Wednesday Market Close with Big Al, Cory and Mr. T
A spectacular day in the U.S. Equities Markets and the price of gold continued to show resilience. Was today an anomaly or a harbinger of things to come?
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Latest Ron Paul:
https://www.youtube.com/watch?v=tTjUf3r0xG4
Ira Epstein Metals TA:
thanks for posting……..I like this guy…….
Gold bumps up against 1250…….off .29cents
Dow up 303
Trump’s debt orgy makes sense. The game will be up sooner or later, regardless. You might as well make use of the exorbitant privilege while you have it. Those days are drawing to a close.
It’s sort of like someone knowing he’s going to have to declare bankruptcy because it is unavoidable. So why not max out your remaining credit cards before that event?
+1. His only problem is dragging the Congress along. Many are simply looking at their reelection prospects and to hell with the country.
Here here Peter!
Cool Map showing Argonaut Gold, Richmont Mines, Wesdome, Red Pine, and MacDonald’s Mines projects. That is an interesting area play for sure:
https://s3-us-west-2.amazonaws.com/cdn.ceo.ca/1cbe25k-bmkwawaholdworthloc.jpg
That’s an interesting map. Got some Wesdome and some Richmont. Will look at the others now. Thanks.
I have some Argonaut and wish I had some Wesdome and Richmont 🙂
There’s been a little buzz around Red Pine as well (I believe Gwen Preston has mentioned them a few times). The slide was from the MacDonald’s Mines presentation that someone else had posted, but the map just caught my attention as there were so many players on trend there.
Could MacDonald mines be another Phoenix rising from the ashes?
MacDonald has weathered the storm.
I use to own shares for their PGMetals back in the day.
I saw them make the yahoo volume gainers list today.Could be time to take another look,at least put them on the watch list.
Hey JohnK,
This article was released today on ceo and it is where I saw the MacDonald Mines map:
MacDonald Mines (BMK.V) advancing Gold laden zones, and highly prospective for new discovery next to multi-million oz miner
by @wh-ore on March 1, 2017
I don’t know much about them actually, but as a shareholder in Argonaut, and someone that has stalked Richmont and Wesdome for a long time, the actual area play map caught my attention.
Oh, do we live in interesting times! Great comments. I found it strange that no one mentioned shorts covering. Of course it was ‘hopium’ that started it when things started going up with the futures after the speech. One report I read said 75% of the rise was shorts covering. http://www.zerohedge.com/news/2017-03-01/arora-report-three-quarters-todays-market-surge-massive-short-squeeze
I personally believe the Fed will be laughed off the stage if they don’t raise and I can see some of the governors thinking they have lost all control at this juncture. I’m happy for Al that he seems to have given up the kool aid for now. The Netherlands vote could be a jolt but not to the degree of Brexit imo. Italy or France would be a different story.
Al: Your adjective “resilient’ can be aptly applied to Silver.
Silverdollar:
Great comment about the short covering. All day long I kept thinking the same thing.
The question now becomes who will buy this market when all the shorts have covered.
From the onset of this recent rise it has been out there that a very large fund has been on the wrong side of this market.
Your comment yesterday about the yen was very interesting also.Something tells me that the Japanese are having a bigger effect on our markets than we realize.I just haven’t figured out how.
Hi Shad :
I think the JCB is in the market defending the 10 year Japanese treasury. The last week of February there was over a 40% move in the Japanese 10 year on a relative basis.
That is a big move on their 10 year. These Central Bankers are the best!!
Peter Brandt gave a good rundown on the Gold-Yen correlation.
Good article. I get his emails, but must have missed that one.
Exactly! Thank you Steele.
His thoughts are that it is temporary coincidence.
I have quite a large position in GYEN. Long gold/short Yen. Have had it since 2014. It’s up around 10%.
It’s a no-brainier long term.
The yen is toilet paper. One day sentiment will crack and that etf will explode.
Even if it doesn’t the likely outcome is that Gold & Yen will decouple. Win win.
Correction. I just checked.
I bought it in May 2015.
I’m up 12%.
Not bad for a currency play.
Buying it in the first place with GBP Sterling helped though
I agree with Brandt:
“The current Gold Yen Correlation is coincidental, not causal.”
If one looks at that 2 year chart of the Yen and Gold, it goes far beyond coincidental, and it is likely that many computer algos are keyed of the relationship for computer trading and HFT.
Ex, I think the correlation is completely coincidental. As I explained a few weeks ago, the conditions that drive the two are the same but one does not drive the other. Gold is the safe haven while the yen only masquerades as a safe haven because those who’ve been using it to fund other investments are forced to reduce their risk by buying it when risk goes “off.”
