Daily Market Close for Thursday
The gold equities did not follow the upward movement of the metal today and here is what Doc has to say about that.
Click download link to listen on this device: Download Show
Volume on CORVF was pathetic.
CFS, don’t hurt the proprietors feelings
KOR.TO trading volume actually very good, but it sits @ RSI 70 caution area
I know I’m almost blind, but Marty, you need to get your eyes checked!
http://stockcharts.com/h-sc/ui?s=KOR.TO
Volume very good !!!
Actual end of day Data on KOR.TO
Volume 62,588
Avg Vol 63,226
Volatility (14d) 100.54%
Stochastic %K 94.85%
Weighted Alpha +10.79
(I actually made my comment about CORVF)
I don’t take an offense at being corrected or being told I’m wrong.
“pathetic” was an exaggeration.
The Clinton Foundation. Hard to say how much they skimmewd off!
You must be joking!
http://www.nationalreview.com/article/437883/hillarys-america-secret-history-democratic-party-dinesh-dsouza-clinton-foundation
sorry for my spelling errors. My only excuse is that I am almost blind.
I did think of an apt description for the general market today….
“and the band played on”
Straight from the ex- President of the Senate of Haiti:
Come on cfs, how can we not believe the cackling face of Hillory Clinton?
Next thing people will be calling them pedophiles.
Loleta express, podesta emails, supporting isis, all hogwash.
Stories created by the evil Putin.
Were the good guys dont ya know.
Hillary for Presedent…
Hillary for Sainthood…
Nah Hillary for the Lampost…
How about Hillary Clinton Toilet Paper?
http://i.ebayimg.com/00/s/MTUwMFgxNTAw/z/JiEAAOSwopRYhRBK/$_57.JPG?set_id=880000500F
AL a Question you need to pick ! Corvus & Rye Patch ?
Yes AL Trump is looking strong ! ? See .
Pick up some Rye Patch Franky – They’re now a small producer, with a Net Smelter Royalty, and they border Couer and could get acquired down the road by them.
A noble cause? Bless you Al, you try to see the best. Don’t dig into her wikileaks or it might damage your optimism.
Doc, I hope you’re right on uranium!
I thought the US dollar was going to promptly make a fool of me and my bearish posts of the past weekend, but we got a nice nice double top rejection from the 50 day simple moving average and a swing high formation today, so I may yet be right. If so, that might give some lift to the precious metals in the short-term:
http://stockcharts.com/h-sc/ui?s=%24USD&p=D&yr=3&mn=4&dy=0&id=p68612068547&a=453017036
Looks like the USD just put in a lower shoulder on a H&S pattern to me.
I agree. 100.4 and then 99.19 look like key levels.
PPP just announced the CEO Mast will leave next week and Joe Conway is coming back to save the day.
+1
“Metals Up. Miners Down. WHAT?”: http://www.stocktipster.net/index.php/2017/02/24/metals-up-miners-down-what/
Doc’s comments on PMs spot on again. Stocks not really following the nice jump in the metals. I usually read it as investors not really buying where/why the metals are where they are. Skeptical.
