Weekly Market Wrap with Chris
Click download link to listen on this device: Download Show
That has cheered me up. Oh, and Wales just stuffed Belgium in the Euro Championship.
Congratulations
Wales have not qualified for a major football tournament since 1958 when a certain young Brazilian player named Pele knocked us out.
Now we are in the semi-finals – amazing for such a small nation.
A great win more so as England beat them and then had to beat a humiliating retreat!
I hope Wales beats Iceland in the final.
We’re going to nick each other’s countries when most of the population of both are in France.
Folks need to pay attention to RSIs……overbought conditions in silver and many shares indicate at least a probable slow down.
Bears always say lower no matter what the price is. You can’t eat gold. It pays no interest.
Bulls always say higher, no matter what the price is. usd is going to zero. To the moon.
Some things never change!
No, somethings don’ft
It seems ver y over-brought to me at the moment CFS.
However… we are now back in the QE area so I suspect that the PMs and base metals, and their companies, could run a fair bit. Much of the rapid climb in the FTSE this week has been due to the numerous big miners on the FTSE as Anglo America, Rio Tinto, etc, etc.
$1340 going once !
I said $1340 key level and we battled all day and took it out.
Two more closes over $1340 and the gold train in gone.
To say this wasnt the time to back up the truck, or to say the odds say gold is going down much lower, or to say gold was down today was bewildering to put it kindly.
I will end by saying…
Gold was up again today
+1
Okay, okay!
Have a good wekend.
MY Mines management shares sold out today at a stunning profit . [its a clone for Hecla] Terror attack once again makes Trump get an advantage. I am a gary Johnson fan. Its a protest vote. congressional elections will be much more important anyway. Loretta Lynch made a dumb move with her chat in the airport with Bill Clinton. Even if they did not discuss Hillarys troubles it looks like they did . More indication that Obama has no control over his cabinet . best to you all S
Thanks Russel
So you are saying, Chris, between now and a 30K Dow we are going to have one heck of a price inflation?
CFS, I think it will be a shadow of the 70’s. Stocks will go up, but commodities/commodity stocks will go up proportionately more (though not across the board right away). Consumer price inflation will stay fairly tame due to weak demand and government manipulation of the numbers by the BLS (Bureau of Lying Statistics)
One has to have been asleep for the last year to not have looked at the silver/gold ratio and surmised that if gold was headed up, silver had to follow and do some catch-up. Demand for physical has been very good all year. Premiums on eagles, etc. are very high. Add to that the financial condition of the world (all entities) and there has been a lot of promise in silver. The big elephant in the room has been the fear generated by the commercial shorts on the Crimex. It is possible that one day the demand for those derivatives won’t transfer to the spot price. Brexit aside, things do change over time. It’s not safe to be a linear thinker forever.
On the general markets, we’re back to where we were, some winners, some losers. Gary Savage would probably call last Monday’s low an intermediate low meaning it’s clear sailing ahead. I don’t buy it. Happy 4th to all.
An intermediate low in what – conventionals or silver?
Ah, you said conventionals.
Could just be QE going into conventionals now and the CBs intending to pump, pump, pump.
Theralase: Not sure where to put this, put thought Chris and Al wouldn’t mind as they have both been positive on TLTFF in the past. A recent posting indicated that CEO Clips will have a feature concerning Theralase on The Documentary Channel (Canada) and Fox Business News in the US. This may trigger some interest. Got a slight jump in the stock today.
The Canadian dollar is not looking so buoyant in the short-term.
Price support. Pivot price. Resistance
0.77406 0.76720 0.77210 0.77700
Close Update: Wall Street Makes Dramatic Comeback, Closing The Week With Solid Gains
04:25 PM EDT, 07/01/2016 (MT Newswires) — U.S, stocks closed higher for a fourth straight day, closing out a tumultuous week higher and erasing all its post-Brexit losses as investors bet central bankers will maintain financial accommodation after the UK voted to leave the European Union. Accordingly, the low-interest rate environment has pushed bond yields to historic lows and precious metals to their highest levels in nearly two years.
The Dow Jones Industrial Average gained 3.1% this week, the S&P 500 was up 3.2% and the Nasdaq Composite closed with a 3.3% gain from last Friday.
The latest economic data on the manufacturing and construction sector also supported Friday’s positive trading on indications the Federal Reserve might not have the ammunition to raise rates this summer. The final June purchasing managers index was revised down to 51.3 from 51.4. A similar index from the Institute for Supply Management improved to 53.2 from 51.3, but construction spending fell 0.8% in May, missing estimates for a 0.6% gain.
Remarks from Fed Vice Chairman Stanley Fischer and Cleveland Fed President Loretta Mester, both voting members of the Federal Reserve, suggested the central bank is not overly concerned with global events when determining interest rate policy, but continues to look for signs of robust growth before raising rates again. Although investors took notice of Mester’s remark about waiting too long to tighten, it did not put much of a dent in the upward momentum.
