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Gold hit $1,225… Here’s what the charts are showing now

Cory
November 11, 2016

Doc and I have an in depth conversation focused on gold and silver. Since gold hit the $1,225 support we now need to assess if we will hold or drop below. If we drop below then $1,200 is the next support which needs to hold. As for silver (down just over $1 as we recorded), Doc is looking at silver to show him the future moves for gold.

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Discussion
46 Comments
    Nov 11, 2016 11:52 AM

    Thanks

    Nov 11, 2016 11:56 AM

    keith neumeyer, on reason for smash in gold & silver : http://kingworldnews.com/is-this-why-the-smash-in-gold-silver-is-happening/

    CFS
    Nov 11, 2016 11:13 AM

    I am in no way capable of Technical Analysis, so I regret the Doc may be correct.

    I do note, however, there was extremely high volume in silver today, and SGE prices are now showing a very high differential to the West. I wonder at what point arbitrage opportunity will negate the drop in the US.
    On the other hand the SGE price for gold has not held up.
    Volumes on the COMEX are going to be interesting when reported.

    b
    Nov 11, 2016 11:15 AM

    16 silver coming, I think thats the point Bob M said he was interested in buying.

    b
    Nov 11, 2016 11:17 AM

    Guess those billionaires that dumped PMs were right.
    Maybe Sprott is right, everybody buy.

    b
    Nov 11, 2016 11:18 AM

    Thanks Doc, was hoping to hear from you.

      Nov 11, 2016 11:03 PM

      b, you’re welcome. Thanks for the comment on Bob M.

    CFS
    Nov 11, 2016 11:23 AM

    Klondex drills 3 m of 18.01 g/t Au at Fire Creek

    2016-11-10 09:38 ET – News Release
    Mr. John Seaberg reports

    KLONDEX ANNOUNCES NEW DISCOVERY AT FIRE CREEK MINE; DRILLING CONTINUES TO EXTEND MAIN VEIN SYSTEM

    Klondex Mines Ltd. has provided an update on surface and underground drilling at its Fire Creek mine, located in northern Nevada, United States.

    CFS
    Nov 11, 2016 11:33 AM
    Nov 11, 2016 11:42 AM

    Good call on 1225 Doc. A ounce should come. If those moving averages are not retrieved fairly soon, I agree, it’s going to take some time to repair.

    CFS
    Nov 11, 2016 11:48 AM

    I don’t know why you guys use SLV
    http://stockcharts.com/h-sc/ui?s=%24SILVER

    If you look at the continuous contract for silver I do not see problems!

      CFS
      Nov 11, 2016 11:56 AM

      Silver Futures PricesFri, Nov 11th, 2016
      Current Prices
      Main View
      Contract Last Change Open
      SIY00 (Cash) 17.2540 -1.3090 18.5440
      SIX16 (Nov ’16) 17.335 -1.381 18.705
      SIZ16 (Dec ’16) 17.250 -1.487 18.605
      SIF17 (Jan ’17) 17.400 -1.373 18.640
      SIH17 (Mar ’17) 17.350 -1.501 18.725
      SIK17 (May ’17) 17.430 -1.486 18.800
      SIN17 (Jul ’17) 17.500 -1.480 18.850
      SIU17 (Sep ’17) 17.900 -1.142 18.420
      SIZ17 (Dec ’17) 17.700 -1.431
      SIF18 (Jan ’18) 17.781 -1.377 0.000
      SIH18 (Mar ’18) 17.827 -1.377 0.000
      SIK18 (May ’18) 17.861 -1.377 0.000
      SIN18 (Jul ’18) 17.895 -1.377 0.000
      SIU18 (Sep ’18) 17.942 -1.377 0.000
      SIZ18 (Dec ’18) 17.989 -1.377 0.000
      SIN19 (Jul ’19) 18.116 -1.377 0.000
      SIZ19 (Dec ’19) 18.236 -1.377 0.000
      SIN20 (Jul ’20) 18.407 -1.377 0.000
      SIZ20 (Dec ’20) 18.560 -1.377 0.0000
      SIN21 (Jul ’21) 18.733 -1.377 0.000

    Nov 11, 2016 11:50 AM

    TRUMP FORCES BLACK FAMILY FROM HOME

    https://www.lewrockwell.com/assets/2016/11/image005.jpg

      CFS
      Nov 11, 2016 11:57 AM

      Ha Ha

    CFS
    Nov 11, 2016 11:58 AM

    He gave them more than 60 days notice.

    Nov 11, 2016 11:07 PM

    Hi Cory and Doc,
    Doc you are still the master. Can you guys post a chart on the technicals discussed please?

