Gold stocks are weathering the storm for lower gold prices
We wrap up the markets with Doc joining us. Topics of discussion include the good consumer sentiment numbers taken alongside how the markets are reacting as well as the moves in gold stocks considering the big drop we saw for gold today.
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Yes, happy birthday Mr. Big Owl Korelin!
And you don’t look a day over 36!
That should be Al! Dang , iPad!
Happy B-Day Big Owl Korelin:
http://image.blingee.com/images19/content/output/000/000/000/7a9/764278126_852554.gif
Well, Trump appointed Goldman Sucks white shoe boy Steven Munchkin for Treasury Secretary.
How is this draining the swamp?
Just a continuation of the revolving door between Wall St and top gooberment posts!
Exactly what Obammy and Bushie did!
Munchkin
Mnuchin! Dang iPad!
And he’s suggesting 100 year treasury bonds! 🙁
Al doesn’t want to disappoint anyone he is going to live another twenty years. I hope he has been reading Stephen Hawking’s predictions for longevity, it’s called get off your fat ass, eat less and exercise more. DT
100 YR. Bonds …..lowest rates in history, why not. GOOD TRICK IF YOU CAN FIND THE SUCKERS.
Nothing changes….Donald getting close to ……going in the swamp.
Abolish the Fed…..
+1
Trump stocking the swamp. And Big Al is optimistic? Is trillion dollar infrastructure spending good for the economy? Are you kidding? Socialism – whether gubmint spends money on food or health or housing or roads and bridges – is evil. EVIL! If the economy prospers, it will be IN SPITE of more collectivism, never because of it. Will infrastructure spending be good for some? Of course. BUT, overall, NO, NO, NO. No wonder we are sinking in swamp mire.
Roman ll at its finest……
I wonder how long it will be before Stefan Molyneux feels like the fool that he is.
Where is he wrong?
https://www.youtube.com/watch?v=TVoSAPxaVr8
Moly stood firm and self-righteous with his hardcore anarcho-capitalist views and the non-agression principle (NAP) when Ron Paul was running yet has fallen head over heels for another intellectual midget who couldn’t care less about NAP, the Fed, cronyism, huge government, the debt, etc.
If the masses understood economics, Reagan would not be seen as a hero and everyone would recognize that Trump’s greatest attribute is that he is not Hillary.
I think Stefan found a daddy figure in Trump and the two are similar in that each is his own biggest fan.
Thanks for answering.
I think anyone who places faith in Trump, will regret Trump’s ability or even desire to limit government.
Limit gov’t ditto…..
Dang, he interviewed the founder of Black Water. It sure sounds like he’s gone over to the dark side. I don’t think his ego will allow him to come back.
Education Secretary brother running the show
Her husband’s family ran a pyramid scheme Amway……
4. William Engdahl says he believes Trump’s true agenda is to destroy China, Iran and Russia as America’s ruling elite move a one world government. Download
Responding to Ebolans question “how is this draining the swamp?”
This from Jay Taylors site.
Obama fooled alot of people, its at least possible Trump is too.
Happy birthday, Al. Mark Twain and Winston Churchill were also born Nov.30
Are you and Doc going to Fidel’s funeral?
Hey Doc. I know a few months back you said First Majestic may hit a $5-$6 target, do you still think this is possible? It still doesn’t seem to want to come down even with a drop in silver prices. I would love to add there if possible. Thanks.
I had some big gains in the pre-market for a 2 day hold so I sold my XOP at 40.40 but it went to almost 42. I was not sure how good the agreement would be and I had too big a position but held a modest USO position. Got some bigger gains in AT&T the past 2 weeks that I did not cash out. It started a correction today.
I had mentioned xop was in the buying zone at 37.50 yesterday. Hope some people got in. I will have to wait for good dips to buy in near 39 to 40.
Great call on XOP Paul L. I shouldn’t have hesitated on pulling the trigger yesterday.
We can only hope to buy near 41 now.
I am sure glad I added 2000 more USO on dips yesterday. Thinking of buying Intel in the 34 to 33 area.
Constitution shredded further by FBI powers.
America is dying.