Here’s where the markets stand at the close:
US MARKETS
Dow Jones Industrial Index was up 19.38 points (+0.11%)
S&P 500 was up 4.09 points (+0.19%)
Nasdaq Composite Index was up 19.90 points (+0.41%)
GLOBAL SENTIMENT
FTSE 100 was up 1.13%
Nikkei 225 was up/down xxx%
Hang Seng Index was up 0.68%
Shanghai China Composite Index was up 0.10%
Today, July 1st, marked the 100th anniversary of the start of the Battle of the Somme in World War One.
Five months later, by the time the battle had ground to a halt, some 1 million British and German men were dead.
Think about all those wasted lives. All those telegrams.
Top stock in 52 weeks, by gains
Components Main ViewTechnicalPerformanceFundamentalCustom View
Sym Name Weighted
Alpha Last Change Percent High Low Time Links
MUX Mcewen Mining Inc +474.29 4.12 +0.27 +7.01% 4.14 3.91 07/01/16
VGZ Vista Gold Corp +422.22 1.85 -0.07 -3.65% 2.05 1.82 07/01/16
GSV Gold Standard Ventures Corp +365.97 1.95 +0.09 +4.84% 1.95 1.84 07/01/16
DRD Drdgold Ltd +360.88 6.46 +0.56 +9.49% 6.47 5.99 07/01/16
AG First Majestic Silver +354.28 14.80 +1.22 +8.98% 14.95 13.98 07/01/16
AXU Alexco Resource Corp +305.70 1.88 +0.25 +15.34% 1.88 1.69 07/01/16
MEET Meetme Inc +269.97 5.48 +0.15 +2.81% 5.54 5.35 07/01/16
RIC Richmont Mines +264.37 9.49 +0.28 +3.04% 9.50 9.28 07/01/16
GDJJ Proshares Ultra Junior Miners +234.71 118.54 +13.95 +13.34% 118.98 110.63 07/01/16
RYI Ryerson Holding Corp +234.67 17.91 +0.41 +2.34% 18.13 17.42 07/01/16
GPL Great Panther Silver Ltd +225.63 1.72 +0.07 +4.24% 1.76 1.67 07/01/16
LFVN Lifevantage Cp Cmn +215.12 13.85 +0.25 +1.84% 14.14 13.52 07/01/16
SILJ Purefunds ISE Junior Silver [Sm +195.02 15.87 +1.22 +8.33% 16.00 15.00 07/01/16
HL Hecla Mining Company +180.14 5.44 +0.34 +6.67% 5.50 5.20 07/01/16
XRA Exeter Resource Corp +179.18 1.32 +0.03 +2.33% 1.37 1.26 07/01/16
ABX Barrick Gold Corp +176.10 22.21 +0.86 +4.03% 22.32 21.65 07/01/16
SA Seabridge Gold +172.53 14.91 +0.23 +1.57% 15.15 14.65 07/01/16
FSM Fortuna Silver Mines +171.62 7.61 +0.63 +9.03% 7.67 7.19 07/01/16
CDE Coeur Mining Inc +167.16 11.26 +0.60 +5.63% 11.34 10.93 07/01/16
SSRI Silver Stand Res +166.82 13.58 +0.59 +4.54% 13.65 13.28 07/01/16
PDEX Pro-Dex Inc New +164.70 5.53 -0.03 -0.54% 5.70 5.42 07/01/16
PVG Pretium Res Inc +162.82 11.69 +0.49 +4.38% 11.84 11.38 07/01/16
ASM Avino Silver & Gold +160.25 2.64 +0.21 +8.64% 2.69 2.55 07/01/16
FIZZ Natl Beverage Cp +157.22 61.37 -1.44 -2.29% 63.26 61.08 07/01/16
IAG Iamgold Corp +156.79 4.47 +0.33 +7.97% 4.49 4.23 07/01/16
JNUG Direxion Daily Junior Gold Mine +151.99 238.04 +38.94 +19.56% 240.99 213.84 07/01/16
Note how many are mining stocks!
