A technical outlook for GDX
Founder of TheDailyGold.com, Jordan Roy-Byrne joins us today to share the technical outlook for GDX. Typically gold stocks, and even more so larger gold stocks, lead the actual metals price. If we are to see a change in the gold price these stocks and ETFs should continue to rise for the next couple weeks.
Click here to visit Jordan’s site.
Click download link to listen on this device: Download Show
Willie, both entertaining and thought provoking. He’s been talking up the new S*****s dollar since mid 2015
The strength today is in Pt and Pd; both up over $30.
Jordan: “We’re probably going to be higher on the year (2017) just because of the fact that we ended the year at such a low point.”
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Ending 2016 at such a low point helps, but I am very confident that gold and silver equities are going to end 2017 much higher because they are in a new cyclical bull market and the next big, intermediate term rally is starting and is just several weeks away from convincing the herd that it is for real.
DIA:GDX is down over 12% in three weeks and just had the 50 week MA cross below the 200 week MA. It’s a good start to what will be a great year for the gold miners…
http://stockcharts.com/h-sc/ui?s=DIA%3AGDX&p=W&yr=5&mn=5&dy=0&id=p84178802710&a=493540636
Thanks, Matthew. I do not usually follow GDX.
I did not realize a death cross was imminent!
In case the chart is unclear to anyone, it shows DIA priced in GDX. So that (weekly) death cross bodes very well for GDX and poorly for DIA.
i.e. the death cross indicates a transition is optimum or overdue out of regular stocks into mining stocks
Likewise, gold juniors look good relative to commodities in general:
http://stockcharts.com/h-sc/ui?s=GDXJ%3AGCC&p=W&yr=8&mn=0&dy=0&id=p83026151230&a=497027538
As well as to oil and gas explorers and producers:
http://www.stockcharts.com/h-sc/ui?s=GDXJ%3AXOP&p=W&yr=8&mn=0&dy=0&id=p43630951564&a=491329534
Good stuff, GH. I dig those speed lines. 😮
Re-entered position in PVG, FSM, EXK AS POSTED ON 12/20 under comments-Rick A. Segment for a gain of 21% in 2 weeks.
I don’t own it but PVG looks great. It is up 30% in a couple of weeks and is above all of the important weekly moving averages. The pitchfork is working well and pullbacks can be bought with confidence (in my opinion – not advice)…
http://stockcharts.com/h-sc/ui?s=PVG&p=W&yr=5&mn=3&dy=0&id=p65763563342&a=478780453
I own PVG and am glad that Matthew and Bob Moriarity and Gary Savage all like gold and silver now.
Hi mMathew:
I started a new position in CLZ.V @.155 December 19th, I might have nailed the bottom.
CLZ.V did over a 70% retracement and with a drill turning I think it was overdone.
How does CLZ.V look to you?
Hi JohnK, I don’t own or follow CLZ but it does look like there’s a good chance that you did catch the low. There are some technical positives taking place in addition to the jump in volume on the 28th and 29th…
http://stockcharts.com/h-sc/ui?s=CLZ.V&p=D&yr=1&mn=0&dy=13&id=p26269556180&a=497101134
Nicely done Marty. I’m up nicely on a number of stocks that I re-entered in December – It can pay to sell the rips and buy the dips. 🙂
It will be interesting to see if we get a 1st quarter rally in 2017 like we had the last few years. Cheers!
Excelsior mining was nicely up early today!
+1
talk about rips and dips………..I bent over to pick up three, twenty dollar bills, and ripped my pants…..since my pants cost me one hundred and fifty , I now need to dip in my pocket for the inconvenience of the experience……….part of the story is correct, I am up $60 for the day…….. 🙂
Those weren’t the rips and dips I had in mind, but that takes the cake as the wealth transfer story of the day. (haha!)
