eco101.
Don, buying from $2 down to .80 is on the money? If so, I guess I have a much better long term track record than I thought! 😉
Don did not write $2 down to .80 so why are you putting words in his mouth instead of talking to your psychiatrist like I suggested.
Now common Bird’!
Sorry Al. I am just sick of that fool and his constant pettiness. But if you like I can cool off a bit.
Thank you Sir!
Bird, he supported you when you said you liked DUST at $2.
Matthew name one person who has constantly picked the exact bottom or top.Nobody and that includes me.It is hard eventough you are good in technicals because there are times when k and d line remain embedded for long period of time in oversold or overbrought territory or the price rides the bb .Even divergences could be tricky sometimes and hard to time.It is not easy and that is why I advice a stop loss.Having said that dust has a huge potential to the upside at these levels.Atm they are trying to shake the weak hands.It is their game.
Don, those who can’t time it better than Bird has should stay away from DUST unless they want to turn their portfolio to dust.
I appreciate Ricks comments on DUST. It’s really hard to see gold hitting the 1230s, but I do respect Ricks targets. It seems like DUST would have a reverse split right here. Either way, it sure is starting to look good…
Great weekend show with very diverse opinions re TA.
DUST reverse split 1 for 10 5/18/16
Yup, it’s due.
Direxion will execute a 1-for-10 reverse split of the shares of the Direxion Daily Gold Miners Index Bear 3X Shares and Direxion Daily Junior Gold Miners Index Bear 3X Shares, effective at the open of the market on May 18, 2016.
My model brought me to a $.93 buy on DUST.
It can go a tad lower too to $.90.I will be watching the 5day chart very closely the next 2 days.We keep in touch ok to share our opinion.Union is strength my friends.
Actually I have 3 buy points:$.93, $.875 & $.82 (30-30-40)
Good entry points although I doubt whether its going that much low i.e. to 0.82.Time will tell.My extreme low is 0.87 but I am a bit sceptic about it.It is the point of the wedge.I am more confident with the .90 level.
Don, at those levels, I can see why one would buy. The miners WILL take a break and most likely, sometime soon.
Opps, 1330s*
I like the first answer…….”hard to see gold hitting the 1230″.. 🙂
Birdman….I’m sitting on a DUST position as well. It may very well drop to Ricks target around .8 but I tend to think it is going up from current level in the short term and not down….that is what my money is on
I think it hit 1.20 already and sure, it could go lower. Today so I am resolved to just ride it out at this point whatever it does. It jumped a little in the last hours and I am in the green again so this one does not make me nervous. So you are right about that.
Looking at gold though it seems like it is only pulling back for another run at 1306 and who knows where it might go to after that.
Oops….I take that back. Not in the green. I was looking at the wrong chart. Stupid computer.
birdman dust has not hit the 1.20 yet.Todays low was 1.27.Birdman the monthly ubb(20) is at 1310 and weekly ubb is at 1341 which coincides with my silver target at 18.26 times the gold to silver ratio at 73.3 which equals 1338.5.First thing first birdman .1310 is my first target.We are very close to a top buddy.
Kind of funny. Are you pulling my leg with that math?
Birdman many times when the silver chart gives me a better price target than gold I multiply the price target with the gold to silver ratio to get the gold target.It is a method that I created.It works on short term periods giving that ratio varies on the long run.
Bird man….I’m looking for NUGT to drop to about 100 in the near term to fill the gap in price, at that point I will seriously consider closing my profitable DUST position and going long NUGT again depending
I am not profitable now but it would not take much. Funny you said that though JC….. If DUST is up again some tomorrow or overnight I get an exit as well and I just may take the opportunity since it does look as though it will be falling lower in the coming days or next week.
Jc there a negative divergence in ss,roc and rsi with regards to nugt.Pay attantion my friend because the drop is gonna be sharp.Nugt has 1 to 2 more days of upside movement.Upside potential is the 100wma i.e. 138.79.Be nimble.