Found the following video on the leveraged issues of NUGT and JNUG. It was instructional to me. Others may learn something also. https://www.youtube.com/watch?v=AmMIAEhC4xc
I’m not really following all the comments about how the miners were all down today as there were a TON that were up. I’m not going to post Majors or Explorers, but here are the Mid-Tier Gold Producers, Smaller Gold Producers, Gold Developers, Silver Miners, and Prospect Generator & Royalty Miners that had a positive day: (and it’s a pretty long list, but it illustrates the point that many miners did just fine and traveled with the metals today and many outperformed the metals):
** Mid-Tier Gold Producers SYMBOL % CHG
Orvana Minerals Corp. ORV.TO +7.50%
Perseus Mining Limited PRU.TO +6.06%
Gran Colombia Gold Corp. GCM.TO +4.55%
Saracen Mineral Holdings Limited SAR.AX +4.00%
Resolute Mining Limited RSG.AX +4.34%
Richmont Mines Inc. RIC +4.14%
Teranga Gold Corporation TGZ.TO +4.04%
B2Gold Corp. BTG +3.58%
Zhaojin Mining Industry Company Limited 1818.HK +3.47%
Beadell Resources Limited BDR.AX +3.13%
Alamos Gold Inc. AGI +3.11%
Highland Gold Mining Limited HGM.L +2.96%
Ramelius Resources Limited RMS.AX +3.17%
OceanaGold Corporation OGC.TO +2.78%
Silver Lake Resources Limited SLR.AX +2.33%
Evolution Mining Limited EVN.AX +2.02%
ST Barbara Ltd. SBM.AX +1.80%
Kingsgate Consolidated Limited KCN.AX +1.79%
Argonaut Gold Inc. AR.TO +1.76%
Regis Resources Limited RRL.AX +1.73%
Endeavour Mining Corporation EDV.TO +1.64%
Klondex Mines Ltd. KLDX +1.60%
Pan African Resources PLC PAF.L +1.52%
Acacia Mining plc ACA.L +1.25%
Northern Star Resources Limited NST.AX +1.15%
Dundee Precious Metals Inc. DPM.TO +0.84%
Medusa Mining Limited MML.AX +0.53%
DRDGOLD Limited DRD +0.33%
** Small Gold Producers SYMBOL % CHG
Para Resources Inc. PBR.V +11.36%
Aurelia Metals Limited AMI.AX +6.12%
Excelsior Gold Limited EXG.AX +4.00%
Millennium Minerals Limited MOY.AX +3.39%
Crater Gold Mining Limited CGN.AX +3.03%
Goldsource Mines Inc. GXS.V +2.94%
Blackham Resources Limited BLK.AX +2.31%
K92 Mining Inc. KNT.V +2.04%
Timmins Gold Corp. TMM.TO +1.96%
Alkane Resources Limited ALK.AX +1.49%
WPG Resources Ltd WPG.AX +1.43%
Golden Star Resources Ltd. GSS +0.69%
** Gold Developers SYMBOL % CHG
Santa Fe Gold Corporation SFEG +17.24%
Nautilus Minerals Inc. NUS.TO +12.90%
MX Gold Corp. MXL.V +12.50%
African Gold Group, Inc. AGG.V +8.33%
Telson Resources Inc. TSN.V +7.69%
Inception Mining, Inc. IMII +7.14%
Pilot Gold Inc. PLG.TO +5.26%
Belo Sun Mining Corp BSX.TO +4.35%
Integra Gold Corp. ICG.V +3.70%
Monarques Gold Corporation MQR.V +3.41%
Atlantic Gold Corporation AGB.V +3.03%
IDM Mining Ltd. IDM.V +3.03%
Gold Road Resources Limited GOR.AX +2.78%
International Tower Hill Mines Ltd. THM +2.68%
Pretium Resources Inc. PVG +2.47%
Hummingbird Resources PLC HUM.L +2.40%
NovaGold Resources Inc. NG +2.38%
Continental Gold Inc. CNL.TO +2.29%
Midas Gold Corp. MAX.TO +2.25%
TMAC Resources Inc. TMR.TO +1.75%
Orla Mining Ltd. OLA.V +1.60%
Lydian International Limited LYD.TO +1.30%
Barkerville Gold Mines Ltd. BGM.V +1.08%
Almaden Minerals Ltd. AAU +0.90%
Entrée Gold Inc. EGI +0.64%
JDL Gold Corp. JDL.V +0.55%
Seabridge Gold Inc. SA +0.44%
Pershing Gold Corporation PGLC +0.32%
Gold Standard Ventures Corp GSV +0.18%
