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Doc, Chris and Cory on the moves post Fed announcement

Cory
March 15, 2017

Today’s market wrap focuses on the moves in the markets post Fed rate hike. US equities, gold and treasuries are all up and the USD is down. We thought the Fed comments would have a more dovish slant but what Yellen said even surprised us in terms of dovishness. There was s little debate on whether gold and treasuries will continue to move up, where do you stand?

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Discussion
118 Comments
    Mar 15, 2017 15:37 PM

    GDXJ blasted straight to fork resistance today.

    2 hour chart:

    http://stockcharts.com/h-sc/ui?s=GDXJ&p=120&yr=0&mn=3&dy=13&id=p98747810477&a=511226861

    Mar 15, 2017 15:43 PM

    GDXJ gapped down 6% vs GDX at the open before reversing and moving up as much as 12%. It closed at a pivot resistance but the juniors look set to outperform the seniors for awhile (and that is bullish for the whole sector)…

    http://stockcharts.com/h-sc/ui?s=GDXJ%3AGDX&p=D&yr=0&mn=7&dy=0&id=p30971421997

      Mar 15, 2017 15:16 PM

      What a freaking great close for the day with most precious metals miners raging higher.

      It should be noted that some of the worst performers on the downside are conversely some of the star performers on the upside thrusts:

      A few Gold Producers and Developers I own, have traded or follow had nice moves:

      Teranga Gold Corporation TGZ.TO +16.46%
      McEwen Mining Inc. MUX +14.09%
      Argonaut Gold Inc. AR.TO +13.53%
      Victoria Gold Corp. VIT.V +12.00%
      Continental Gold Inc. CNL.TO +11.06%
      Torex Gold Resources Inc TXG.TO +10.66%
      Jaguar Mining Inc. JAG.TO +10.53%
      Integra Gold Corp. ICG.V +10.00%
      Richmont Mines Inc. RIC +9.56%
      Guyana Goldfields Inc. GUY.TO +9.50%
      Rye Patch Gold Corp. RPM.V +9.09%
      Pilot Gold Inc. PLG.TO +8.70%
      Primero Mining Corp. PPP +8.13%
      Exeter Resource Corporation XRA +7.83%
      Avnel Gold Mining Limited AVK.TO +7.14%
      Klondex Mines Ltd. KLDX +7.07%
      Novo Resources Corp. NVO.V +6.85%
      K92 Mining Inc. KNT.V +6.25%

      Silver stocks had a nice green day as well:

      Endeavour Silver Corp. EDR.TO +12.81% (darn, sold it earlier in week for gain)
      First Majestic Silver Corp. AG +9.68%
      Coeur Mining, Inc. CDE +9.62%
      Fortuna Silver Mines Inc. FSM +9.06%
      Silver Standard Resources Inc. SSRI +8.86%
      Hecla Mining Company HL +8.80%
      Excellon Resources Inc. EXN.TO +7.79%
      Americas Silver Corporation Com USAS +7.55%
      Bayhorse Silver Inc BHS.V +7.41%
      Tahoe Resources Inc. TAHO +7.39%
      Pan American Silver Corp. PAAS +7.00%
      Alexco Resource Corp. AXU +6.80%
      Defiance Silver Corp. DEF.V +6.67%
      Levon Resources Ltd. LVN.TO +6.49%
      Avino Silver & Gold Mines Ltd. ASM +5.94%
      SilverCrest Metals Inc. SIL.V +5.85%
      MAG Silver Corp. MAG.TO +5.50%
      Silvercorp Metals Inc. SVM.TO +5.43%
      Bear Creek Mining Corporation BCM.V +5.26%
      Nicola Mining Inc. NIM.V +4.88%
      Minco Silver Corporation MSV.TO +4.80%
      IMPACT Silver Corp. IPT.V +4.41%
      Dolly Varden Silver Corporation DV.V +2.74%

        Mar 15, 2017 15:25 PM

        If you count after hours trading, PPP is up 15.95% 😮

          Mar 15, 2017 15:29 PM

          Nice!! I hadn’t checked the afterhours prices yet. Primero got some pep in its step!

            Mar 15, 2017 15:33 PM

            It’s at .65 right now.

