Have Doc and Cory missed the train on gold?
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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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.
Gold has found support so far at the 89 week EMA but will probably drop all the way to the 89 week simple MA (currently 1203) if that support fails. A modified Schiff fork provides some additional support at that level.
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=6&mn=5&dy=0&id=p81290631964&a=480942586
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
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.
Hi Doc,
Are you still looking at 1225 or lower in the gold chart? Thanks
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.
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.
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.
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…..
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.
The Bo Polny Train is leaving the station. Queue the Gladiator Music theme…
You just have to look at sentiment, is all
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.
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
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.
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!
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.
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.
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.
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/
And boy did they ever…….
At any rate do appreciate your time with my comment!
Cheers
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.