    CFS
    Nov 11, 2016 11:53 PM

    According to the NY Post, the Clintons’ recent purchase of their neighbor’s home in Chappaqua was a strategic move to setup Westchester residency for Chelsea who could then run for Nita Lowey’s seat in NYC’s 17th Congressional District.
    I hope Trump orders an investigation of the Clinton Foundation so that none of the criminals involved can ever run and win a political position.

    Nov 11, 2016 11:06 PM

    The mid-day low just might have been the bottom for the miners – or very close to it.

    GDXJ 60 minute chart:

    http://stockcharts.com/h-sc/ui?s=GDXJ&p=60&yr=0&mn=2&dy=0&id=p14407596662&a=486690674

    Nov 11, 2016 11:12 PM

    Gold closed at support but looks like it will go lower on Monday:

    http://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=1&mn=3&dy=14&id=p71280710237&a=411098748

    CFS
    Nov 11, 2016 11:28 PM

    A COLLECTION OF TRUMP’S PROMISES:

    Trump’s 100-day plan is outlined as the following –

    * FIRST, propose a Constitutional Amendment to impose term limits on all members of Congress;

    * SECOND, a hiring freeze on all federal employees to reduce federal workforce through attrition (exempting military, public safety, and public health);

    * THIRD, a requirement that for every new federal regulation, two existing regulations must be eliminated;

    * FOURTH, a 5 year-ban on White House and Congressional officials becoming lobbyists after they leave government service;

    * FIFTH, a lifetime ban on White House officials lobbying on behalf of a foreign government;

    * SIXTH, a complete ban on foreign lobbyists raising money for American elections.

    On the same day, I will begin taking the following 7 actions to protect American workers:

    * FIRST, I will announce my intention to renegotiate NAFTA or withdraw from the deal under Article 2205

    * SECOND, I will announce our withdrawal from the Trans-Pacific Partnership

    * THIRD, I will direct my Secretary of the Treasury to label China a currency manipulator

    * FOURTH, I will direct the Secretary of Commerce and U.S. Trade Representative to identify all foreign trading abuses that unfairly impact American workers and direct them to use every tool under American and international law to end those abuses immediately

    * FIFTH, I will lift the restrictions on the production of $50 trillion dollars’ worth of job-producing American energy reserves, including shale, oil, natural gas and clean coal.

    * SIXTH, lift the Obama-Clinton roadblocks and allow vital energy infrastructure projects, like the Keystone Pipeline, to move forward

    * SEVENTH, cancel billions in payments to U.N. climate change programs and use the money to fix America’s water and environmental infrastructure

    Additionally, on the first day, I will take the following five actions to restore security and the constitutional rule of law:

    * FIRST, cancel every unconstitutional executive action, memorandum and order issued by President Obama

    * SECOND, begin the process of selecting a replacement for Justice Scalia from one of the 20 judges on my list, who will uphold and defend the Constitution of the United States

    * THIRD, cancel all federal funding to Sanctuary Cities

    * FOURTH, begin removing the more than 2 million criminal illegal immigrants from the country and cancel visas to foreign countries that won’t take them back

    * FIFTH, suspend immigration from terror-prone regions where vetting cannot safely occur. All vetting of people coming into our country will be considered extreme vetting.

    Next, I will work with Congress to introduce the following broader legislative measures and fight for their passage within the first 100 days of my Administration:

    Middle Class Tax Relief And Simplification Act. An economic plan designed to grow the economy 4% per year and create at least 25 million new jobs through massive tax reduction and simplification, in combination with trade reform, regulatory relief, and lifting the restrictions on American energy. The largest tax reductions are for the middle class. A middle-class family with 2 children will get a 35% tax cut. The current number of brackets will be reduced from 7 to 3, and tax forms will likewise be greatly simplified. The business rate will be lowered from 35 to 15 percent, and the trillions of dollars of American corporate money overseas can now be brought back at a 10 percent rate.

    End The Offshoring Act. Establishes tariffs to discourage companies from laying off their workers in order to relocate in other countries and ship their products back to the U.S. tax-free.

    American Energy & Infrastructure Act. Leverages public-private partnerships, and private investments through tax incentives, to spur $1 trillion in infrastructure investment over 10 years. It is revenue neutral.

    School Choice And Education Opportunity Act. Redirects education dollars to give parents the right to send their kid to the public, private, charter, magnet, religious or home school of their choice. Ends common core, brings education supervision to local communities. It expands vocational and technical education, and make 2 and 4-year college more affordable.

