The Dow posted its strongest week since 2011
After a crazy week in the markets Chris Temple joins us to try to shed some clarity on what to expect in the coming weeks. We discuss the moves int he equity markets but also the fundamental reasons why oil continues to not share in the upward moves that the base metals have.
Click download link to listen on this device: Download Show
Like I said yesterday, it’s the closing price that counts (weekly chart) and the neckline support of the USB:GOLD H&S pattern is no longer breaking…
http://stockcharts.com/h-sc/ui?s=%24USB%3A%24GOLD&p=W&yr=5&mn=11&dy=13&id=p49546630931&a=464882778
Just want to say that I found the webinar last night to be very interesting & useful.
Thanks all.
The BPGDM is back to the level it was at in January and the weekly MACD has never been so oversold:
http://stockcharts.com/h-sc/ui?s=%24BPGDM&p=W&yr=10&mn=0&dy=0&id=p20165789460&a=486723457
Very interesting indeed on the Gold Miners Bullish Percentage Index drop to low level support that we saw at the beginning of the year. (and thanks for the green arrows)
Yep that MACD is plumbing new depths….. Good chart Matthew. Thanks again.
It is also curious whether this has been the last batch of tax loss selling in some of these miners.
Based on that Gold Miners Bullish Percentage Index chart, this seems like a point representing good value to start adding more to the gold & silver miners into this weakness (and I have been) 🙂
Like gold, GDX fell precisely to support. There had to have been some massive short covering today in both gold and the miners.
http://stockcharts.com/h-sc/ui?s=GDX&p=W&yr=3&mn=11&dy=0&id=p75741264466&a=486737453
This gold chart makes a move to 1190 look probable:
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=1&mn=2&dy=0&id=p70800171450&a=443006542
Speaking of GDX….. I just posted this comparative chart of $MXSG compared to GDX and GDXJ over the last 200 days on CEO for a graphic of how well it has performed in 2016.
http://stockcharts.com/freecharts/perf.php?MXSG,GDX,GDXJ&n=200&O=011000
It will be exciting to hear an update on if they’re going to make it into Gold Production in November. I’m guessing we should get news in the next 2 weeks, based on their prior release.
Wow, as much as 5,733% this year…
http://stockcharts.com/h-sc/ui?s=MXSG&p=D&yr=1&mn=0&dy=13&id=p81000403878
I hope you made a fortune!
It’s the best returns I’ve had in 2016, but my position wasn’t large enough to qualify as a fortune. 😉
(I’ve seen your previous comments about it being worse to have too small of a position and is like being wrong. While I don’t entirely agree, because I did have a fantastic gain, your prior point about position size and conviction on a position really hit home for me on this stock ).
The good news is that most of their value is yet to come, as once they announce production in the next few weeks, then the other news investors are anticipating is the other projects in the development pipeline that MarMar is working on with Mexus.
Most of the upside in (MXSG) still is in front of it.
Well a 5,000% gain does a lot to make up for a small position, that’s for sure.
What I was referring to with that earlier comment are the opportunities which we know just enough about to decide to take the bet, but not enough to accurately quantify the risks/odds so we bet small when a little more homework might have given us the confidence to bet big — or maybe not at all.
Yes, the big payouts often do come from plays that really are very risky and rarely warrant a big position (like most pure explorers) but a perfect example of the kind that does deserve a large position is Impact Silver last January. That was pretty knowable, relatively speaking. Back then, the same went for many, many juniors.
So I like to bet a lot if it makes sense to and I always try to get the most out of my selling. That can be difficult because so many factors are at work when the sector is moving. You don’t want to sell too much too soon but you also don’t want to sell too little, for risk management purposes and opportunity cost.
I’m glad to see Pure Gold coming down more than I thought it would.
http://stockcharts.com/h-sc/ui?s=PGM.V&p=W&yr=2&mn=7&dy=0&id=p51831003788&a=445306505
Good thoughts on the position sizing, risk/reward management, and exiting the trade with an eye on maximizing the return of the trade, but being cognizant of the protecting of capital deployed and opportunity cost of holding a flat-lining of declining position versus rotating into a different equity with more upside potential.
