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Have Doc and Cory missed the train on gold?

Cory
October 19, 2016

Chatting with Doc today we address a couple comments from listeners. First up is Paul who is looking for higher USO prices. Next a comment from David saying that Doc and Cory have missed the train in terms of gold. The $1,241 level has held and now we are moving back up. We provide our opinions on each comment.

We thank everyone for their great comments on the blog. Keep them coming!

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Discussion
25 Comments
    Oct 19, 2016 19:19 AM

    Gold has been creeping up these last several days, but I am no technician.
    I’ll just listen while the rest of you ‘duke’ it out.

    Oct 19, 2016 19:32 AM

    XAU stalls at 20 DMA. http://bit.ly/2ehGi22 I could see gold pulling back from here down to Doc’s 1225. There needs to be some type of catalyst that jumps gold higher. I do believe that it is coming. 1550 target for gold and 89 for the dollar.

    Agree with oil going to 60.

    Oct 19, 2016 19:54 AM

    The train has fallen off the tracks

    Gold and silver like the Chicago Cubs cannot win.

    The Cubs lose for no other reason than they are the Cubs.

    Same with gold and silver.

    The real question is do the Cubs fans really want to win?

    Losing is the glue that bonds them.

    If they won they would lose their identity.

    Deep down I think they want them to lose.

    They might root for the Cubs outwardly but inwardly they are rooting for them to lose.

    By losing they give the fans a unique identity no other team has.

    Same with gold and silver

    All these PUMPERS and bullion dealers which keep telling everyone to buy gold have been shorting it in secret.

    Tell the public to it gold all these years while you are selling it

    Same like the Cubs

    This has been going on

      Oct 19, 2016 19:10 PM

      James, your bearishness is very premature. The action is not only normal, but healthy. Weak hands must continually be shaken out of the market for the bull to remain strong.

    cmc
    Oct 19, 2016 19:35 PM

    Hi Doc,

    Are you still looking at 1225 or lower in the gold chart? Thanks

      Oct 19, 2016 19:26 PM

      CMC, yes, I’m looking for at least 1225—when we get there, I’ll be better able to tell technically whether the odds are of going lower.

    Oct 19, 2016 19:20 PM

    Gold held above 1250 for many days so it was due for a small rally. RSI was at an extreme low. It may be limited to 1280 but I am not jumping in as there are easier more sure trades available with less guesswork.

    Oct 19, 2016 19:24 PM

    I would like to know what Dr. Paul thinks about the positions of Jill Stein. I voted for her (early voting by mail) because I like her positions on our wars, the economy and our weapons sales around the world.

    Oct 19, 2016 19:29 PM

    Russians have moved most of their navy off the cost of Syria… biggest build up of Navy since World War 2 ………gold is moving up and so is US dollar…and with Trump win could see new highs soon. Cory is going to miss the train….train might of already left…..

      Oct 19, 2016 19:12 PM

      The irony would be that since Hillary will win the election after the debate, they no longer need to prop up the stock market and the dollar. What would really be funny if the stock market crashed for hallowe’en.

    Oct 19, 2016 19:14 PM

    The Bo Polny Train is leaving the station. Queue the Gladiator Music theme…

    Oct 19, 2016 19:15 PM

    You just have to look at sentiment, is all

    http://schrts.co/tz6SIU

    Oct 19, 2016 19:42 PM

    Cory and Doc, I think you are far too bearish. You need to throw away your USD charts once in awhile and look at the elephant in the room. The US is important but it is not the world economy and constantly talking about the USD price of gold is leading you astray.

    If the USD went up 2% against all other currencies, and gold went up 1% against all other currencies, would you say that gold was going up or down? It is going up, of course, but you keep saying it is going down, flat or looking bad. Gold in foreign currencies bottomed over a week ago. Look at gold in Euros, Yen or Yuan. Gold is getting a buy….a strong buy. If India starts buying again (as they should), it will only go higher.

    http://stockcharts.com/h-sc/ui?s=%24GOLD:udn

    When it comes to the stocks, the Bullish Gold Miners percentage is telling you everything you needed to know. The bottom was a week ago. Rarely does it get so low as it did then. When it does this, it is almost always a great time to buy.

    http://stockcharts.com/h-sc/ui?s=$bpgdm

    I have many gold stocks up strongly the last few days on healthy volume. My gold bell- weather stock DGC is up well over 10%. Gary Savage has been calling right. The time to get in is now.

      Oct 19, 2016 19:58 PM

      There were many nice moves in most of the miners today indeed.

      Thanks for Paul W. for pointing out the the Bullish Gold Miners percentage. I don’t know where I’ve been on that one…… Here is the chart you posted but with a longer time frame. It gets kind of sparse 3-4 years back and was almost non-existent 5 years back, but this does give an indication of the trough we’ve been in and the likelihood of a reversal:

      http://stockcharts.com/h-sc/ui?s=%24BPGDM&p=D&yr=4&mn=0&dy=0&id=p94313912289

    Oct 19, 2016 19:01 PM

    Paul W – I concur with you. The last week or so has been absolutely stellar for my portfolio that is largely comprised of large and small cap PM producers, royalty companies and a few good exploration companies (Balmoral, Cordoba, Thunderstruck, Canadian Zinc, K92, Red Eagle, Seabridge, Silvercrest). Hate to be critical of these guys because I immensely enjoy the website and the daily commentaries. Genuinely likeable people. And I’ve met Al Korelin years ago in Vancouver, just after he got his weekend show on Genesis Communications Network – he’s a very fine chap. But there are many influences, some legal and some otherwise, that impact these prices —- globally. The key point is what Al always says……Do Your Own Due Diligence.

      Oct 19, 2016 19:27 PM

      Here, Here. Al, Cory, and Doc are super nice guys and love what they do for the gold community.

      That being said,…Not sure I agree with Doc about plenty of time to buy these mining stocks. Last time I would of missed 50%-70% of the move if I would of acted on that. We’ll see if he redeems himself on predicting a pullback before year end. Always willing to give a guy a second chance. Cheers!

    Oct 19, 2016 19:04 PM

    And perhaps the most impressive thing……the info on this website is absolutely free to us. Great commentaries (whether I agree or not), diversity of opinion and contributing comments from listeners that are exceptional.
    You don’t hear it often enough Gents — this is an outstanding website.

    Oct 19, 2016 19:31 PM

    I hope I am not coming across as too critical. That is not my intention but sometimes I can come across (as my wife keeps telling me) a grumpy old man. I don’t post as often as some but I have been listening to the show for many years. I never miss a podcast and have found great value from the site. A great big thanks to everybody involved.

    Oct 19, 2016 19:16 PM

    Here Here. I appreciate the various opinions, particularly when good points are made in response. Paul W – you make a very good point. I’ve long been critical on the over-reliance of certain technical indicators and the lack of attention to a hockey sock of other PM price influencers.

    Oct 19, 2016 19:44 PM

    The Great Physical Gold Supply & Demand Illusion

    Gold supply and demand data published by all primary consultancy firms is incomplete and misleading. The data falsely presents gold to be more of a commodity than a currency, having caused deep misconceptions with respect to the metal’s trading characteristics and price formation.

    https://www.bullionstar.com/blogs/koos-jansen/the-great-physical-gold-supply-demand-illusion/

    Oct 19, 2016 19:23 PM

    And boy did they ever…….

    Oct 19, 2016 19:42 PM

    At any rate do appreciate your time with my comment!
    Cheers