Gold turned at the 20 day MA today:
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=1&mn=2&dy=0&id=p90645053289&a=510073191
Gold might be making lower highs and lower lows so the bounce to 1250 may fail and it heads to the 1225 area after it breaks 1240.
Here is a good BNN interview with Joe Conway on the Primero turnaround, and a recap of all their newsflow recently.
It is encouraging having him at the helm, and in their overall strategy moving forward (with the only exception being the wildcard with the Mexican tax issues – It’s just an unknown). Primero could be a very compelling turn-around story for 2017.
________________________________________________________________________
Joe Conway is back in saddle at struggling Primero Mining (P) (PPP)
“Amid a strike at its main mine in Mexico, Primero Mining hasn’t released a 2017 forecast for output or costs. The company is also in a tax dispute with the Mexican government. We’re joined by mining veteran Joe Conway, who just returned as interim president and CEO.”
http://www.bnn.ca/video/joe-conway-is-back-in-saddle-at-struggling-primero-mining~1068146
Why Mining Is In A ‘Good Spot’ – Yamana Gold CEO
Mar 01, 2017 – VIDEO interview
“Gold prices are likely to stabilize this year, creating a new foundation for higher prices, but not for the reasons most would think, this according to Yamana Gold CEO Peter Marrone. ‘I believe what influences the gold price…it’s more history than it is economics,’ he told Kitco News’ Daniela Cambone on the sidelines of the BMO Metals & Mining conference. ‘Supply and demand clearly are important factors to it but a lot of it is also what goes to that emotional side as well.’ Because of this, Marrone said he isn’t too ‘fussed’ about with what will happen to the Fed’s Fund rate or the U.S. dollar, two factors that have been negatively affecting the yellow metal. ”
Thanks for the link.
The Weekly is bouncing off fork support.
The Daily looks encouraging to me bouncing off the fork support, but also the Slow Stochastics looks ready to cross back up and the red ADX line just turned down showing the downside momentum just reversed.
I believe we may have found the turning point, but we’ll need a few more days for confirmation.
On the daily chart, GDM turned up at the 50% Fibonacci fan line:
http://stockcharts.com/h-sc/ui?s=%24GDM&p=D&yr=1&mn=0&dy=0&id=p33800446343&a=504250724
Epstein financial wrap TA:
https://youtu.be/3udWq3fnlX8?t=33
$VIX above 50MA, and making divergent higher lows; not a positive sign for this blowoff.
I’m down about 15% on Primero, I don’t like averaging down, at some point the knife has to stop falling. DT
Just imagine good you’ll feel when you’re up 150% on Primero 🙂
Bitcoin just crossed $1200 U.S
If Jesse Livermore was alive, I wonder if he would be short, that sort of genius is very rare. DT
I think the Dow is going a little higher:
http://stockcharts.com/h-sc/ui?s=%24INDU&p=W&yr=6&mn=3&dy=0&id=p16730181759&a=421704680
Here’s a 35 year monthly look. Let’s see if it can reach that Fib fan line:
http://stockcharts.com/h-sc/ui?s=%24INDU&p=M&st=1981-04-08&en=today&id=p38555964029&a=422002372
The DOW is 2000+ points above its 200-day moving average. WOW!
More importantly, it is currently 22% above the 200 week MA. It hit 30% in 2013 and 2014 and 25% or more many times in the last few years. Before the crash of 1987, it was a whopping 75% above the 200 week MA.
What we have not seen until now is a weekly RSI(14) reading of 81. In fact, we haven’t seen such a reading since 1995. So this market is critically overbought and overvalued.
Still, I think can go a little higher.
http://stockcharts.com/h-sc/ui?s=%24INDU&p=W&yr=8&mn=0&dy=0&id=p47729269175
Matthew:
Naw on the Dow.
The major indexes are all topping.
You obviously could be right. It is very overbought so the few percent move that I think is still coming is hardly a done deal.
The Dow is roughly 13% above the 200 day MA. We saw that kind of extension in 2013 and 2011.
http://stockcharts.com/h-sc/ui?s=%24INDU&p=D&yr=7&mn=0&dy=0&id=p53741309118
Holder Foretells The Return Of Obama: “He’s Coming, And He’s Ready To Roll”
Barack Obama, after making the very difficult decision to proceed with Penguin Random House to publish his and Michelle’s White House memoirs in a deal rumored to net him about $60 million, is, at least according to old pal Eric Holder, ready to take his place at the helm of the democrats’ Trump opposition efforts. Of course, this breaks with the tradition upheld by most former Presidents who have chosen to not publicly criticize their successors…but the rules don’t really apply to Obama now do they?