Golds grind lower does not bode well. Without basing at a set price range, the waterfall decline will be met with little resistance if and when the dreaded rate hike eventuates. Does the 1100 handle give way in the coming days??? Wouldnt have thought it was possible just 3 weeks ago. Nothing would surprise me now
Yep. I was waiting to see if the $1180 level would hold in Gold, and in particular the $1172 near the 61.8% retracement. Now with Gold at $1169.30 it has me concerned that it could fall out of bed. It was the end to a monthly candle today which won’t look pretty on the longer term charts. Bummer.
If Gold doesn’t bounce here at $1170ish area, then I’m going to have to double down on my Precious Metals Depends.
As for the miners I did have a number of stocks up today or flat, which I saw as a strong in the face of the metals decline.
The miners have set the pace overall, so if they can start a relief rally from here, then the metals will follow.
A ‘Wicked Rally’ in Gold Predicted
Michael Ballanger for The Gold Report (11/29/16)
https://www.streetwisereports.com/pub/na/a-wicked-rally-in-gold-predicted#
Gold set to record its worst month in three years
Cecilia Jamasmie | about 12 hours ago
“The precious metal shed nearly 8% in November…”
http://www.mining.com/gold-set-to-record-its-worst-month-in-three-years/
Gold seen at risk of further battering in ‘17 as rates to climb
Ranjeetha Pakiam (Bloomberg) / 30 November 2016
“ABN Amro, OCBC see bullion dropping to $1 100 by end of 2017….”
http://www.mineweb.com/news/gold/gold-seen-at-risk-of-further-battering-in-17-as-rates-to-climb/
Gold Has a Bad November, But Just a Passing Storm – CEO Frank Holmes
Nov 30, 2016
Too right Excelsior. Personally i dont analyse the charts too regularly so its good to hear chart analysis whenever. Plus i dont really like the pictures that the charts paint these days. We are now only now 10-12% off the yearly low for gold. Any decent support ranges between current price and $1040 leve??.. i wouldnt be surprised if not.
Well, anything is possible of course, but the chart isn’t looking very pretty. I don’t like the “death cross” of the 50 day EMA crossing down below the 200 day EMA, or the ADX red line moving up with the black line (bearish), and the MACD has been moving down into bearish territory for some time.
A one or two week relief rally from here to kick off December would help out, but this correction back down has entered dangerous waters where and some chart damage has been done. I don’t see any real support until $1113.10 or $1088.30 from those minor prior peaks coming off the $1045.40 December low.
If there is a waterfall decline in Gold from here, then I’ll play it as a W-shaped double-bottom pattern, and add my final tier in mines if Gold goes down in the $1045.40-1071.10 zone.
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=1&mn=0&dy=0&id=p26234561244
Gold price hit by fresh weakness
Frik Els | about an hour ago
Gold Bear No More? Metal To Turn After One More Push Down – Trader
Nov 29, 2016 – Todd ‘Bubba’ Horwitz Chief Market Strategist, BubbaTrading
Gold Price Hits 10-Mo. Low On Strong Greenback & Investor Optimism
San Francisco (Nov 30)
http://www.gold-eagle.com/gold-price-hits-10-mo-low-strong-greenback-investor-optimism
Ditto the chart and comments, Excelsior.
The big deal IMO to watch for is, if we break the yearly cycle low. I doubt that will happen, but the possibility does exist. And IF that happens, ..yuck..
These moves on metals should be great for day traders, as volatility is always good😀
Good thoughts Chartster, and yes, that would be ugly if the Dec lows from last year were to be broken. However, I find that very unlikely and it was very hard to convince me that the low was in for Gold until it took about about 3 prior peaks to the upside that were firm resistance, (and in the summer no less).
If gold cascades down from here, then the W-shaped double-bottom pattern seems the most likely to me, and it would likely still be a higher low than the $1045.40 from December 2015.
Cheers!
Critical Moment For Gold
by @Goldfinger on December 1, 2016
I don’t see much to be concerned about for those who are invested based on the big-picture premise that the sector is in a new cyclical bull market. Today was definitely a day for buying, not selling.