            Mar 15, 2017 15:37 PM

            Primero Reports Fourth Quarter and Full-Year 2016 Results
            03/15/2017

            Highlights:

            Revised Production Guidance Achieved: Fourth quarter production of 45,794 gold equivalent ounces resulted in annual 2016 production of 176,139 gold equivalent ounces within the Company’s 2016 revised production guidance range of 170,000 to 190,000 gold equivalent ounces. Annual production totalled 156,052 ounces of gold and 5.32 million ounces of silver combined from the San Dimas and Black Fox mines.

            Cash Costs Within Revised Guidance Range: Consolidated 2016 total cash costs were $865 per gold equivalent ounce, with consolidated all-in sustaining costs (“AISC”) of $1,333 per gold ounce slightly below the Company’s revised 2016 guidance range.

            Financial Results Impacted by Lower Production: Lower production at both mines resulted in reduced revenue, earnings and cash flows in 2016 compared to 2015. The Company incurred a net loss of $234.4 million ($1.32 per share) including $228.0 million ($188.9 million net of tax) in impairment charges in 2016, and an adjusted net loss1 of $22.1 million ($0.12 per share) for 2016.

            San Dimas Operations Being Re-Set to Increase Profitability: Primero is reducing the complexity and scale of San Dimas operations in 2017. This is expected to result in significant decreases to the San Dimas workforce and other overhead costs which will enable the return to profitability and long-term sustainability of the mine.

            Reduced General and Administrative Costs: Primero has initiated actions to significantly reduce its general and administrative (“G&A”) costs in 2017. The Company has already reduced its corporate office head-count by 30%, and will be downsizing its corporate office space and reducing directors’ expenses.

            “Although Primero faced significant challenges in 2016, we entered 2017 with renewed motivation to address these challenges and deliver meaningful returns to our shareholders,” said Mr. Joseph F. Conway, Interim President and Chief Executive Officer. “We have started by strengthening our management team in late 2016, reducing our corporate G&A and refinancing our revolving credit facility, terming out our debt to better match our asset’s cash flow profile. Our next focus is resetting the San Dimas operation and bringing the mine back to profitability so it can once again deliver on its world-class potential. We have also renewed our commitment to exploration at both of our mines in order to continue growing their reserve and resource base and fully realize on their significant mineral endowments.”

            http://www.primeromining.com/English/investors/news/press-release-details/2017/Primero-Reports-Fourth-Quarter-and-Full-Year-2016-Results/default.aspx

            Tad
            Mar 15, 2017 15:43 PM

            I’m loving it guys 🙂
            Had been holding my breath the last few weeks….. Especially with some suggesting we may be still in a bear market for PMs: I think that the ’16 move up was even explained as a bull trap in a bear market at some point this week ..??!!
            I’m confident we’re gonna be OK 🙂
            May be a slide down this summer, but overall it’s definitely the beginnings of a long term bull market in my book.

            Tad
            Mar 15, 2017 15:47 PM

            Even New Gold (NGD) was up 6.5% !

            Mar 15, 2017 15:52 PM

            Tad – Good points about how quickly sentiment turned over the last few weeks, which breeds the environment where new buyers come in. Apparently there were many buyers waiting on the sidelines because it was an all out blitz on the Gold and Silver miners that started post FedBabble.

            Just saw this post from Goldfinger:

            @Goldfinger – “$GDXJ highest single day trading volume ever, only the 4th time in its history GDXJ has rallied 10% or more in a single day. ”

            Nice action – no doubt about it.

            Mar 15, 2017 15:55 PM

            Tad – If a substantive metals rally really does start taking shape over the next few weeks, then I could see it topping out in May and things slowing down into the Summer Doldrums.

            We’ll have to cross that bridge when we get there….

            Tad
            Mar 15, 2017 15:01 PM

            Yeah. Agreed. Me too.
            Will have to try and get my timing a bit better and see if I can actually take some profits when that happens this time… Ha !

            Mar 15, 2017 15:09 PM

            Tad, to me, the worst case scenario is that we might have to wait longer than we’d like for the next powerful uptrend to unfold. That’s not what I expect but I can handle it.

            Whatever happens in the weeks ahead, I’m sticking to my view that the miners will do well through the second half of the year and probably into next January.

            http://stockcharts.com/h-sc/ui?s=%24HUI&p=W&yr=6&mn=9&dy=13&id=p17060671346&a=505315681

            Mar 15, 2017 15:42 PM

            Agreed Matthew. Whatever happens, I expect the second half of the year to be stronger than the first half.

