The Fed statement, moves in US equities and gold
Cory and Al wrap up the markets today. With the Fed meeting, a big drop at the end of the day for oil and gold moving up, we have some topics to talk about. In the end the market is still most focused on the Brexit vote next Thursday and what the fallout will be if Britain leaves the EU.
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Hello Andrew. What do you think of all the scaremongering coming from the establishment with regard Brexit….expect more headlines from their mainstream media lying cronies to go something like this…….
If we leave everyone will get scurvie…….
If we leave everyone will starve to death….
The Thames will dry up & all the bridges will fall down…..
We will have to sell the NHS to Obamacare because we wont be able to afford it……
All schools will close withe 24 hours of us leaving, as we wont be able to pay the teachers
& we the Govt. will have to award ourselfs a 150% wage increase to offset the fact that we wont land a cushy job in the EU, after we lose the next election + an extra £10 million each to compansate for the stress the PLEBS have caused us.
Hi there, went to see my solicitor today. Nice enough guy. He said to me in a casual fashion, ‘how do you feel about Brexit?’ I said don’t get me started… Anyway bottom line, we all know the wind is blowing in Brexit’s favour, if out of the blue ‘Remain’ win I hate to think what will happen. There is so much anger with the ‘elite’ just below the surface, it won’t end well. For the first time in my life I can understand how some dumb ‘strong man (or woman)’ gets elected and just makes a bad situation worse’
Just for the record I am for Brexit
Brexit ( if they do ) is the same as , the US actually having states rights (which we don’t) I’m for Brexit too. All of Europe should exit the controllers.
Maybe that’s why Texas wants to exit?
Texit
Pretty much along those lines Tony. Of course the Thames barrier might just have a tidal surge instead! Those dratted plebs (us) are beginning to shout above the remainers and their pathetic noise and they absolutely hate it. I find it ‘hilarious’ that Cameron and Gove who were once close buddies are now mortal foes. Cameron is a new world order shill, whereas Gove at least has memories of his father’s business going bust due to EU regs.
Of course if Brexit goes through (please God) there could well be shortages in the supermarkets – I’m guessing that a discreet hoarding of toiletries and tinned food might well be advisable.
Whatever happens on the 23rd Europe’s going down!
Very best, Andrew
Copper continues to find support and resistance where expected within this modified Schiff fork:
Thanks for this Matthew.
Hope all’s good.
Best as always,
LPG
Hello LPG, hope all is well with you, too.
I am not the copper bear that so many seem to be but it does appear that a little more time is needed.
Here are a couple of Andrew’s pitchforks along with the important 30 week MA:
The smaller fork has not yet shown any value.
Thanks part II Matthew.
Best,
LPG
And so it begins…This is what happens when people vote in a muslim as mayor of London
Burkas for the models…..
http://www.zerohedge.com/news/2016-06-15/its-your-own-good-londons-new-mayor-bans-advertisements-featuring-sexy-women
Life in Great Britainstan!
Are they banning those Calvin Klein jock underwear ads too?
Thats funny Tony, Playboy mag sales might increase. lol
Calgary’s mayor is moslem too, council is voting on women wearing “skimpy” clothing on Thursday.
Hurray! Lets all vote on what women can do. Starting with what they are allowed to say when spoken too……oops!
Of course I was being sarcastic. But have you ever noticed that the morality laws almost always apply to what women wear, do, say and how they behave? And its not just Islamic lawmakers doing it…… but they just do it with more conviction.
Are we heading into some new world of conservatism?
I think you need to go back to Tacitus records to find a male suppressed society, or female dominated I guess.
The women would ply the men with wine for………favors. lol
Roles completely reversed.
A male repressed society? Is that even possible with the visual imagination of men? The way the Western world is headed lately though b, its going to be chastity belts, iron linens and girdles for the ladies again. Oh oh….I’m getting turned on.
See, no male repression possible…..
Couldn’t download this….
Gold is now past $1300 US. Gold is way undervalued compared to Vancouver and Toronto real estate. It will now cost a 1000 ounces of gold in US dollars to buy a starter detached home in Vancouver and almost as much in Toronto. a hundred years ago that same home could be had for 50 ounces, and gold was selling at $35 per ounce.
That should be $20 per ounce one hundred years ago.
Doc!? Here I am expecting a pull-back and things are looking crazy. Am I missing the train?
I know you asked Doc, but here is my response:
I think there is still time to get to a station and board the PM train.