Similar list with market cap P/E data
Components Main ViewTechnicalPerformanceFundamentalCustom View
Sym Name Weighted
Alpha Market Cap P/E Ratio E.P.S. Beta Return on Equity
(Recent Year) Price
Sales Links
MUX Mcewen Mining Inc +410.50 1,047,230 189.00 0.02 0.67 1.69% 14.35
VGZ Vista Gold Corp +397.50 164,980 0.00 -0.03 -0.83 -8.13%
GSV Gold Standard Ventures Corp +346.20 365,830 0.00 -0.03 0.30 -6.60%
DRD Drdgold Ltd +345.40 240,270 63.33 0.06 -0.68 0.00% 1.30
AG First Majestic Silver +342.50 2,053,440 0.00 -0.09 0.60 -2.12% 9.36
AXU Alexco Resource Corp +312.20 137,430 0.00 -0.08 0.58 -9.50% 11.96
MEET Meetme Inc +285.40 257,720 18.62 0.29 2.07 14.39% 4.53
RIC Richmont Mines +258.70 572,390 61.87 0.15 0.25 6.66% 5.31
RYI Ryerson Holding Corp +242.00 530,290 30.04 0.55 2.52 -14.39% 0.17
GPL Great Panther Silver Ltd +219.30 240,760 0.00 -0.08 1.00 -31.27% 4.19
LFVN Lifevantage Cp Cmn +211.60 184,490 34.66 0.38 0.92 95.11% 0.97
GDJJ Proshares Ultra Junior Miners +207.50 5,235 28.16 N/A 0.71
SILJ Purefunds ISE Junior Silver [Sm +186.60 44,256 30.11 0.00 0.43 0.00%
SSRI Silver Stand Res +173.30 1,486,970 0.00 -0.20 0.76 -3.12% 3.96
ABX Barrick Gold Corp +170.90 24,197,050 59.34 0.35 -0.02 3.71% 2.68
XRA Exeter Resource Corp +169.70 115,850 0.00 -0.08 0.48 -32.94% 508.12
HL Hecla Mining Company +168.40 1,897,020 0.00 -0.06 0.87 -1.63% 4.28
FIZZ Natl Beverage Cp +167.40 2,802,720 50.17 1.20 0.61 32.75%
ASM Avino Silver & Gold +162.80 98,690 235.00 0.01 1.35 0.34% 6.90
PDEX Pro-Dex Inc New +162.50 23,260 35.06 0.16 0.10 7.44% 1.74
FSM Fortuna Silver Mines +162.50 899,310 172.00 0.04 0.63 1.95% 5.81
SA Seabridge Gold +159.80 772,290 0.00 -0.14 0.57 -3.03%
PVG Pretium Res Inc +159.20 1,876,560 0.00 -0.08 0.23 -1.18%
MGPI MGP Ingredients Inc +152.70 632,270 23.53 1.61 1.70 24.22% 1.93
IAG Iamgold Corp +150.80 1,700,880 0.00 -0.38 0.08 -6.36% 1.85
AQMS Aqua Metals Inc. Cm +150.30 160,600 0.00 -0.65 N/A -34.65%
CDE Coeur Mining Inc +149.70 1,702,080 0.00 -0.56 1.05 -13.83% 2.63
BTG B2Gold Corp +149.10 2,304,670 124.00 0.02 1.13 0.96% 4.16
AKG Asanko Gold Inc +145.90 780,250 0.00 -0.05 1.03 -2.26%
GLDX G-X Gold Explorers ETF +144.50 74,358 -87.95 0.00 0.65 0.00%
SHEN Shenandoah Telecom +142.00 1,845,420 39.62 0.96 1.38 16.29% 5.39
XCO Exco Resources NL +139.10 381,580 0.00 -0.19 1.03 0.00% 1.16
PAAS Pan Amer Silver Corp +138.40 2,438,210 0.00 -0.23 0.52 -2.49% 3.61
Sorry for the data compression, but the first number after the name is the year gain, ranging from almost 500% to 150%
Canadian primary listed stocks not included.
OK, just looked at the the charts, and am on a 1 week winning streak, but they look odd to me, they look ready to smash the upside, as I always say I don’t do TA, I only put a finger in the wind and I never advise anyone to follow me,
silver possibly more than gold
While over a longer period silver is about 4 times more volatile than gold, my analysis seems to be indicating gold shares better than silver shares next week.
I am not a trader, so since my portfolio is dominated by silver shares I will wait things out.
Just my opinion.
CFS can I ask you a question, I love what you add to this site so this question is entirely neutral, do you think silver shares are worth it? Is there a real silver share? I sort of gave up on silver shares. Is not silver physical a better option. Genuinely I don’t know the answer so don’t think I’m arguing with you
Nigel, silver bullion is the better choice for most people because it is far safer than the shares. I own plenty of both.
Nigel, my biggest holding is SLW. Not the best silver stock, but probably one of the safest.
Big Al bought some silver rounds a year or so ago.
I also have a few percent of my net worth in silver, rounds and kilo bars, and in gold physical. One of the problems with physical silver is its bulk.
Beware that while exploration companies can give the greatest gains, they can also give the greatest losses. Due diligence is always necessary.
I consider myself fairly knowledgeable, but have lost hundreds of thousands of dollars over the years on exploration companies going bankrupt. I have learnt the hard way to keep highly speculative companies to less than 10% of my portfolio.
My primary problem is that I love to travel, and am occasionally out of Internet access for several weeks at a time. I am usually heavily invested but can be long or short.
I occasionally use puts or calls for insurance, but that can cut profit margins.
I tend not to use any leverage.
http://www.silverseek.com/commentary/hi-ho-silver-aw-ay-15714
Rick Ackerman….
Silver after Friday’s close.
Price Support Pivot Point Resistance
19.7590 18.2663 19.4453 20.6243
Looks like we might see $20.62!
Gold
Price Support Pivot Point Resistance
1,340.90 1,311.70 1,335.30 1,358.90
Just for you Brits, my analysis of the declining pound:
Price Support Pivot Point Resistance
1.3274 1.3044 1.3335 1.3626