            Whether this: (1) just ends a being a little blip up and a sell-down into the Summer Doldrums, (which would validate Spanky’s point about us just starting to put in a right shoulder on a H&S pattern) or (2) ends up being a higher intermediate low, and puts some teeth on the rally into May…

            then I’d still expect more of the normal seasonal Summer Doldrums for late May-August. Sept – Jan should be a nice run though, based on longer term charts and seasonal patterns.

            Regardless it was a nice recovery day, and should have given most PM investors a smile.

    CFS
    Mar 15, 2017 15:43 PM

    THE HAGUE, Netherlands (AP) — The Netherlands’ main exit poll suggests Prime Minister Mark Rutte easily defeated anti-Islam lawmaker Geert Wilders in Wednesday’s Dutch parliamentary election, which was seen as a litmus test for populism in Europe.

    The Ipsos exit poll suggests Rutte’s party won 31 seats in the 150-place legislature, 12 more than Wilders’ party, which shared second place with two other parties.

    Mar 15, 2017 15:48 PM

    Osisko Intersects 10.9 g/t Au Over 3.9 Metres at Garrison
    by @marketwired on March 15, 2017

    https://ceo.ca/@marketwired/osisko-intersects-109-gt-au-over-39-metres-at-garrison

    CFS
    Mar 15, 2017 15:49 PM

    Trump’s Michigan speech:
    https://www.youtube.com/watch?v=VL-qANMQxLU

    indicating cafe standards will be changed.

    Mar 15, 2017 15:01 PM

    GDXJ priced in GLD avoided a weekly MACD sell thanks to today’s action:

    http://stockcharts.com/h-sc/ui?s=GDXJ%3AGLD&p=W&yr=2&mn=7&dy=11&id=p26024907343

    Mar 15, 2017 15:06 PM

    The dollar is still in an uptrend from last year so may come back again.

    Mar 15, 2017 15:16 PM
      Mar 15, 2017 15:41 PM

      Thanks Steele. From that article you just posted….

      “Gold rallied after the Federal Reserve announced an increase to its key short-term interest rate on Wednesday, but the metal’s price reaction isn’t quite the head scratcher that it seems to be.”

      “It is a case of ‘sell the rumor (of a rate hike), buy the fact’,” said Ross Norman chief executive officer at Sharps Pixley, told MarketWatch by email from London after the announcement.”

      “We have consistently seen double-digit percentage increases in gold prices post a rate hike perversely,” he said. That’s “counter-intuitive because higher rates would ordinarily be seen as gold negative,” as the metal would be less attractive compared with interest-bearing assets.

      The U.S. central bank lifted a key short-term interest rate by a quarter-point to a range of 0.75% to 1% on Wednesday.”

        Mar 15, 2017 15:47 PM

        Here’s another good article to check out regarding the FED hike and Gold Rally:

        __________________________________________________________________________

        Gold Miners Soar Following Fed
        by Ceo Technician

        http://energyandgold.com/2017/03/15/gold-miners-soar-following-fed/

          Mar 15, 2017 15:21 PM

          Lots of winners today. Uranium companies caught a bid too. I’m cautiously bullish on the metals after today’s action.

          https://imagemacros.files.wordpress.com/2009/06/win_sector.jpg

            Mar 15, 2017 15:39 PM

            Agreed. There was a nice run in the Uranium stocks today. Fun times!

            Uranium Stocks SYMBOL % CHG (03/15/2017)