This is still Stage 1 (Weinstein). If you participate in Stage 2 (with a buy and hold strategy), you typically can profit from at least 50% of the entire trend (some people think it is closer to 80%).
The small minority of us that invested 90-100% into the PM miners starting in early-December, 2015 through February, 2016 were following instincts: it was early-Stage 1.
But we also had a huge risk burden, too. And, of course more grey hair and many sleepless nights.
Entering at late-Stage 1 or early Stage 2 has almost no long-term risk if you buy&hold until Stage 3 (several years down the road, I think)
Brian
Thanks Brian. I got in PMs back in December and took profits too early in March, thinking it went to far too fast. Have been buying a little on pullbacks, but those have been shallow and few. Was expecting a deeper pullback that hasn’t happened, and wonder if it ever will.
The gold to oil ratio is completely out of whack.
Today its 27. Average has been 15.
Gold is a buy at 10.
27 is at a all time high. Either oil has to soar
or gold is going to crash.
This is unprecedented. Gold is on the crazy train.
One main reason I’m standing aside. Its rollin dice !
The only factor keeping gold at these prices is a financial
collapse in the near future. Probably likely. The odds increase
everyday. The Fed has lost all credibility. There is no leadership
and the Republic is failing. In quick order too.
1308, or not above 1308. That’s the question.
The question is oil to gold.
Gold is extremely overvalued.
Or oil has to rally to $80.
Everything is distorted. These 500 year low rates
has done nothing but put off the day of reckoning.
Gold must be factoring in a collapse. Real estate
and equities are at historic highs. Maybe gold is
holding on to these higher values for that reason.
We have a distorted economic model that is a monster
created by The Fed. These people are complete whack
jobs. Incompetent as all F…
About Gold, Now what your opinion???
Its been bullish for more than a week.
The Fed has lost control obviously.
1400 next stop.
Why is it soaring ? IMHO Economic collapse and
major war. If that happens, the money will not do
anyone, any good. Nothing but bad coming.
My opinion !
No, no Jake. Don’t you know that when gold succeeds its a whole new paradigm?
Paradigm ??? I think they are going to be very disappointed down
the road. First get all bubbly and then disaster strikes.
IMHO This move in gold signals calamity. Once it hits, gold will collapse.
If anyone lives to see it IMHO
Short article on GLD over 900 tonnes:
https://traderdan.com/?p=12118
Rickards says gold up starting today:
****************** ATTENTION *****************
Gold is at $1308.50 !! This is about to get interesting.
If this is an impulse wave up then I want to see Gold close above $1307.80 and $1321.50. If Gold can definitively close above those targets, then I’ll finally celebrate. 🙂
Gold chart showing the $1307.80 high in Jan 2015 where the uptrend stalled at that time.
Gold chart also shows $1321.50 trough down that started the whole last 3 years of downwards consolidation. It is key for gold to close above it and put it in the rear view mirror. I’ll break out the champagne and streamers. 😉
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=4&mn=0&dy=0&id=p10536901811
Ag=US$1550 target based on massive IHS
https://goldtadise.com/wp-content/uploads/2016/06/GOLD-new-hs.png
The action in the miners told us all along that it is really the “It doesn’t Matter-horn!”
I have stayed all-in and now the portfolio is a quadruple + 30% 😮
The GLD holdings were a big hint too:
December 17th, 2015 = 630 tonnes
June 15th (Today) = 900 tonnes
+ 43% increase
I agree but we didn’t have that stat back February – which is when the miners made the new bull a done deal for me.
Wow, I just noticed that the Loonie has clawed back a third of its decline versus the USD today.
Yes, you’ve been on the right track. I’ve been partially in since Dec/Jan with similar performance results, but at a greatly reduced size of my positions (25-50% holdings all year). I did sell down many of the mining positions into strength in March/April/May because I was concerned about a pullback. As a result I didn’t maximize the returns I could have made in the PMs but I put it to work in swing trading Oil, Uranium stocks, Lithium stocks, and Agricultural stocks, so I still did just fine. The only area where I screwed up with was with Volatility. I got it way too early and lost a chunk of change and waited and waited, and finally got out of the trade 2 days before the recent spike where I would have recouped all those losses. I’m kicking myself for that series of bad trades, but overall have had a fantastic 2016.
As for the PM miners I’m not embarrassed about many 2-4 baggers, but of course, wish I had larger positions in them. I’ve been a bit more cautionary, have my own process for analysis, and want to see a close above $1307.80 (looks like we’ll see that today) and $1321.50 before I feel the bull is on more solid footing. If that is the case then there will be years of upside left, so everything in due time. I’ve participated in the rally all the way up this year, so I’m still a happy camper.