As for Pure Gold and JAG, if they pulled back a bit more I’d add to them as well.
Rick Rule – Top Picks on BNN
Rick Rule of Sprott U.S. Holdings shares his top picks:
Ivanhoe Mines, Nevsun Resources and Callinex.
Short Bonds & Buy Silver!
Also: Technical Analysis on Precious Metals ETFs & GOLD & Miners
Morris Hubbartt
Super Force Precious Metals Video Analysis (click blue links for TA VIDEOS)
Nov 11, 2016
Pendulum Swings Against Gold, Toward Silver & Equities
November 10, 2016 – by Gary Wagner
http://thegoldforecast.com/video/pendulum-swings-against-gold-toward-silver-equities
{VIDEO Interview) Jayant Bhandari – India, Currency Controls, and Corruption
NOVEMBER 11, 2016
http://www.provenandprobable.com/blog/interview-jayant-bhandari-india-currency-controls-corruption/
Gold Continues Slide, Equities Slow Their Ascent, Oil Weakens Further
Gary Wagner – November 11, 2016 – 5:58pm
Weekend VIDEO Review
http://thegoldforecast.com/video/gold-continues-slide-equities-slow-their-ascent-oil-weakens-further
Some interesting technical perspectives on Silver from Gary Wagner in the Weekend Review Video above at the 7 min 15 sec mark.
Drill core described as “Geo porn” 🙂
Thanks,Excelsior
Hey Pete. Yep, investors like to drool over the drill results.
Well, actually investors drool in anticipation of the drill results, but sometimes when they come out they pulled dusters, and the stock will tank.
However, If the company hits something substantial in their exploration program, then it can really move the Jr Miners.
To good drilling all around. Cheers!
As Rick Rule mentioned, the drill results that have come out of Ivanhoe are truly “Geo Porn.”
Ivanhoe Mines announces Financial Results and Review of Operations for the Third QTR 2016
November 10th, 2016
“The initial Kakula Mineral Resource estimate vaults the Kamoa-Kakula Project into the ranks of the world’s 10 largest copper deposits. Its copper grades are the highest of the top 10, by a wide margin…”
Thanks for all your posts, Ex!
Always glad to share CFS. Right back at ya man. I enjoy your daily posts, but don’t respond to every one. The KER is a great place to put of different ideas for a collective pulse on the markets.
of = up
Keynote Presentation: Sponsored by Dundee Capital Markets (precious metals summit)
John Hathaway and Ronald-Peter Stöferle in Conversation with Martin Murenbeeld
Tip: you have to keep the video minimized to see the Power Point Slideshow, but you can download the slideshow as a PDF separately if that is preferred.
Very interesting thoughts on Gold and US Dollar.
Also Ronnie covers their Austrian School For Investors book (John Hathaway did the foreword).
Gold fell precisely to support:
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=5&mn=1&dy=22&id=p57457557478&a=423222946
Oil is headed to 41 and maybe even 40 so the general market may get dragged down as I said yesterday. Their is a road block at 2180 to 2190 on the S&P which could take many attempts to get through.
The silence of Obama speaking out against the riots by left-wing communistic democrats is deafening.
https://www.youtube.com/watch?v=5oakCWsVDDY
He simply is one of the most destructive politicians ever.
Note Trump has already called to commiserate with the widow of a policeman recently killed.
The Democrat racist in the White House incites cop-killing by siding with blacks attacking cops.
That will be nice to be rid of, at least
Speaking of things nice to be rid of…….
John Kerry moves to Antarctica
By Adam Pierce from Lookout Point link Nov 11, 2016
“Secretary of State John Kerry has left the United States to live in Antarctica.”
“Declaring that he “just doesn’t understand this country anymore” former Senator Kerry left the United States for an uninhabitable wasteland. Mr. Kerry expressed confidence that global warming will turn the frozen continent into lush farmland within the next few years.
