Here is our Market Close for Wednesday (albeit a bit late)
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My worry is, as Cory points out, that a drop in the conventionals will take PM stocks down at the same time.
But I can’t see the Fed allowing any drop in conventionals to get out of control. I think the question is whether they will just keep pumping up the markets until the election? Can they achieve this? 64 million dollar question.
I still think that a sudden, sharp fall is likely but, again as Cory states, that would probably be a fantastic buying opportunity.
The potential black swans are Europe – some kind of bank problems – and what is going on in China.
In real terms, the Dow made a cyclical high last November and is now in a bear market. As happened in the 1970s, the value of the Dow can crash even while its dollar price holds up relatively well. In other words, the best part of the wealth transfer will not be televised.
The Dow plunged 26% versus gold in January and is still down almost 20% today:
Yes. Can’t judge without a standard. Gold is the standard, always will be.
How to make Canadian mining interesting.
http://order-order.com/2016/08/17/another-saucy-canadian-ad/
Smack down on silver $19.35, NY time. HK thinks they like the price.
@ Market To Future….you should REPOST the article……by Hanson…..On Fund the FED AUDIT.
Janson….dang phone
Jansen….dang me
For LESS Than $4000 …. Ft. Knox can be AUDITed…..by anyone.
I think GATA…can now jump on this one…..
200 PEOPLE NEEDED. To pledge $20 or one (1)oz of silver….to ……AUDIT THE FORT FUND
#GOLD #Africa $TGZ $TGCDF $GPHYF $GRY.AX
Teranga Gold One Step Closer to Acquisition of Gryphon Minerals
Court of Australia approves the release of the Scheme Booklet and orders the convening of the Scheme Meeting
TORONTO, ONTARIO–(Marketwired – Aug. 16, 2016)
How The Global Elites Screw Peons……zerohedge
Caterpillar Retail Orders….Plunge..zerohedge …..maybe the PPT can bail them out
Philly Fed ….employment Crashes to 7 YR low
Palladium up $18
Here’s a good editorial for Northern Shield Resources (NRN) (NSHRF) – they are a PGM exploration company that has been garnering more attention lately for their prospective land and potential for a district scale discovery.
https://ceo.ca/@teevee/nrns-sequoi-prospect-how-big-could-it-be
Excelsior and Matthew,
Do you wizards have an opinion on the bearish charts regarding USA.TO posted on another site by nightinggale?
Ha! Hi Pete – as for Americas Silver Corp (USA.T)) (USAPF) – if you look at the 1 year chart below it has repeatedly bounced off the 50 day EMA all year long, and so if anything I’m expecting one more bounce. Now if the 50 day EMA breaks down in a major way then it may be signalling a bigger problem.
There are some analysts that have noted this pullback in many mining stocks is signalling a rollover in the PMs and metals in a macro sense. I’m in the camp expecting one more pop before a drop in metals and miners, but I remain open to what develops either way.
Check out the blue line which is the 50 day EMA and how USA.TO has behaved. The RSI at 51 is neutral, the ADX has compressed to near neutral, and the Slow Stochastics look like they are about to cross and turn back up. (That makes total sense if USA.TO is going to bounce soon off the 50 day EMA).
http://stockcharts.com/h-sc/ui?s=USA.TO&p=D&yr=1&mn=0&dy=0&id=p57304063093
BTW – I shouldn’t have laughed at your statement, because Matthew really is a wizard and he’ll probably offer better technical analysis than I can, so we’ll leave it up to Mr. Wizard.
🙂
I am convinced that you are a very knowledgeable person in this area,Excelsior.
Thanks Pete. We’re all learning every day.
Pete, do you have a link to this nightinggale’s opinion?
The indicators are mixed but I see little downside from here (.40-.41) unless silver takes a tumble. It is very well-bid and is consolidating recent gains in a bullish manner.
Note that the price has drifted higher over the last 8-10 weeks even as the weekly stochastic readings have weakened:
The embedded MACD depicts a bull-bear battle that will result in a powerful move — most likely higher based on everything I’m looking at right now but it could still be a week or three out.
Thanks, Blue.
When I look at the MACD and TRIX on the charts they posted, they do look like they could head down in the short term, but are inconclusive (in my opinion) on whether it will be just a short blip down before the bounce, or an extended move down. This is why I think it is useful to watch the 50 day EMA on the chart I posted to see if it provides support. A major break below that would indicate that it was not a short dip, but more of a correction. We’ll have to see how the next week or two play out to know which environment is setting up.
I will say overall I remain bullish, but their red trend lines did look more bearish.
We’ll see how it goes….
Thanks for those charts Matthew. The second one looks rather encouraging to me for the mid-term.
Thanks,for taking the time and for the great answers, Excelsior and Matthew!
Thanks for the chart ..Blue,Matt,&Ex
I like this one
Blue – I like that chart as well. Thanks!
I agree completely, Blue, and find it very bullish that some advise selling and “running for your life.”
He’s coming right at us! – Airplane
SilverCrest Reports More High Grade Underground Sampling Results at Las Chispas; Multiple Sample Results Greater than 2,500 gpt Ag Equivalent
VANCOUVER, Aug. 18, 2016
Sierra Metals Provides Operations Update
TORONTO, Aug. 17, 2016
Brazil Resources to Acquire the Titiribi Gold-copper Project from NovaCopper
VANCOUVER, Aug. 18, 2016
Gold Standard Ventures Intersects 101.2m of 1.50g Au/t at North Dark Star Oxide Gold Deposit, Carlin Trend
VANCOUVER, BRITISH COLUMBIA–(Marketwired – Aug. 18, 2016)
Golden Predator Pours First Gold from Bulk Sample
Edmonton, Alberta (FSCwire) – Golden Predator Mining Corp. (TSX.V: GPY)
Osisko Gold Royalties Provides Corporate Update
MONTRÉAL, QUÉBEC–(Marketwired – Aug. 18, 2016)
Energy Fuels Announces High-Grade Uranium Intercepts at the Canyon Mine
LAKEWOOD, CO, Aug. 18, 2016
Fission Uranium Connects R600W and R840W Zones With High Grade Intercept
KELOWNA, BRITISH COLUMBIA–(Marketwired – Aug. 18, 2016) – FISSION URANIUM CORP. (TSX:FCU)(OTCQX:FCUUF)
De Beers Set to Drill CanAlaska’s Kimberlite Targets at West Athabasca
Vancouver, British Columbia–(Newsfile Corp. – August 18, 2016)
Happy News…..DOJ To Phase Out Private Prisons, ..stocks crash on news…zerohedge
Private schools are next…..Free to have new meaning.
OOTB,
That article is HUGE. Not just what is written on the article, but what it actually means… And 99.9999% of people have no idea what it means… Hint: a “major” change of monetary policy!
http://www.zerohedge.com/news/2016-08-18/private-prison-stocks-crash-news-doj-phase-out-their-use
“Major”…..I agree
Huge
Great news! Thanks for the link.
I’m so unaccustomed to seeing good news from the US that it makes me wonder, but I won’t look a gift horse in the mouth.
..ah…GH…, you get it. Nice…😉
Uhh…not sure I do. What does it mean for monetary policy?
All I know, or think I know, is that given the caliber of people running the US, when they do something that looks good, check what they’re doing with their other hand.
Great point GH.
I agree with Al. The SPX/DOW won’t be cut in half for a very long time. We could see the stock market reach record highs for quite ome time.