    Repeal and Replace Obamacare Act. Fully repeals Obamacare and replaces it with Health Savings Accounts, the ability to purchase health insurance across state lines, and lets states manage Medicaid funds. Reforms will also include cutting the red tape at the FDA: there are over 4,000 drugs awaiting approval, and we especially want to speed the approval of life-saving medications.

    Affordable Childcare and Eldercare Act. Allows Americans to deduct childcare and elder care from their taxes, incentivizes employers to provide on-side childcare services, and creates tax-free Dependent Care Savings Accounts for both young and elderly dependents, with matching contributions for low-income families.

    End Illegal Immigration Act Fully-funds the construction of a wall on our southern border with the full understanding that the country Mexico will be reimbursing the United States for the full cost of such wall; establishes a 2-year mandatory minimum federal prison sentence for illegally re-entering the U.S. after a previous deportation, and a 5-year mandatory minimum for illegally re-entering for those with felony convictions, multiple misdemeanor convictions or two or more prior deportations; also reforms visa rules to enhance penalties for overstaying and to ensure open jobs are offered to American workers first.

    Restoring Community Safety Act. Reduces surging crime, drugs and violence by creating a Task Force On Violent Crime and increasing funding for programs that train and assist local police; increases resources for federal law enforcement agencies and federal prosecutors to dismantle criminal gangs and put violent offenders behind bars.

    Restoring National Security Act. Rebuilds our military by eliminating the defense sequester and expanding military investment; provides Veterans with the ability to receive public VA treatment or attend the private doctor of their choice; protects our vital infrastructure from cyber-attack; establishes new screening procedures for immigration to ensure those who are admitted to our country support our people and our values

    Clean up Corruption in Washington Act. Enacts new ethics reforms to Drain the Swamp and reduce the corrupting influence of special interests on our politics.

    On November 8th, Americans will be voting for this 100-day plan to restore prosperity to our economy, security to our communities, and honesty to our government.

    This is my pledge to you.

    And if we follow these steps, we will once more have a government of, by and for the people.

      GH
      Nov 11, 2016 11:31 PM

      Thanks for posting.

    CFS
    Nov 11, 2016 11:41 PM

    Meanwhile with 70 days to the inauguration entrenched Republicans are planning to protect their corrupt schemes….

    Of course, these career politicians are all smiles up front. “Donald Trump pulled off an amazing political feat. He deserves tremendous credit for that,” said House Speaker Paul Ryan, who throughout the election refused to endorse Trump and only last month declared he’d no longer defend him.

    But political insiders are already hearing whispers that all is not well in Washington, D.C.

    Even as GOP leaders pledged to work together with Trump, there are signs of serious mistrust.

    While making nice in a public meeting, Senate Majority Leader Mitch McConnell hinted to reporters that GOP lawmakers will obstruct Trump’s attempts to put term limits on politicians.
    “It will not be on the agenda in the Senate,” McConnell promised.

    At a post-election news conference, McConnell also declined to endorse Trump’s signature border wall with Mexico.

    And on trade, Trump has denounced the unpopular 12-nation Trans-Pacific Partnership negotiated by the Obama administration, yet some establishment Republicans remain convinced that they’ll still push through the deal.

    “The big question is trade. Gotta have trade,” said GOP Sen. Pat Roberts of Kansas, who chairs the Agriculture Committee.

    Is it any surprise? Establishment politicians know Trump has vowed to “drain the swamp.”

    CFS
    Nov 11, 2016 11:44 PM

    SGE is closed with Gold at about $1240.53, and Silver at about $18.56

    Nov 11, 2016 11:06 PM

    The train has NOW derailed my friends and an apology is in order:
    First off gold 1341 Trump night sure must’ve been earth shattering for that split second .
    Anyway NICE call on gold 1225 Doc and Cory, wish I had MY money on you guys lately. Congrats and you have my undivided attention now AND always.
    Cheers!

      Nov 12, 2016 12:11 AM

      David, cheers. Thanks for the comment. I usually speak about odds since no one has a true divining rod. Once in awhile I’ll be aggressive on my calls but will refer to odds when the technicals are murky. I mentioned I’m using silver as a proxy for where gold will head in the short term and medium term and those odds are telling me strongly to watch for silver 16.

      Nov 12, 2016 12:07 AM

      Thank you kindly sir, you just got another fan.
      What do you think about holding an inverse ETF’ here and now?
      Cheers Doc!

    Nov 12, 2016 12:44 PM

    I have been calling for $19 GDX for a long time but it could get worse after a bounce up.