Res ipsa loquitor.
drain the swamp………obama is a sick puppy
Since Obama appears to be about to evade taxation on his book income by using a non-taxable foundation, just like the unindicted criminal Hillary, perhaps we will eventually see them both behind bars. Michelle is rumored to be receiving $2 million for her book.
CFS, you may have seen this already. I’m not aware of any historical precedent in this regard.
This should get really interesting. I bet the nearby home owners like the idea of multifamily units in the neighborhood. Zoning laws should prevent such arrangements.
Next they will be having pizza parties
18 US Code 2385……..comes to mind for action against obama….in attempts to overthrow the govt.
OOTB:
One of these days soon Trump will get tired of playing the part of a piñata and someone will give him a copy of the NDAA to read. Then things will really get interesting. He can pull the plug on the whole damned swamp in a single day.
Bob,
as you say…….things would get interesting.
On the other hand Obama’s corrupt behavior with Rezco was never investigated a decade ago, so he will probably go free. How the US could have been spared from his divisive and destructive behavior may only be reported in history books. Where he found the money for Iran hostage release has never been looked at.
Comparisons of various Energy sources – Updated
Galaxy ships second batch of Mt Cattlin ore
2ND MARCH 2017
BY: ESMARIE SWANEPOEL CREAMER MEDIA SENIOR DEPUTY EDITOR:
(miningweekly.com) – “Lithium producer Galaxy Resources has successfully completed its second spodumene concentrate cargo loading at the port of Esperance, in Western Australia.”
“The company has reported that 14 000 t of spodumene concentrate was shipped to customers in China on March 1….”
Things are still moving forward like gangbusters for(LAC) (LACDF) Lithium Americas Corp partner on development of their brine project with their Major JV partner (SQM ), who had a great quarter and Record #Lithium Sales.
TAHO webcast at BMO Conference:
https://cc.talkpoint.com/bmoc001/022717a_as/?entity=31_MGR1TBK
(ASM) Avino Silver & Gold Announces Financial Results for Q4 and Year End 2016
* FOURTH QUARTER 2016 HIGHLIGHTS
Generated revenues of $12.0 million from the sale of San Gonzalo and Avino concentrates
Mine operating income amounted to $3.5 million an increase of 141% over the same period of 2015
Net income after taxes amounted to $1.2 million or a Basic EPS of $0.03
Produced 707,775 silver equivalent ounces, including 419,355 ounces of silver, 2,581 ounces of gold and 755,645 pounds of copper
Total consolidated cash1 cost was $11.50 (US$8.62) per payable silver ounce
Consolidated all-in sustaining cost (“AISC”)1 was $13.36 (US$10.01) per payable silver equivalent ounce, a 5% increase compared to $12.70 (US$9.51) per ounce in the fourth quarter of 2015
Average realized selling prices for silver and gold were US$16.69 and US$1,194 per ounce respectively
Cash of $15.8 million and short term investments consisting of cash of $13.4 million was on hand at the end of the quarter
** 2016 HIGHLIGHTS
Generated revenues of $39.9 million from sales of San Gonzalo and Avino concentrates
Mine operating income was $14.5 million, an increase of 79%
Net income after taxes amounted to $2.0 million or a Basic EPS of $0.05
Operating cash flows before movements in working capital to $7.6 million or $0.18 per share – Basic
Produced 2,679,334 silver equivalent ounces, including 1,612,060 million ounces of silver, 7,119 ounces of gold and 4,206,585 pounds of copper
Total cash cost1 was $11.24 (US$8.48) per silver equivalent ounce
All-in sustaining cost (“AISC”)1 was $13.70 (US$10.34) per payable silver ounce, a 13% increase compared to $12.14 (US$9.49) per ounce in 2015
Average realized selling prices for silver and gold were US$17.71 and US$1,258 per ounce respectively
Cash of $15.8 million and short term investments consisting of cash of $13.4 million were on hand at December 31, 2016
Invested $10.7 million in capital expenditures net of concentrate proceeds of $6.2 million from the sales of Avino mine concentrates
Mentions excelsior as one of the 3
http://beforeitsnews.com/gold-and-precious-metals/2017/02/three-outstanding-opportunities-in-the-natural-resources-sector-3145674.html
They also mentioned Golden Arrow as one of the other 3 companies to watch:
(From that article posted above)
“Golden Arrow Resources Corp. (GRG) (GARWF) was one of our top performers last year. The company benefited from a revival in the silver price twinned with renewed optimism for the Argentinean mining industry. Thanks to near term catalysts at both Chinchillas and Antofalla, Golden Arrow looks poised to carry this outperformance into 2017.”