In remarks earlier today, President Obama said that he is sad to see the country lose “a great man” but added that “he understands completely” why Mr. Kerry would leave the U.S. at this time.”
https://firecracker.liberty.me/john-kerry-moves-to-antarctica/
I would argue he has also incited the cop killings by allowing cops to kill with impunity. When there is no justice, there will be vigilantism. Clearly those running the show want to exacerbate racial tension.
Sorry, it was a repeat, just posted again today.
Good thoughts from Martin Turenne (President & CEO at First Point Minerals Corp) on Zinc:
@MartinTurenne – “Good info today from Scotia on zinc inventories: “Guess What Got Cancelled Last Night? 11,550 tonnes of Zinc!! … All of which is in New Orleans which is home to 392,750 tonnes of the 446,650 tonnes of Zinc in Global Warehouses (or 88%). Industry participants saying that most of the Zinc in New Orleans is “Crappy Zinc / Off-spec Zinc” .. because it was sitting there when New Orleans was flooded 10 years+ ago. It is so old and the surface is partially oxidized and dirty that galvanizers would only turn to it if they were in a supply jam. The problem is that it would create a lot of waste (dross) in the galvanizing process and there is a cost to this.” [1/2] from ~zinc, 7 minutes ago
@MartinTurenne – “So is the LME market tighter than you think? We believe so .. a market participant is also saying that hidden Zinc stocks have declined this year significantly “for example, imports of zinc metal into China were up ~150kt in the first 7 months of the year, and LME didn’t move much so this must have come from unreported stocks effectively, as the market was in deficit…” They estimate unreported stocks are under 200kt”. This is rather low – if you add 200kt to our 777kt estimate for Total Global Stocks (this includes bonded warehouse stocks) then total zinc stocks (hidden and visible) is under 1Mt or less than 25 days of consumption.” [2/2]
The DIA bearish breakout that I pointed out on 11/04 was a trap, but I wouldn’t be surprised if the current bullish breakout is also a trap…
http://stockcharts.com/h-sc/ui?s=DIA&p=D&yr=1&mn=5&dy=0&id=p65159813265&a=433404534
I don’t own it, but Cameco looks very good here…
http://stockcharts.com/h-sc/ui?s=CCO.TO&p=W&yr=5&mn=7&dy=22&id=p33623318076&a=484910336
The high and rising volume lately helps to confirm the other good-looking indicators.
Trump has said he would end Sanctuary CitCies:
http://www.cnn.com/2016/11/11/politics/new-york-undocumented-database/index.html
My iPad have its way again!
Why build a wall?
Just buy some Russian technology…..
http://www.mirror.co.uk/news/world-news/killer-russian-robot-can-detect-9239940
Meanwhile in Chicago…..
http://chicago.cbslocal.com/2016/11/10/2-investigators-suspicious-man-caught-at-water-plant-released-then-vanishes/
I am positive only low IQ is the primary necessity for public employment in Chicago.
Santacruz Silver Mining says one dead in accident at Mexico mine
Friday November 11, 2016 17:09
Nov 11 (Reuters) – Santacruz Silver Mining Ltd said one person died in an accident at its Rosario Mine in Mexico on Wednesday.
The Mexico-focused silver miner said on Friday the accident was an isolated incident that occurred on a development heading at Level 4 of the mine in San Luis Potosi in north-central Mexico.
Mining operations were temporarily suspended to alert authorities and allow for investigations
Thanks CFS. That is sad to hear, and I was just considering jumping into the water with Santacruz Silver. I’ve been watching them for a Loooong time, and the fact that they just got their second mine into production is an important milestone. It is a shame that this good news they just released got tarnished with this accident. Mining is a risky business though.
_______________________________________________________________________
Santacruz Silver Reports Commencement of Commercial Production at Veta Grande Mine and Third Quarter 2016 Production Results
VANCOUVER, Nov. 10, 2016 /CNW/ – (TSX.V:SCZ)
The dollar had a big week but still got capped fork resistance (again):
http://stockcharts.com/h-sc/ui?s=%24USD&p=W&yr=5&mn=7&dy=22&id=p79194559256&a=451513644