A focus on silver and oil
Today with doc we take a close look at the silver and oil charts. Silver is showing a short-term breakout above the most recent peak. This break above the recent peak would be the first time since the metal rolled over in July 2016. As for crude it continues to trend above the huge resistance point just above $50 per barrel. This continues to look like a building of a lower part of a new higher range.
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Hey Pardu, when Doc and I were chatting off mic we chatted about what level we thought the pull back would stop at. $16 is a very good possibility but just under that level there is strong support around $15.90 and $15.75. Therefore we might dip just below 16 but nothing major.
It is very important that we hold that recent low at 15.68.
Thanks Cory. That’s still quite a drop from where we are tonight and the mining stocks would be falling a fair bit with that $1.10 or so fall.
I think Trump gives a showman’s speech on Friday, the USD rallies, conventionals go up and PMs get hit big time. Just a theory.
I don’t see a pullback to anywhere near $16.00, but you never know.
http://stockcharts.com/h-sc/ui?s=%24SILVER&p=D&yr=0&mn=9&dy=0&id=p35159119866&a=500462915
Soybeans:
Soybean Weather In South America Is Too Wet
Ira Epstein – Ira Epstein Division of Linn & Associates, LLC – 2 hours ago
Weather conditions are too wet in many parts of Argentina and Brazil. We’re getting on in the growing season and some of the damage is now going to be irreversible.
As such, research companies have recently lowered the Soy ouput from Argentina with Brazil’s now in question as well.
What have you been smoking, Janet?
Yellen Says Fed Close To Achieving Its Economic Goals
By MARTIN CRUTSINGER – Associated Press – 2 minutes ago
WASHINGTON (AP) — Federal Reserve Chair Janet Yellen says the economy has come a long way in recovering from the 2008 financial crisis, and the Fed is getting close to achieving its goals of maximum employment and stable inflation.
But in a speech in San Francisco Wednesday, she said she can’t say when the next interest rate will occur or how high rates will rise. She says that will depend on how the economy performs in the coming months.
Hope Trump fires her on Monday……..loonie tune…….
The reality of 100 % corruption and manipulation is breaking the illusion of free markets . The GOLD PRICE is 100 % manipulated 24 / 7 ! The markets are fake !
ditto
been buying a lot of ATAC Resources lately.
a geologist trader I know mentioned they have elevated arsenic levels in their ore, but he tends to look for fatal flaws. I’m not sure if you’ve heard anything about that or not, but ATAC has received a fair bit of attention in the Yukon and they have a big drill program planned for 2017, so that could be a nice driver in share price and better define the metal and mineral content in the ore.
I’m curious about it due to a property that has my interest that is adjacent to them, and to AXR.
Carlin types are enriched in arsenic. Comes with the gold. Which property are you eyeing.
That’s good information Peterot. Much appreciated.
Eyeing McKay Hill from Metallic Minerals. Their other property is on Keno Hill.
I sold out on the oil sector. Oil is now a strong sell on the daily basis and a buy on the monthly basis. It may head down to 49.50 to 50 before it rallies again. 60 is quite far off into the year.
Pms markets are following suit from last year. In the lead up to last dec 2015 rate hike, there was alot of jargon doing the rounds in how rate hikes will kill the appeal of pms for store of value. Sure enough gold and silver sold off indefinately. Then almost immediately following the actual rate hike, their price increased, which followed through till the middle of the year. So far this year the pattern is repeating followin last dec rate hike.
Begs the question, is rumour, speculation and heresay proving to have a more direct affect on gold and silver than the actual rate rises themselves? If so, will this be the way of the future whenever banks want to coerce markets into certain directions in short and medium terms?
Seems to me, markets of all varieties have a tendency to jump at shadows with scant regard of fundamentals and trends. Hence volatility is becoming more prevalent.
Great points Ozibatla.
Cheers Excelsior.
Worlds markets have now become ultra sensitive to what certain figureheads say. Hell they have even become sensitive to how things have been said, as if to read between the lines. Thats a good effort by tickertapes and red n green numbers.
I wonder if there has become an increased effort by big players to get ahead of the game. Trying to predict trends habitually that instead leads them to flip flopping???
The markets have become quite skittish, and reactive to just political talk or central banking blather. Strange times indeed.
Good news.
Absolutely.
I think Bob UK raises a good possibility of Trumps inauguration speech having a big impact on the markets. Similar reaction to his election win could well play out. One things for sure, there will be an element of showman in the speech like Bob called for. Maybe gold and silver trace lower for the foreseable future?
Doc, you mentioned that silver is due to go down after this struggle upwards for this week, so what level do you think silver will drop to? Do you think silver will hit $16.00 or go little lower?