** Silver Mining Stocks SYMBOL % CHG
Apogee Opportunities Inc. APE.V +22.58%
Bear Creek Mining Corporation BCM.V +10.57%
Aurcana Corporation AUN.V +9.33%
Silver Bear Resources Inc. SBR.TO +9.30%
GTA Resources and Mining Inc. GTA.V +7.69%
Southern Silver Exploration Corp. SSV.V +7.37%
Azarga Metals Corp. AZR.V +6.67%
SilverCrest Metals Inc. SIL.V +6.58%
Brixton Metals Corporation BBB.V +5.45%
Kootenay Silver Inc KTN.V +5.00%
Avino Silver & Gold Mines Ltd. ASM +4.48%
Silver Bull Resources, Inc. SVB.TO +3.45%
Golden Minerals Company AUM.TO +3.45%
First Majestic Silver Corp. AG +3.11%
Fortuna Silver Mines Inc. FSM +2.71%
Levon Resources Ltd. LVN.TO +2.27%
Castle Silver Resources Inc. CSR.V +2.13%
Tahoe Resources Inc. TAHO +1.97%
Prospero Silver Corp. PSL.V +1.96%
Americas Silver Corporation USAS +1.70%
Fresnillo PLC FRES.L +1.65%
Santacruz Silver Mining Ltd. SCZ.V +1.61%
Minco Silver Corporation MSV.TO +1.46%
IMPACT Silver Corp. IPT.V +1.39%
Great Panther Silver Limited GPL +1.38%
Golden Arrow Resources Corporation GRG.V +1.33%
Defiance Silver Corp. DEF.V +1.32%
Silver Wheaton Corp. SLW +0.89%
MAG Silver Corp. MAG.TO +0.76%
Silvercorp Metals Inc. SVM.TO +0.70%
Coeur Mining, Inc. CDE +0.57%
Excellon Resources Inc. EXN.TO +0.55%
Endeavour Silver Corp. EDR.TO +0.48%
Hochschild Mining PLC HOC.L +0.37%
Pan American Silver Corp. PAAS +0.29%
** Prospect Generators & Royalty Miners SYMBOL % CHG
Gungnir Resources Inc. GUG.V +18.75%
Millrock Resources Inc. MRO.V +13.46%
Bravada Gold Corporation BVA.V +11.36%
Riverside Resources Inc. RRI.V +7.84%
Angkor Gold Corp. ANK.V +5.56%
Golden Valley Mines Ltd. GZZ.V +5.00%
Lara Exploration Ltd. LRA.V +3.74%
AuRico Metals Inc. AMI.TO +3.60%
Globex Mining Enterprises Inc. GMX.TO +3.51%
Osisko Mining Inc. OSK.TO +3.20%
Aurion Resources Ltd. AU.V +2.96%
Renaissance Gold Inc. REN.V +2.63%
First Mining Finance Corp. FF.V +1.90%
Anglo Pacific Group plc APF.L +1.86%
Viscount Mining Corp. VML.V +1.79%
Strategic Metals Ltd. SMD.V +1.75%
Mirasol Resources Ltd. MRZ.V +1.06%
Abitibi Royalties Inc. RZZ.V +0.11%
I’d call that a pretty good day in the miners…..
Metals are continuing to move higher in overseas trading, so I’d anticipate even more gains in the miners on Friday. Cheers!
What a fabulous list!
Don’t tell me you have holdings in all of them….. 😮
Ha! No – I do own 12 Silver Stocks, 20 Gold stocks, and 4 Prospect Generators and many of them are on that list and were doing just fine yesterday.
The list was simply to point out that there were many Gold & Silver miners outperforming the percentage moves in the underlying metals and that had a great day.
GDX and GDXJ are good gauges for how the more “popular” Kitco list stocks are trading, so they are relevant to follow, but they don’t represent the movement of a vast majority of the mining companies in the sector, and even they continually have substitutions and changes (so the GDX or GDXJ today is not the same as the the lineup last year or in years past).
In addition, it is very easy for people to look at their own stocks and get a cognitive bias that the whole sector is turning up/down without really looking at the whole sector, which can be a dangerous approach.
Sometimes it is good to look at the whole forest instead of just a few trees….
Cheers!
Agreed on that.