            U3O8 Corp. UWE.TO +16.67%
            Deep Yellow Limited DYL.AX +12.73%
            GoviEx Uranium Inc. GXU.V +12.07%
            enCore Energy Corp. EU.V +10.00%
            Blue Sky Uranium Corp. BSK.V +9.52%
            Plateau Uranium Inc. PLU.V +9.26%
            Purepoint Uranium Group Inc. PTU.V +9.09%
            Energy Fuels Inc. UUUU +9.05%
            Kivalliq Energy Corporation KIV.V +8.00%
            Forsys Metals Corp. FSY.TO +7.14%
            Uranium Energy Corp. UEC +6.57%
            Mawson Resources Limited MAW.TO +6.10%
            Anfield Resources Inc. ARY.V +5.88%
            Centrus Energy Corp. LEU +5.11%
            Fission 3.0 Corp. FUU.V +5.00%
            Power Metals Corp. PWM.V +4.76%
            Toro Energy Limited TOE.AX +4.55%
            Azarga Uranium Corp. AZZ.TO +4.05%
            Bannerman Resources Limited BMN.AX +3.51%
            UR-Energy Inc. URG +3.37%
            Denison Mines Corp. DNN +3.00%
            Global X Uranium ETF URA +2.79%
            NEXGEN ENERGY LTD NXE.TO +2.40%
            VanEck Vectors Uranium+Nuclear Engy ETF NLR +2.16%
            UEX Corporation UEX.TO +1.52%
            Boss Resources Limited BOE.AX +1.33%
            Fission Uranium Corp. FCU.TO +1.20%
            Peninsula Energy Limited PEN.AX +0.92%
            Cameco Corporation CCJ +0.83%
            Energy Resources of Australia Ltd ERA.AX +0.71%

            Mar 16, 2017 16:36 AM

            Energy Fuels Issues Letter to Shareholders
            March 16, 2017 /CNW/ – Energy Fuels Inc. (UUUU) (EFR)

            “READY TO GO FURTHER. We believe this phrase captures Energy Fuels’ positioning in the global uranium sector today. As a shareholder, you already know that Energy Fuels is a proven U.S. uranium producer. But, we believe we are ready to take the next step. Our three production facilities are ready to increase production, as uranium markets improve. Our permitted and developed mines are ready to resume operations. We are ready to compete in global markets and sell more uranium at higher prices. In short, we are ready to be the “go-to” uranium producer in the U.S., as I believe our people, assets, and expertise are second-to-none in the U.S. In other words, we are READY TO GO FURTHER.”

            http://www.newswire.ca/news-releases/energy-fuels-issues-letter-to-shareholders-616311784.html

    Mar 15, 2017 15:20 PM

    GDX tested the 200 week MA for the last three weeks and it held…

    http://stockcharts.com/h-sc/ui?s=GDX&p=W&yr=3&mn=7&dy=0&id=p19451316376

    Mar 15, 2017 15:05 PM

    The debt bubble just got bigger when The Fed raised rates, eventually this huge debt bubble will explode and when it does only gold will be left standing. Got It! DT^

      Mar 15, 2017 15:46 PM

      20 Trillion is so large, it really is already mind-boggling (and is even larger with the commitments to other Social programs going into the future and unfunded liabilities).

      You are correct that if they raise the debt ceiling tomorrow, then they unleash an even larger Debt Monster. However, if they didn’t raise the Debt Ceiling, then we’d have a real mess on our hands.

      But don’t worry about any of that as the general stock markets sure aren’t scared, and continue to put in new all time highs week after week and month after month…. The VIX is buried in a low channel sideways, and everything is just peachy 🙂

      “What, Me Worry?” – Alfred E. Neuman

      https://www.google.com/search?q=alfred+e+neuman+what+me+worry&source=lnms&tbm=isch&sa=X&sqi=2&ved=0ahUKEwiXz6G7y9nSAhXKTCYKHUS_BmQQ_AUIBigB&biw=1536&bih=883

        Mar 16, 2017 16:11 AM

        debt clock says………over…..$105 trillion in unfunded liabilities ….hello happy world,
        just the USA…..

          Mar 16, 2017 16:19 PM

          Feeding the war machine: ‘Washington will lift debt ceiling to intervene in more countries’
          Published time: 15 Mar, 2017

          Lew Rockwell: – “Unfortunately, I think the debt ceiling will be raised. I would like to see it not raised because if it weren’t raised there would be two choices: the government could go bankrupt, and I would say that is morally and economically a great idea. The government couldn’t borrow any more money, for example, which should be a great thing for the American people. The other alternative would be for President Trump to say: “Well, I am going have to cut the federal budget by a massive amount,” and boy, do we need that. So, all federal spending is out of hand. It would be a great thing. This is not going to happen. The Democrats are going to vote against raising it, but unfortunately, enough Republicans are going to vote for it. They will raise the debt ceiling. This is just a dog and pony show really signifying nothing. It just signifies more spending, more trouble for the American economy and I would argue for the world economy with the federal debt zooming up. There is a lot of publicity about this, a lot of angst or at least seeming angst, but unfortunately, they are going to raise the debt ceiling.”

          https://www.rt.com/op-edge/380851-us-national-debt-raise/

      Mar 16, 2017 16:28 AM

      DT
      So true – It doesnt take a rocket scientist to figure that out…why is the “general population” soooooo clueless….amazing!!

