Gold equities, oil and the US dollar
Doc is with us for the market wrap addressing comments from his morning interview. We also take a look at the movement in oil and the US dollar. These are in new trends (up fro the USD and down for oil) but how long will they continue?
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Typical ! Avi and Bird ! You’re ( TOTAL RONG ) ! Gold is UP FROM 250 $ To 1250 and WILL GO UP MUCH MORE !!!!!!!
OIL is under CONTROL ! https://www.youtube.com/watch?v=4jAPWsxvNzc
The corruption in the banks and market is TOTAL ! You’re Bankers ! https://www.youtube.com/watch?v=j9UTVt-fJR4
Owl, and Little Man ……the boat left the Doc, and Owl miss him……….end of story.
Huh, Jerry?
Since, my comment was moved, ……it has failed to deliver the correct “punch line”
birdman gold has hit the lower parallel channel of the rise from 12th april high on the 4hr chart.Expect a 3 wave move now to the upside.Target 1321-23.That is gonna be the pinnacle imo
Al, very important thinking: the sellof volume of gold trade on COMEX today was at best 1/3 the volume last friday. And more, looking at the daily chart on GOLD we see the lows on the conventionals 02/10/2016 and the spike on GOLD at the same day. Now is time the conventionals correct and, no other way, GOLD rise again.
Birdman if 1321 is taken out my very last target is 1330 that could be reached by 17th may. I cannot see gold go beyond the 1330 level.We will take it a step at a time.
This looks like a good place for silver to bounce up from.
canarc (crcuf) took a beating today down 30% because it sold off it’s biggest asset to Bradford cooke’s other co EXK. what do you think it’s future looks like now? I own a significant number of shares here & worried about it’s future! excelsior or anybody??
here is the news on canarc http://www.canarc.net/news/index.php?&content_id=382
Thanks dw jones. I hadn’t seen that press release yet. I’ve owned Endeavour Silver in the past, and this makes me more apt to own them again in the future.
As for Canarc, I believe they have made some good decisions over the last 2 years to make some strides, and they did “flip” this El Compas property for 5 times return in a year, so that not too shabby. However, El Compas was also their flagship property, but they still have their La Plata processing plant in Mexico, and their New Polaris project in BC that they want to JV into development.
Here was their rationale and it does make sense in this tough metals market to make a profit, fill up the warchest, and possibly find another property.
_________________________________________________________________________
Rationale for Sale Transaction and Benefits to Canarc
– Opportunity for Canarc to turn a C$2 million investment into C$10.5 million in less than one year, making this a highly profitable transaction for the company
– Canarc’s enhanced treasury with no need to take on secured debt obligations, allows the company to continue actively seeking and pursue even more substantial growth M&A opportunities aimed to create additional value for our shareholders
– Places Canarc in the strongest financial position that it has been in for many years
– Provides Canarc with a generous profit while eliminating the risks associated with the development, financing and start-up of a new mining operation
– Endeavour shares have significant upside potential that could further increase Canarc’s treasury
thanks excelsior, for your input. always happy to hear what you have to say. I guess i’ll have to hang on to this one for a while & see what happens.
They may go after development of the New Polaris on their own, or I’m thinking they may go shopping and pick up another property or even take out another company with some of the cash. It will be interesting to see which direction Canarc moves next.
We may not know for sure of covert gold manipulations, but we are completely knowing of market manipulations. We have both the Plunge Protection Team and the most important one being all the QEs used by the Fed that absolutely manipulate the markets. And yet….EWT still works! This tells me that EWT cannot tell you whether or not manipulations are occurring. Mainly because EWT is a reflection of complete and total responses from everyone. And that would include covert manipulations.
Silver up overseas…………good sign…….. money will go where it well treated (who said that?)
Its up a penny in USD since the close yesterday!
I don’t think that penny is going to help Jerry. Meanwhile the Bank of Japan is again threatening to intervene in the Yen and that is VERY bad news for gold. They have made the threat twice recently…the third time will be action.
I suspect that will be coming fairly soon too given the shape of the chart. Anyway this mornings talk from them knocked the currency down a half percent. Expect gold to keep falling today. The dollar meanwhile looks good to go another few rounds but we will just watch it for awhile yet.
Yen Falls a Second Day as Japan Reiterates Ability to Intervene — Bloomberg
http://www.bloomberg.com/news/articles/2016-05-10/yen-falls-second-day-as-japan-repeats-willingness-to-intervene
Next stop for gold looks to be about 1240. The 1250 mark will be easily taken out.
Birdman gold has to go up to 1288 minimum to close the gap on the 10mins chart.This top is becoming very tricky birdman but I am playing it by the ear.
There is a point at which funds will bail out of gold, silver and miners. Knowing where they have set the stops is not that easy but we should not be surprised that the selling yesterday was not so strong as we expected.
That drop was, after all, just the first shot across the bow.
We need to look at major support zones next that will trigger the sells and turn this market down. Round numbers like 1250 and 1200 for example also come into play as do the various moving averages.
Reluctance to sell is probably just human nature when bullishness is so high. So the charts must actually start to look dangerous before some people will let go and finally take profits.
What I am not doing though is speculating on any higher prices. That was already yesterdays news. So now the focus will be on how far metals fall and watching the volumes on stocks to see where the heavy selling pressure will finally come in.
Never a dull day around here.
I have been waiting for 1130 for quite a while. My original estimate has been 800 by next summer with a higher low this summer.
But if anyone needs a glimpse into the future then we always have some stock charts to help us out. Here is Silver Wheaton ((SLW) as a nice example posting a beautiful Head and shoulders pattern.
Guess what comes next…..ooh oooh…this is difficult!
http://finance.yahoo.com/echarts?s=SLW+Interactive#{%22range%22:%223mo%22,%22allowChartStacking%22:true}
WED………silver up .54cent……………silver looking good again…….
Gold is a waste of time………until it breaks 1307……….HUI (large miners) and the stocks are the play at this point in time. Following the RULE…..Rich Rule that is.
plenty of exploration stocks are moving up on results.
Erdene T.ERD is one of many!
There is money to be made!
Thanks guys. Good interview. I agree with you Doc that no matter what happens we really need to watch these stocks that interest us on a case by case basis with an eye on the Bollingers and moving averages as you mentioned.
I have a more sour long term outlook but I think its important for me to not get locked in any one way of thinking so that means playing this day to day without too heavy a preconceived notion.
Anyway, thanks again for your sage advice.