Also, a lot of the less known, and perhaps smaller, stocks don’t get included in the etfs. And they are often the stocks that move the most.
BINGO !
Gold went up more than GDX/GDXJ or silver today and that is not positive for the sector. It is clear why that is not positive when stated another way: the miners and silver fell versus real money today.
In fact, the miners topped 11 days ago when priced in gold (or dollars) and gold looks like it will continue to outperform for awhile.
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=1&mn=3&dy=0&id=p61690513227&a=484925243
GDXJ does look like it will be weak versus gold in the near term:
http://stockcharts.com/h-sc/ui?s=GDXJ%3A%24GOLD&p=D&yr=1&mn=3&dy=0&id=p08814186165
In addition to the weak dollar, the general markets look bearish too on the daily charts. Maybe this will chase $ into gold, but the precious metals stocks will get hit by the stock decline…
True, but there are signs of strength so be ready for more upside surprises. Bull markets scale a wall of worry and the big moves of the last 13 months have had a lot skeptics (masquerading as “voices of reason”).
For example, GDXJ had risen 135% by late May last year and that made a lot of people feel certain that the summer doldrums, or worse, would arrive as usual. Well… that’s not what happened:
http://stockcharts.com/h-sc/ui?s=GDXJ&p=D&st=2016-01-09&en=today&id=p56697097428&a=470468032
This year has been similar. GDXJ has already moved up as much as 57% while many wannabe bulls have talked it down every step of the way.
http://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=1&mn=2&dy=0&id=p53391837354&a=508792752
I’ve been quite fortunate with this year’s move, but didn’t have my ducks in a row last year. Geez is it painful to watch a move like that from the sidelines.
I decided to lighten up on JNUG by a third. May do another third, depending on action in coming days.
Natgas looks interesting right now…
Hey Big Al I feel that politics should be left out of the daily market wrap (not that I disagree with your views, just seems out of place in the discussion). Thx
Doc, what is you view on the direction of the VIX in the near term, it seems as though it is ready to skyrocket?
Interestingly, the daily VIX pricing has been jumping off the ascending 20 day ma of the BBs. The weekly doesn’t look as positive for the VIX.
Does this indicate the VIX is due to move up in the near term or does the weekly indicate that it is not likely to do so? Sorry for the confusion, but I am a novice at this.
Pardu, watch what it does in the next couple of days of trading—if it closes under the 20 day ma of the BBs then the weekly will take precedent and we’ll be in the range awhile.
SLV has shown plenty of strength but I wouldn’t be surprised if it takes a break in a day or two…
http://stockcharts.com/h-sc/ui?s=SLV&p=D&yr=0&mn=9&dy=0&id=p64524988586&a=508680035
Matthew, this will be the ninth week in a row that slv will have closed above the previous week’s close. That does not bode well for a week in the very near future.
I agree, Doc, and that lines up with the bounce I expect for the gold-silver ratio.
http://stockcharts.com/h-sc/ui?s=GLD%3ASLV&p=W&yr=3&mn=9&dy=13&id=p09811454738&a=506588860
Interesting
I was just about to ask Doc his latest thoughts on uranium stocks and, as I typed, Doc covered the sector. So, thanks Doc. I will keep buying on the dips.
Bob, the key to me is that most of the uranium stocks took out their 200 day sma. To me, that means it should be support. I added to one of my positions today since it’s moving above its’ 200 day ma laterally. Uranium is now a long term hold for me. I’ll not sell any of my stocks since I have a low cost average. When others fall back toward their 200 day mas, I’ll add a little more. This is the same philosophy I have with the PMs. With the PMs, however, the 200 week mas are their most important support. Most of them haven’t turned up yet and that’s why I add on pullbacks. As I’ve mentioned often, I’m now a long term holder of the vast majority of the PM stocks I hole. This year will be an ongoing accumulation for me of both PM and uranium stocks. Patience will eventually be rewarded in my view.