      Marc

    Mar 15, 2017 15:21 PM

    So, several months of a massive rally in gold and silver miners then. Everyone hop back aboard that train as it leaves the station?

    Or….

      Mar 15, 2017 15:07 PM

      Or….. 2016 ends with 5 months of selling pressure in PMs after the 1/2 half of 2016 Precious Metals rally (that launched out of the first rate hike back in Dec of 2015).

      After promising for 2016 to be the year of 4 rate hikes, they finally got one cued up for Dec of 2016 and everyone sold off precious metals into that Fed-spectation….. and it got compounded with end-of-the-year tax-loss selling.

      Then metals and miners rallied out of the year end malaise when they hiked rates and rallied from late December through mid February.

      Bob UK – the metals markets have just pulled back for about 3 1/2 weeks into their normal seasonal weakness in March and near the PDAC.

      Now the Fed hiked rates again and we are up to a whole whopping 1% Fed Funds rate, with signs of inflation showing up in many areas of life. The Federal Reserve is behind the curve big time, and people are starting to wake up to that fact finally.

      If you look at this Gold chart, it puts the last 2 rake hikes into perspective with how the yellow metal responded. We are either putting in the right shoulder of a Head& Shoulders pattern (as Spanky pointed out yesterday), or we just put in a lower higher and may have a little longer rally if that is the case into May.

      http://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=3&mn=0&dy=0&id=p86479787073

        Mar 15, 2017 15:12 PM

        That last sentence should have said:

        “We are either putting in the right shoulder of a Head& Shoulders pattern (as Spanky pointed out yesterday), or we just put in a HIGHER LOW and may have a little longer rally if that is the case into May.”

        We’ll have to see how things play out and how tomorrow goes with the Debt Monster.

        BTW – the Spanky indicator did work, as yesterday marked extremely low sentiment from him, and now we had the strongest single day rally in the GDXJ in volume on record. Coincidence or can we put Spanky’s mind into a robot and use machine learning to alert the KER of buying signals and turns in the market?

        These are the questions that keep me up at night. (only kidding spanky!!)

          Mar 15, 2017 15:37 PM

          Actually we need to bring back Birdman and JTL. Birdman nailed the top in gold and JTL nailed the bottom. Where are they when we need them?

          Thank goodness Bill still stops in now and again to throw rocks. He managed to nail the top in the commercial real estate market.

            Mar 15, 2017 15:27 PM

            Ha! You crack me up Bob M. They were good indicators.

            Mar 15, 2017 15:05 PM

            Bob really nailed it with his “back in the pool” call the other day.

            Mar 15, 2017 15:47 PM

            Agreed Matthew.

            Bob M. you’re very good at calling turns using sentiment readings.
            Keep up the good work.

            Mar 15, 2017 15:49 PM

            By the way….

            The market actually decided to do a cannon ball into the pool today, splashing the critics.

            Mar 16, 2017 16:51 AM

            Bob M, is a college guy, anybody who can read ” TOPS AND BOTTOMS” must have spent time in Fort Lauderdale during spring break. LOL! DT

            Mar 16, 2017 16:52 AM

            Instead of the pool it should have been the beach.

            Mar 16, 2017 16:01 AM

            DT – Good point on spotting those tops and bottoms. Funny.

            Mar 16, 2017 16:11 AM

            Well, DT, if you put it that way, any guy who can’t “read tops and bottoms” should probably see a doctor. 😉

            Mar 16, 2017 16:14 AM

            Doc is here daily for the check up……. 🙂

            Mar 16, 2017 16:50 AM

            Ha ha ha!

    Mar 15, 2017 15:17 PM

    PDAC 2017: What’s wrong with hedging?
    BY: TRISH SAYWELL MARCH 14, 2017

    “The pros and cons of hedging remain the subject of debate to this day, and the topic came up during a discussion at the recent Prospectors & Developers Association of Canada conference in Toronto, when a participant asked a panel of bankers whether they thought the practice was a useful tool for the industry.”