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=3&mn=9&dy=22&id=p25271925137&a=451259276
Silver is acting very well versus gold.
SLV:GLD
http://stockcharts.com/h-sc/ui?s=SLV%3AGLD&p=D&yr=2&mn=5&dy=0&id=p89329938000&a=484920344
Commodities in general are getting ready to follow copper higher just as copper followed gold and silver higher.
http://stockcharts.com/h-sc/ui?s=%24CRB&p=W&yr=3&mn=7&dy=11&id=p55079273904&a=453259048
I was buying today, and yesterday, and last week, but I had a sinking feeling most of the day that we may do the double bottom scenario.
Yes longer term it will all work out. However, my concern was in the near-term and that there may be better buying opportunities that present themselves if the metals fall out of bed from this level.
Regardless, I feel many of the miners in Gold, Silver, PGMs, Zinc are at attractive levels here (even if they do sell off another 15-20% further).
I should have waited to buy more Americas Silver Corp until this morning. If it drops any further in December, then I’ll likely add a bit more.
Actually there are about 2 dozen stocks I’ve been nibbling at in the Gold & Silver miners, and a handful of PGM and base metals companies I’ve been working on.
Lithium stocks have been up nicely this week, but Uranium stocks have continued to kick sand in my eyes. Oil and renewable energy stocks have had my interest as well.
Never a dull moment.
I bought more USA today along with a lot of Galane Gold and others. There seems to be a lot of fear.
I hope you are correct with that last set of red circles amigo 🙂
Me too. Here’s another of SLV:GLD. It took all year but the moving averages are now in order and nice and bunched-up and ready for the next move. Silver is going to smoke gold next year.
http://stockcharts.com/h-sc/ui?s=SLV%3AGLD&p=D&yr=0&mn=9&dy=0&id=p05521654832&a=475491593
Stocks are ready for a break.
http://stockcharts.com/h-sc/ui?s=%24INDU&p=D&yr=0&mn=9&dy=0&id=p60250299782&a=460258854
The dollar is just about done for now.
http://stockcharts.com/h-sc/ui?s=UUP&p=D&yr=0&mn=9&dy=0&id=p50710464735
I agree about Silver smoking Gold in 2017. As for stocks topping along with the dollar it seems very reasonable as this post election rally is getting a bit stale….
December is going to be a bumpy ride in many sectors, but that makes it more fun……
Copper also deserves some time off for good behavior.
http://stockcharts.com/h-sc/ui?s=%24COPPER&p=D&yr=1&mn=5&dy=0&id=p17421762297&a=482431131
Stocks, yes, I think my chance to cut my losses in UVXY is here. Might even get into the black.
Cameco plans additional production halts at Cigar Lake, Key Lake this summer
ALEX MACPHERSON, SASKATOON STARPHOENIX
Published on: November 30, 2016
I recon we shall know more mid term direction of pms by saturday morning, Aus time. Then after fed decision in mid december, perhaps long term direction
$PRU $PMNXF Perseus Mining Limited settles dispute with former Amara mining contractor
(Marketwired – Dec. 1, 2016) #Africa ~AUfrica #Gold #Development #Production
Perseus Managing Director, Jeff Quartermaine Comments:
“We are pleased that this legacy issue from the Amara transaction has now been brought to a close and we can get on with implementing our growth strategy to transform Perseus into a mid-tier gold producer, unimpeded by this legal action.
In this respect, we are looking forward to commencing drilling at the Yaouré Gold Project in Côte d’Ivoire later this month and delivering a Definitive Feasibility Study for the Yaouré Gold Project around the middle of 2017.”
wolfster posted this in another editorial, but it is worth the repost:
$ROG $ROGFF Roxgold CEO: I’m mining in Burkina for barely more US$700 per ounce
Roxgold’s Yaramoko mine in #BurkinaFaso has reached commercial #production , and #exploration drilling suggests that the deposits could grow. We take a look at the project with CEO John Dorward. #GOLD #Africa ~AUfrica #Index
What’s Ivanhoe’s Platreef Project Worth Today?