Speaking of trading leveraged ETFs…….I cleaned up handsomely on DWTI today.
I’ve done quite a few trades in both DWTI and UWTI (fading in an out of them), but when I finally closed out the positions in full, then I’ve had 7 profitable trades and 2 stinker losses. Batting 77.77% Cosmic.
I’m going to take a breather for a little while though, because it has been stressful keeping up with all the twists and turns in the Oil price. I want to see what the US dollar decides to do over the next week or so before jumping back into the pressure cooker.
Shad’s back. I was wondering what happened to you. And just when I was thinking of taking a holiday from here for a week or so. Anyway, good numbers. But be careful…..777 is the new 666!
Anyway, just noticed silver is posting an outside reversal. Fancy that eh? Maybe it sees a drop tomorrow and onward since it was so loaded with bulls on one side of the boat the thing had to eventually tip over.
Also it is clearly on its fifth wave (Elliot.) Earlier today I thought it was a little too truncated to be at the final peak. But you never know…this could be it. Silver does tend to dance to a different drumbeat.
Yeah, I’ve been swamped with work much of last week, and was out with company most of the weekend. I always thought 777 was divine, 666 was diabolical, and 555 was humane. In this case it was 77.77% so maybe the extra .07 tips it to the positive.
Silver is hard to call here because with Gold moving higher, it may continue to play catch up. The industrial component may weigh it down though as most global growth is pretty stagnant. I’m generally much more interested in select stocks over the metal itself.
For me I’m keenly interested in what the US dollar will do, and thus I am interested in what the other currencies are doing at present.
In retrospect I should have just sold my TVIX on Friday for a profit, but I thought this week may see follow through in the general stock sell-offs. Unfortunately I’m back underwater on it, but in the medium term, I’m not worried and expect that the markets will throw everyone a curve ball soon enough. For now hanging tight.
Shad remember this date 16th may 2016.That is gonna be tvix day !
Duly noted Don Corleone.
I am already ready to celebrate “TVIX day”. If I make more than 30% gain in one day then I’ll bake a cake !
Why a curve ball?
Big Al – Volatility is at startling low levels, which translates into complacency in the marketplace.
The general stock markets are still skimming along very high levels in the S&P, DOW, NYSE, Nasdaq, and Russell 2000 and very few investors are expecting a meaningful correction this year, but I believe based on what we are seeing in on the global stage, that this is exactly what we be facing soon.
When we look at the ingredients in the financial stew we have – the whimpy US Dollar and the associated weak GDP numbers, the implosion in China, the Japanese fiscal insanity, the continuing issues of an unraveling Eurozone (which has been on the back burner lately but they are still screwed), the pummeling of many South American, Asian, and Middle Eastern Emerging Markets, the entrance of Cuba and Iran back into the global trade mix, the slowdown in the commodity economies like Canada, Australia, and Brazil, the shift from the BRICS to the TICKS, and the overall slowdown in global growth…… then it’s a very grotesque stew indeed.
I’m not sure what domino will fall to get the game going, but this is why I’ve been averaging into a nice volatility position to guard against whatever “curveball” we see next.
Excelsior,
Physical and stocks should have two very different motives for purchase!
Agreed Big Al. What I post about here on KER is mostly relative to my “trading account” and not my “retirement account”.
Stacking Silver & Gold bullion for the long haul as a store of value without counter-party risk makes all the sense in the world, as a hedge against financial chaos and central bank mismanagement. However, once people have decided to allocate a percentage of their portfolio to the PMs for insurance purposes, then what else is there to talk about regarding the metal?
On the other hand, the paper assets like mining stocks & ETFs are filled with counter-party risks of the management, environmental risks, political risks, weather risks, currency fluctuations, labor issues, grade fluctuations, processing methods that affect ore recovery rates, etc…… However, if people feel positive about the price of PMs over time, then the well run mining companies that pull the metals out of the Earths’s crust will have much higher percentage gains than the metals and can be sold with the push of a button without the premiums and fees of buying and selling the metals. No certified mail, no storage issues, and they can be bought and sold several times in the same trading session.