    “Egizio Bianchini of BMO Capital Markets, who prefaced his remarks by pointing out that BMO has the smallest commodity desk of all the banks represented on the panel—making him “the least conflicted” to answer the question—responded with an emphatic yes.”

    “It’s absolutely insane to me why a developer without any cash flow doesn’t hedge,” he said. “It’s just logical. I would love to see all development companies hedge.”

    “You want to make this industry investible? Especially the junior industry? Give me some predictability,” he said. “And if you want to give me some upside, go out and drill more reserves and give me the optionality of having more reserves.”

    Bianchini, vice chair and co-head of BMO’s global metals and mining group, also said hedging was appropriate for producers.

    “In terms of producers, again, you want to make it investible? Go hedge…..”

    http://www.northernminer.com/news/pdac-2017-whats-wrong-hedging/1003784423/

      Mar 15, 2017 15:23 PM

      I can see why bankers and financing companies would like the predictability of hedging, but it should be noted that it also limits upside margins if the metals take off during the time period. It’s a better strategy for companies in Bear markets than in Bull markets. A nice in-between is just hedging a portion of output between 20-60% and that allows the company to still participate in the upside moves in the commodities on the remaining production (part fixed hedge/ part wildcard based on the spot markets).

        Mar 15, 2017 15:36 PM

        Excelsior;

        We have far too many clowns in the gold mining business who want to make it something to be worshiped. It is a commodity and it has some aspects of money but it goes up and it goes down like every other commodity. Hedging is used by every other commercial producer of any commodity. It’s just prudent business.

        If farmers didn’t hedge part of their crop, they would be out of business in short order.

          Mar 15, 2017 15:37 PM

          Good points. There are quite a few clowns in many mining companies and the industry would definitely benefit from a little more predictability in guidance and results. As you mentioned hedging is just prudent business.

          As mentioned above, I’m a fan of hedging a percentage of the production, but leaving at least some portion un-hedged for participation in upside. That strategy works best in a rising market cycle, and a greater percentage of production should be hedged in a down-trending market cycle.

            Mar 15, 2017 15:28 PM

            Ex:

            I agree with you 100%. Every producer needs to at least cover their costs, corn or gold.

    CFS
    Mar 15, 2017 15:17 PM

    Trump Admin Halts Obama-Era Rule On Fracking On Public Land
    By MATTHEW DALY – Associated Press – 28 minutes ago
    WASHINGTON (AP) — The Trump administration says it is rolling back an Obama administration rule requiring companies that drill for oil and natural gas on federal lands to disclose chemicals used in hydraulic fracturing, better known as fracking.

    The administration said in court papers filed Wednesday that it is withdrawing from a lawsuit challenging the Obama-era rule and will begin a new rule-making process later this year.

    The Interior Department issued the rule in March 2015, the first major federal regulation of fracking, the controversial drilling technique that has sparked an ongoing boom in natural gas production but raised widespread concerns about possible groundwater contamination and even earthquakes.

    CFS
    Mar 15, 2017 15:19 PM

    Epstein End of Day TA:

    https://youtu.be/1AIRqpRNg50?t=33

    CFS
    Mar 15, 2017 15:31 PM
    CFS
    Mar 15, 2017 15:05 PM

    John Rubino on the rate Hike Today:

    https://www.youtube.com/watch?v=76rciTTIPy0

      CFS
      Mar 15, 2017 15:11 PM

      I was in the New Library of Alexandria a couple of years ago. Most interesting. Well worth a visit. (Underground)

    Mar 15, 2017 15:20 PM

    GDX turned precisely at a Schiff fork support but has plenty of resistance above:

    http://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=1&mn=2&dy=0&id=p76347877654&a=512868197

    CFS
    Mar 15, 2017 15:55 PM

    GLD added 4.44 tonnes to inventory today
    Lotta gold buying goin’ on!

      Mar 15, 2017 15:58 PM

      Yeah. Lots of volume today in many different Gold instruments from ETFs to stocks. That ETF just happened to move a great deal of physical as a result. Not too shabby.