Thanks Doc. I’m looking to the 200 day EMA as support, and thought it was bullish when the 50 day broke up though the 200 day. Most of miners have pulled back down through the 50 day and are approaching the 200 day, so it may be time to add soon:
Here is a CandleGlance chart of a number of Uranium miners for quick reference:
BTW – on that CandleGlance chart, those are SMAs not the EMAs but same basic point.
Thanks Doc, I appreciate your thoughts as always.
Having looked at multiple PM charts again, there are a number of them well off their highs of last year while others have corrected not as much but are now trading in a range that is lower then their highs. I can tell that some of the stocks that had recent runs that didn’t challenge their highs are going to correct more based on some obvious technicals. They’ll be good ones to add a little more to.
Al,
The Clinton foundation acted as an unregulated blind trust that housed illegal funds. The global initative was theft of assets from humanity globally. The Clinton’s are nothing but, corrupt!
As Truman said,”Anyone who gets rich in politics is a crook.” The Clintons got filthy rich in politics. Donations to the Clinton Foundation were disguised bribes.
The yen is shaping-up:
http://stockcharts.com/h-sc/ui?s=%24XJY&p=D&yr=1&mn=0&dy=13&id=p67610800864&a=506523502
Good comments on the markets, Doc!
I’m in agreement with you.
Chartster, you could be right about your assessment for gold as it relates to August, however, I don’t believe it’ll get as low as you feel. What do you think?
Doc,
I have a hard time believing it will break 1050 now. But I still think it’s possible. And I’m still thinking we see an August low.
Chartster, I agree
Doc, you may dig this TA video on NAK NDM:
Northern Dynasty Minerals Ltd – NAK Stock Chart Technical Analysis for 02-23-17
ClayTrader – Video Charts
https://www.youtube.com/watch?v=Cm1sBEfThRg&feature=youtu.be
Reply to this comment
I don’t think we get down to 1050 and break it.
It would be very surprising if gold broke $1050. The rally in 2016 took out too many significant prior peaks and troughs on the longer term chart, and took out a number of moving averages. The low in Gold was Dec 2015, and the low in the miners was Jan 2016. Those levels have held since then, and we are nowhere near them currently, so it would have to be a pretty dramatic $hitstorm to cause the metals and miners to break below those lows.
General markets look bearish to me on the daily charts right now. Here’s the Russell 2000:
http://stockcharts.com/h-sc/ui?s=%24RUT&p=D&yr=3&mn=0&dy=0&id=p33173884486&a=447686802
This is an interesting ratio I learned from somewhere recently…can’t remember where.
When consumer discretionary stocks fall relative to consumer staple stocks it indicates a bearish market. The XLY:XLP ratio is in black, with the S&P 500 in blue:
http://stockcharts.com/h-sc/ui?s=XLY%3AXLP&p=W&st=1997-09-19&en=today&id=p03079619985&a=507223971
This ratio is making lower lows and lower highs. The last two cyclical bears in the S&P 500 have been signalled by a breakdown of the XLY:XLP below its 200 week simple moving average, indicated by the red vertical lines. Another such breakdown seems likely in the not-so-distant future.
GH; very interesting chart.
Agreed. I like that ratio chart GH.
The weekly RSI(14) reading for the Dow is now 79, but I still think it can rise another 3-4%. It looks like a major top is in the works.
http://stockcharts.com/h-sc/ui?s=%24INDU&p=W&yr=6&mn=0&dy=0&id=p62377641587&a=421704680
I agree but it may take a few weeks yet.
I agree, easily a few weeks.
What do you guys make of this? Is it for real?
BREAKING – TRUMP CUT’S US. DEBT BY 12 BILLION – NOT BAD FOR HIS FIRST MONTH !!!
https://youtu.be/KnyGV-vjtr4
might have been interesting to hear how he did it.
principle on debt? future spending?
Wheres it from?
the way this vid is made Im not sure this actually means much.
Ya never know tho.
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Thanks Ike, we do have fun!
Epstein’s Metals TA:
https://youtu.be/cF7D3N-CsTI?t=32