Since my risk tolerance and objectives are to make out-sized returns in my Trading Account, then vehicles like mining stocks are right up my alley.
Phyz and stocks should have two very different motives………profits, and… more profits..
I’ll have some of the “more profits” please…… those sound good.
Careful! Now your messing with the Almighty.
Bull market in the dollar is over……….per GS…….not going to 120
I’ve been saying that for a year.
Bull market in the dollar is over………..per Matthew…..not going to 120
sorry…….I forgot……….. 🙂
ootb dx is in the fdinal stages of wave c of a regular flat.Wave c move a tad below the end of wave a i.e. 92.62 and they are a 5wave impulse unlike wave a and b which are a 3 wave.Dx is ready to launch to higher highs and precious metals are nearing their top.
Mark my words ootb and always remember that goldbugs do not favor a rise in dollar.It goes against their interest.
Rick Ackerman is a big dollar bull and even he knows that the two can rise together and is bullish both.
The dx can rise becaise the dollar is strong or it can rise because the euro and/or the rest are falling faster than it is. Yes, it matters which it is.
If you want a real measure of how the dollar is doing, not a relative one, then look at the gold chart.
When the stock market crashes lot and lot of money will disappear into thin air and then less money would be chasing the same assets and thats deflationary.The usd is the best house in a bad neighbourhood and it is gonna reign for sometime and gold is gonna lose its luster.Then when the rating agencies start to downgrade the us debt and the usd takes a tumble and loses its reserve currency status gold will rocket higher.But then we would be in hyperinflation not deflation.
On a daily closing basis, the dollar just put in back-to-back 52 week lows:
There was some red on my screen today but my winners were good ones: 50%; 17%; 13%; 8.5%; 6% and five more that were unch or slightly better.
Can you share what the top five are since your giving us percentages?
Sure, the Canadian tickers are: PGM, CEM, DV, SGN, and a turnaround play that I bought quite a bit of at and near the low (I was often the only buyer): CXD
Matthew……..do you listen to TOM BOWLEY at schrts.com? thank J.
No, is he good?
I listened to him for the first time today….he seems to have some good info, on the S&P,Dow, Dollar…………Nothing on gold.
The info. was with charts…..and explanations…….
Matthew, I also like Poor Gold Mining. They just need to change their name. LOL! DT
Lot of upside ….to being poor…………. lol
Jerry, not much gets by you! DT
Thanks for sharing. I guess you’ve sold out of ICG then?
You must be thinking of someone else because I haven’t owned ICG (if you mean Integra Gold) in probably 5 or 6 years.
Yes I was thinking of Impact. (I own Integra).
Aida, I still have six figures in Impact and am not worried in the least.
Last weeks’ gaps filled. Do you think correction is over?
I think probably not even though it has been very well-bid today. After dipping to .68, the ask is now .75 and just 1,000 shares are available.
My guess is that it will chop in a range with a slight downward bias for a few days. It also would not surprise me to see a quick spike down like we had on March 23rd just to shake out latecomers.
Matthew – don’t forget about the gains in Eros Resources Corp today. Up 27%
Eros Resources Corp. (BPUZF)
0.1346 Up 0.0289(27.34%) May 2, 1:14PM EDT
Miners not looking good. I am back in DUST and added to DWTI today. Tight stops. Trading on Robinhood and Scott.
Cory, that is not correct. I have never recommended to anyone to buy any security let alone DUST. I have repeatedly said that I was only talking about what I was doing and have added that I was early AND that nobody should follow me since I am almost always too early.
Hopefully you read this post.
On Ricks call….he has changed his target on DUST from 1.24 to a lower value of .80 without referencing his earlier call. He may be right. I honestly have no idea at this point except I will be holding longer than I first anticipated.