        Mar 15, 2017 15:03 PM

        (GLD) $116.25 up +$2.13 (1.87% gain) 13,524,082 volume 8.1M 10 day avg

        (GDX) $22.98 up +$1.64 (7.69% gain) 150,366,050 volume 74.9M 10 day avg vol

        (GDXJ) $37.91 up + $3.92 (11.53% gain) 64,810,938 volume 34.5M 10 day avg vol

          Mar 15, 2017 15:23 PM

          There was some big money sitting on the sidelines waiting to get positioned, and today some of it was deployed. I believe the Dutch election concerns in Europe played a part, as well as some short covering. Regardless, it was noteworthy day.

    Mar 15, 2017 15:09 PM

    IPT closed above the Ichimoku cloud and the middle of the bollinger bands (20 day MA) today:

    http://stockcharts.com/h-sc/ui?s=IPT.V&p=D&yr=0&mn=9&dy=13&id=p46414138649&a=508320044

    Mar 15, 2017 15:57 PM

    Amazing Amazon is going to kill more jobs than China did, we are all worried but if I lived in China I would be really concerned, they will now face losing their low cost production to technology. If America loses 2 million jobs China will probably lose 20 million jobs. That could easily spark a regime change.
    http://www.marketwatch.com/story/amazon-is-going-to-kill-more-american-jobs-than-china-did-2017-01-19

      Mar 15, 2017 15:40 PM

      DT – that is a very interesting point to consider, about how technology will kill jobs domestically and abroad, but it may impact certain economies in ways people haven’t even thought through yet.

        Mar 16, 2017 16:42 AM

        Ex, so true maybe we should pose that question to “Watson” , I just can’t help thinking that all roads now lead to technology instead of Rome. DT

          Mar 16, 2017 16:48 AM

          The irony is that “We the People” are the ones creating and building these machines, and they will be displacing people. Maybe in the future there are no more jobs except in IT, Robotics, and AI.

          If nobody is working though, how do we generate tax money from machines?

            Mar 16, 2017 16:00 AM

            Ex, we can tax the machines labor and the products they produce until they figure us out and decide to go it alone, I wonder how long that will last. DT

            Mar 16, 2017 16:20 AM

            all the machines will be chipped by the CIA….so they can spy on each other…..

            Mar 16, 2017 16:54 AM

            This sums up how it will go down well. This ties into the Matrix movie franchise.

            Animatrix Scene Historical File 12 1

            https://www.youtube.com/watch?v=SLNo4lMC8bM&list=PL6OGcJ7rIVeeKaKXLrfwd16BW1azcARcz

            Mar 16, 2017 16:57 AM

            give it until about 1 minute in to start making the larger point… (hint eventually the robots march, demand rights, and then rebel)

    Mar 15, 2017 15:18 PM

    Gold up to $1225
    Silver up to $17.42

    Is Rick A going to be bullish in the morning if these levels hold. Gold closed above the level he wanted of $1214.50 and has continued higher in overseas trading. We’ll see how things look earlier in the morning but for now it is confirmation that there was a nice follow-through rally in Australia and Asia.

      Mar 15, 2017 15:19 PM

      hold. = hold?

    Mar 15, 2017 15:39 PM

    (RZZ) (ATBYF) Abitibi Royalties is on a Roll
    POSTED BY: TRISH SAYWELL MARCH 15, 2017 -The Northern Miner

    “Ian Ball, the company’s president and CEO, believes the junior’s out-performance was due to exploration results at the Odyssey deposit, which is about 1.5 km due east of the current limit of the Canadian Malartic open-pit mine.”

    “Abitibi $RZZ holds a 3% net smelter return royalty on the Odyssey North Zone, within the Canadian Malartic mine property, which has been jointly owned by $AEM Agnico Eagle Mines and $AUY $YRI Yamana Gold since 2014.”

    “In the last two months alone, Abitibi has purchased four new #royalties through the search engine. Two of them, unveiled in February, are near existing mines in Ontario and Manitoba. The first agreement, in partnership with $AMI AuRico Metals Inc., gives each company a 0.75% NSR on nine exploration properties throughout the Rainy River district in Ontario, near $NGD New Gold Inc.’s Rainy River development project, 65 km northwest of Fort Frances.”