“Golden Arrow’s flagship asset is the Chinchillas project located in northern Argentina. Since acquiring the project in 2011, the company has successfully discovered 250 million silver-equivalent ounces. This makes Chinchillas one of the largest silver development stories in the world.”
Pure Gold Intersects 69.0 g/t Gold Over 1.2 Metres and 30.0 g/t Gold Over 1.0 Metre at the Mcveigh, Madsen Gold Project
(Marketwired – Feb. 28, 2017) –
“Pure Gold Mining Inc. (PGM) (LRTNF) is pleased to announce drill results from the ongoing 70,000 metre drill program at the Company’s 100% owned Madsen Gold Project.”
Highlights from new drilling include:
30.0 g/t gold over 1.5 metres in hole PG16-306 (McVeigh)
69.0 g/t gold over 1.2 metres in hole PG16-318 (McVeigh)
58.8 g/t gold over 2.0 metres in hole PG17-304 (A3)
* Including 113.3 g/t gold over 1.0 metre
Impressive drill results at Madsen once again.
(MAI) (VGMTF) Minera Alamos Inc. Announces Completion of Surface Rights Agreement for La Fortuna Gold Project – Moves Forward with Mining Permit Applications
Toronto, March 1, 2017 – #GOLD #DEVELOPMENT #Mexico
I’m ready for them to get development underway on La Fortuna, and this Surface Rights Agreement was the next milestone in the process. Minera Alamos is a good emerging developer.
_________________________________________________________________
$MAI Minera Alamos Inc. – Video Presentation from Beaver Creek Precious Metals Summit 2016
Chris Frostad, CEO – #Development & near term #Production
SilverCrest Reports First Drill Results from Babicanora Vein; Multiple Intercepts Greater Than 1,000 gpt AgEq*
March 02, 2017
http://www.bmcms1.com/staging/silvercrestmetals.com/news/2017/index.php?&content_id=309
What a terrible day to release great news and get penalized 10%
Agreed. That was actually a damn good drill result….. just bad timing…..
Wow – I had a nice lick out of Jubilee Platinum today.
Jubilee Platinum Plc $JLP.L
$6.45 Up + $1.80 (+38.71% gain)
Jubilee Platinum Plc $JUBPF
$0.0899 Up + $0.0311 (52.89% gain)
1600 EXK @ $4.70
I had posted this back in early January when we were discussing the Platinum miners:
“Jubilee Platinum $JLP.L look like good value here (especially considering where the #Platinum #Palladium prices are headed). Jubilee also has quite a bit of #Chrome exposure, and is ready to turn their ship around in a more positive way. ”
http://webcasting.brrmedia.co.uk/broadcast/583bfef07b884957387e792a
I had posted this promo video as well that I’ll repost for anyone interested:
Correction:$3.60
Correction: 1600 EXK @ $3.70
Nice – Looks like you got it correct ! 🙂
Marty did you see those drill results posted above for Silvercrest?
Nice hits…
Ex, I did, old mines still do work
What’s Next For Sabina Gold As Nunavut Attracts More Miners?
Thursday March 02, 2017 – Kitco News VIDEO Interview
“Could Sabina Gold’s project in Nunavut be garnering some major mining companies’ attention? Sabina’s CEO Bruce McLeod makes the case for the company’s Back River project in Northern Canada, giving latest updates on recent permitting issues.”
Sabina, I like for the silver royalty of 42 million oz + if Glencore develops down the road
If Sabina gets that permit, then they’ll be prime takeover targets. If you wanted that Agnico Eagle video earlier this from Kitco, she asked him point blank about Sabina and he didn’t deny it was a possibility 🙂
I believe they’ll get their permit this time as there is much more community and First Nation’s support this time, and even the government sent it back for the board to review again. If they do, then it could be a very bullish year for Sabina. The only bummer would be if they got snapped up quickly before their shares had a chance to run for a while.
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SLV fell to a confluence of supports today:
http://stockcharts.com/h-sc/ui?s=SLV&p=D&yr=0&mn=9&dy=13&id=p88712038054&a=510232860
Here’s a bullish divergence: Silver is down 4% today yet Impact silver is still trading above yesterday’s low.
For those who trade Americas Silver on the AMEX (USAS), here are some forks:
http://stockcharts.com/h-sc/ui?s=USAS&p=D&yr=0&mn=9&dy=13&id=p36884150234&a=510240651
Matthew, thank you.
Agreed. Thanks Matthew and really forking appreciated 😉
I’m not worried about ole’ USAS….. They’ll be just fine…..
Kirby at usawatchdog……..
interesting topics