I must tip my hat to you guys Matthew and Brian because you held strong through the whole process to you whole positions. Well done lads!
Well we didn’t get the close above $1307.80 today in the regular trading session; and in fact Gold has retraced back to $1280 with 37 mins left before the close. Talk about a buzz killer…..
I am actually happy about the action. Gold needed a break and the health of the bull market requires action that scares most participants. Mr. Johnny-come-lately is now out or even short when he should have been buying the pullback.
I still ended the day with slightly more green than red on my screen. That is interesting because the ETFs did not hold up nearly as well. This is a bullish divergence, in my opinion.
Good thoughts to consider. I’ve been fairly active buying up smaller development companies that haven’t participated as much in the move up in PMs but that I feel have merit.
Crazy as it may sound, I even nibbled at Sabina Gold & Silver today on the huge 36% pullback due to the caribou approval delay from the First Nations. After spending millions and many years getting the asset ready for development, then my hunch is Sabina and the Nunavut Impact Review Board will get it worked out and the stock will recover in due time.
Cheers!
1312 now. The bulls are in control. No doubt.
Could be a signal for a very serious economic
collapse and a major war.
Guess we are going to have to wave the white flag and concede, Jake. What else can you do? The bugs finally took control. Next they will be in Washington writing bills to make pieces of Eight currency again. God forbid! Shopping at 7-11 will never be the same.
You bet Birdman. Only my perspective is on the other end of this
joy ride for the bulls. I’m not missing anything. The risk/ reward
was unfavorable. Can’t break the rules. The other caveat is we
have a major collapse and possibly a major war this move in
gold is signaling. IMHO They can celebrate but once the calamity
gets under way its going to be a whole new ball game.
Bottomline : Enjoy it while it lasts if the world is still functioning on
a relatively normal basis. IMHO Going to be short lived.
Looks like the gold bulls can finally declare victory. The bear is dead. I honestly didn’t believe we would get above that key resistance this year but here we are and I am pretty sure this site will never be the same as a result.
So get out the Champagne boys. You earned it.
That is it Bird. we are done here no more bear arguments. From now all the way
bull bull bull. OMG. I will cover my shorts before getting worse.
Yea but, yea but, yea but..
Looks like the bear is dead……
Let’s see if gold closes the day above 1308. It’s either bull, or the mother of all head fakes. Very interesting day shaping up.
Head fakes, you mean even higher high still can going down the road .
Chartster?????
Billy,
Today and tomorrow are big decision days. Who knows which way it will go. I’m still very confident that metals are still southbound. Mainly because of the weekly chart and cycle theory.
Bird just laid the golden egg, I knew all this time that he was in the closet regarding gold. DT
Sabina Proposal rejected by First Nations (-35%)
Much appreciated Brian as your comment caused me to scope things out.
I’ve been waiting for an entry into Sabina and took this opportunity to start a position today at $.89. (buy when there’s blood in the streets).
After reviewing the concerns about caribou and climate change, I feel that after a more thorough review, and ironing out a few details that Sabina will bounce back. They’ve spent millions and many years to get things to where they are at now, and caribou are not going to stop the mine from being developed.
Geopolitics is driving gold. NATO says they might
have grounds to attack Russia.
http://www.zerohedge.com/news/2016-06-15/nato-says-it-might-now-have-grounds-attack-russia
With economic collapse comes war. If this happens
and we are moving closer everyday to a conflict
North America will burn as with Europe.
YOU HAVE BEEN WARNED. !!!
Oil is in collapse and gold is soaring.
Oil to gold ratio hitting all time highs.
Just under 30.
Its never been this high.
It was in the mid 40s in February and way into triple digits in the early 1930s.
Silver heading to new highs on this run Matthew?
Lewis, I would be very surprised if we see a new high in 2016 but it will happen during this cyclical bull market.
The true raging bull is in the miners. $30 silver would be extremely good for the likes of Impact Silver and Alexco.
I am sorry did not mean new all time high just a move over the $18.50 to $19 range.
Oh, then the answer is yes.
I knew it spiked when gold was down before
the big rally and oil was highly depressed.
We are sporting all time highs historically.
The 30’s I was not aware of. Good info. !!
Gold is moving on some kind of disaster
ahead. IMHO.
Canadian government warns today of
world war.
What do you think !!!! These are not made up news stories.
Getting very serious. !
Will it?