    “Large shareholders in the company are $GZZ $GLVMF Golden Valley Mines, which holds a 49.9% stake, and {Rob} McEwen, who has a 12.3% interest.”

    http://www.northernminer.com/news/abitibi-royalties-roll/1003784477/

      Mar 16, 2017 16:34 AM

      Thanks for that Ex. Been too busy to follow things properly

    Mar 15, 2017 15:20 PM

    With price sticking 75 cents/2% through the upper bollinger band on the 2 hour chart, it will be very impressive if GDXJ is able to the day higher tomorrow.

      Mar 15, 2017 15:21 PM

      A gap down at the opening bell looks likely to me.

        Mar 16, 2017 16:46 AM

        So much for that gap. Gold is higher, so the miners are, too.

      Mar 16, 2017 16:12 AM

      Oops, should read: “…if GDXJ is able to CLOSE the day higher tomorrow.”

    Mar 16, 2017 16:09 AM

    Here’s why GDXJ peaked where it did on February 8th:

    http://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=1&mn=2&dy=0&id=p83958178893&a=512918917

    Mar 16, 2017 16:45 AM
    CFS
    Mar 16, 2017 16:03 AM

    BEIJING (AP) — China’s central bank raised short-term interest rates Thursday following the U.S. rate increase as Beijing tries to shore up the value of its currency and stanch an outflow of money.

    The People’s Bank of China raised the rate for its six-month and one-year medium-term lending facility and open-market repurchase operations by 0.1 percent. The benchmark one-year commercial lending rate was unchanged.

    CFS
    Mar 16, 2017 16:21 AM

    Congress Launches ‘Full George Soros Investigation’
    BY IWB · PUBLISHED MARCH 14, 2017 · UPDATED MARCH 15, 2017

    by Baxter Dmitry

    Congress have launched a full investigation into George Soros, accusing him of using taxpayer’s money to install leftist regimes abroad.

    Infamous globalist George Soros’s shady funding of radical leftists around the world may have finally caught up with him, as Congress announce a “full investigation” of his affairs, starting with his attempt to install leftist regimes in Eastern Europe with the help of U.S. taxpayer’s money.

    The investigation was launched after it was revealed George Soros used millions of dollars in U.S. taxpayer’s money, granted to his Open Society Foundation by former president Barack Obama, in order to prop up leftist causes and foment change in foreign countries.

    The money was supposed to be used in a “non-biased, non-partisan” way – and when the Open Society Foundation failed to convince Congress that this law was respected, the investigation was launched.

      GH
      Mar 16, 2017 16:01 AM

      About time!

      Thanks for all the good links, CFS.

        Mar 16, 2017 16:10 AM

        +1×2

          Mar 16, 2017 16:32 AM

          Put Soros in solitary in Guantanamo!

            Mar 16, 2017 16:59 AM

            GET HIM A BODY BAG! YEAAAAAH! (Karate Kid)

            https://www.youtube.com/watch?v=hPKZSyz4QoI

            Mar 16, 2017 16:52 PM

            Is that under citizens united……or executive order………

            Mar 16, 2017 16:14 PM

            We’ll have to elect Bonzo Barzini President so it can be an executive order.

            If we had elected Frank from Moscow, it would already be so…..

            Mar 16, 2017 16:17 PM

            ……. 🙂

            Mar 16, 2017 16:19 PM

            Wonder if Frank from Moscow……did any wire tapping in his career ………..

    CFS
    Mar 16, 2017 16:53 AM

    Gary Savage Market Wrap:

    https://youtu.be/m7tVOmNcuWk

    Mar 16, 2017 16:14 AM

    I am guessing they are going to paint a head and shoulders on the gold and silver daily charts. Whether it actually triggers is another question.

    With respect to the miners, using the $XAU between 2000-2006, there were two big periods of consolidation–one was about 1 year until price made a new high and the other was almost 2 years (!) before price made a new high. During those two periods, price went up and down like a yo-yo. There was really no way to know when price would break out (although maybe the monthly charts provided some clue).

    For gold now, the big number it has to get through is the declining 50 month moving average, which has acted as perfect resistance and ended every rally since gold bottomed. It is currently $1252. If gold can close out a month above that MA, things will be looking good.

    Mar 16, 2017 16:20 AM

    I should add that back in 2003, if you were unlucky enough to have bought the absolute peak in the $XAU, you had to wait basically 3 years before price broke above that level and never looked back.

    Mar 16, 2017 16:21 AM

    Er, meant to say the peak in 2002.

    CFS
    Mar 16, 2017 16:30 AM