17 day to go………bye,bye zero
I reckon that O is now between a rock and a hard place Jerry. He may want war with Russia (not going to happen) or work towards giving Hitlery a presidential pardon, but he’s going to have to watch his back between now and the 20th and beyond. Quite apart from the forged birth certificate, he looks likely to have overreached himself on (1) the expulsion of the Russian diplomats, and (2) withholding his veto over the UN Israel vote. Now Netan/yahao claims that Israel may release a dossier on Washington’s paedophile ring, while Teresa May’s upset O over his disloyalty to Israel.
Looks like the psychopath’s getting closer to being hoist by his own petard.
I doubt zero will pardon billy and chelsey……which leaves the foundation wide open for all kinds of lawsuits from foreign friends…….
I think all three are toast………..
I agree that Obama has been foolish in manufacturing a diplomatic crisis with Russia out of whole cloth. And to do it in his closing days in office! As usual, Putin upstaged him with his classy response.
On the other hand, I really don’t understand this meme that Obama has gone so strongly against Israel. On the contrary, his record in many ways has been the most servile:
He’s been the most in their favor at the UN of any prez in 50 years, and he gave them the biggest aid package ever.
I VERY strongly doubt Netanyahu will do anything regarding Washington’s pedophile ring–I don’t see this totally precedented ‘betrayal’ as anywhere near justifying such a ‘nuclear option’ for a power-monger like ‘yahu.
Netanyahoo, can put someone else’s finger print on the news……..there are a lot of people involved in the pizzagate, weiner file
I am sure there is a lot more to come out……..
Your point on Netanyahoo and release of a dossier on would be interesting, Obama will be fair game at this point..
drop the word “on”
I think the usa watchdog interview hinted at the info coming out.
2017 Predictions on Trump, Gold, Silver, Housing, Stocks, Bonds & Antarctica-Clif High
And aliens, cant forget the aliens.
Sounds like David Icke,Hudas, a few others and Mr High are coordinating their alien info.
Maybe the “event” guys are right, it is the fourth turning and all.
for sure it is “winter”
Agree b. The Antarctica conspiracy sounds freakish. So what if John Kerry went down there! Climate change was the argument he’s sticking with.
Also agree that the fourth turning stands to run riot in the next few years.
The following is a monthly chart of the gold miners priced in gold. Resistance levels to watch are the green, blue, and black lines.
Both forks are clearly “working” and we appear to have a large inverse H&S pattern forming (with a double bottom for a head). I believe that this low will last for decades.
The gold/silver miners are going to beat gold by probably twice the amount that they did during the last decade.
***Do your own due diligence!
Hey Matthew – great isn’t it if James the very lesser keeps his promise to stay away!! Best for 2017., A
That would be nice, Andrew. My best to you for the new year and beyond!
I bought back my GDX today.
GDX just hit 21.75 and AT&T just hit 43. I have been in it since the 36 area for big fat dividend. I don’t trust the stock market rally and therefore reduced my positions after going to full last Friday. BP has broken $38 and with the big dividend I will stick with this one. Up 1.7% with oil down 2.4%.
Jordan, respected as he may be is too non-committal for me. I’m 85% in with gold & silver miners, uranium, wheat, with bear bets against the conventionals. JMO
I’ve bought a small amount of Deep Yellow (Uranium) and would like to go a bit harder in the Uranium space, however i feel thatwhilst the Jap reactors stay off and a recession/ depression is potentially around the corner…i feel/suspect that perhaps that there is more downside in Uranium to come.
Maybe a sub 15$ handle is coming? Either way, I still think it is a pretty prudent strategy to have a few small positions in the space in the event you/I are wrong
Many Uranium miners were up nicely today. Really Uranium miners have done well the last 2 -3 weeks.
Big money entering the sector needed.
I agree.
GOLD MARKET COMMENTARY – TUE 3 JAN, 2017
BIG INVESTORS CONTINUE TO BAIL ON GOLD ETFS
How long the wait?
Definitely not MSM! Willie:
https://youtu.be/LUwhxeBR3Aw