Nov. 30, 2016 – Sean Geddert
http://seekingalpha.com/article/4027411-ivanhoes-platreef-project-rich-mans-gold#alt1
Platinum Group Metals 2016 Annual Results
Tue November 29, 2016
http://seekingalpha.com/pr/16680237-platinum-group-metals-2016-annual-results
Vendetta Mining Intersects 14.77 Meters of 11.91% Pb+Zn from Zone 5 at the Pegmont Lead-Zinc Deposit
by @newsfile on November 30, 2016
https://www.ceo.ca/@newsfile/vendetta-mining-intersects-1477-meters-of-1191-pbzn
Platinum Group Metals – All You Have To Know About The Q4 2016
Dec. 1, 2016 – Seeking Alpha – Fun Trading (4,418 followers)
(RZZ) Abitibi Royalties Increases Royalty Holdings in the Red Lake District
Royalties Acquired Near Goldcorp’s Red Lake Mine & Pure Gold’s Madsen Mine
Val-d’Or, Québec, November 29, 2016 – Abitibi Royalties Inc. (RZZ) is pleased to announce that the Company has partnered with AuRico Metals Inc. (AMI) for the purpose of entering into an agreement with Frontline Gold Corporation (FGC) that allows each company to acquire a 1% net smelter royalty (“NSR”) on several early stage exploration projects in the Red Lake district. The exploration projects are located south of Goldcorp’s Red Lake mine, with the largest claim package adjoining Pure Gold’s Madsen mine to the east and south.
These acquisitions will build on the Company’s Red Lake royalty portfolio, which also includes a 2% NSR on the White Horse Island Project (also owned by Frontline), situated between the Goldcorp / Premier Gold Rahill-Bonanza Gold Property and Premier Gold’s Hasaga Gold Property. A total of fourteen royalties have now been purchased near existing mines since the Company’s “Royalty Search” was launched in June 2015…”
This is also good for (GZZ) (GLVMF) Golden Valley Mines that owns half of (RZZ)
Frontline Increases Exploration Properties in the Red Lake District and Sells Royalties
by @newsfile on November 29, 2016
https://www.ceo.ca/@newsfile/frontline-increases-exploration-properties-in-the-red
David Morgan from the Morgan Report – Exclusive Interview with The Stock Radio
November 29, 2016
http://blog.silver-investor.com/david-morgan-morgan-report-exclusive-interview-stock-radio/
Youtuber Crushes 1 Kilo Gold Bar Worth $40k, Hilarity Ensues
Posted on November 30, 2016
Marc Faber: Current Era of Negative Rates “A Historic First”
Economy Portfolio
November 30, 2016
https://www.lewrockwell.com/2016/11/no_author/world-economy/
Rick Rule on the Future of the Junior Resource Market
Nick Smith • November 29, 2016
“Sprott US Holdings’ President and CEO, Rick Rule, talks about the junior resource sector in 2016 and the future, particularly on precious metals, copper, lithium and uranium.”
Good stuff from Rick but I strongly disagree with his view that copper’s rally was a “false” one. Sure, it could retrace a large part of it, but I believe it is the real deal. When priced in gold, I am very confident that it will retrace much of its recent move:
http://stockcharts.com/h-sc/ui?s=%24COPPER%3A%24GOLD&p=W&yr=5&mn=3&dy=0&id=p49397623484&a=385074126
Oil will soon follow in copper’s footsteps and is already breaking out when priced in gold.
http://stockcharts.com/h-sc/ui?s=%24WTIC%3A%24GOLD&p=D&yr=1&mn=1&dy=22&id=p21112799341&a=490854941
30 days left in the year and someone needs to put a fork in gold. Shes cooked for the year. The previous 10 months have been a waste. Its now about damage control for gold and silver. Lets see what 2017 brings. Hope for the best, prepare for the worst.
Economy
Jobless claims soar most in 2 years
Apple…..reducing orders for iPhone 7….that’s because the phone is to expensive.
Indiana giving Carrier $700,000 a year in tax Incentives……like that is free
The STATE of Indiana is talking about making the highways ….tollways ….that way the Carrier employees can pay for their jobs.
HAPPY birthday big Owl…..tomorrow is looking good on your 37 th.