Should we be worried about the sell-off in metals stocks today?
With GDX and GDXJ down over 3% and 4% currently I chat with Jordan Roy-Byrne, Editor of TheDailyGold.com shares his outlook. We also discuss the relationship between gold and the US markets, which have held a strong inverse correlation.
Click download link to listen on this device: Download Show
Jordan had put out a few pieces recently where he highlighted the weakness on GDX & GDXJ relative to Gold, and Silver relative to Gold, and noted that this raised some concerns on if this may beget a corrective pullback. That’s likely what he means by bearish omens. Longer term, Jordan is looking for weakness in the general equities to really get the PM bull underway.
U.S. dollar bulls have their work cut out for them…
http://stockcharts.com/h-sc/ui?s=%24USD&p=D&yr=0&mn=9&dy=0&id=p18939458195&a=518967108
purely comic relief, no political statement intended
+1. Getting old……….that took several seconds!
GH – That really gave me a laugh. Thanks! 🙂
My favorite.
That’s a good one.
Do All U.S. Presidents Look the Same? What About Japan’s Prime Ministers?
By Jordan G. Teicher
> Composite: All the presidents of the United States from 1789 to 1889.
> Composite: All the British prime ministers elected under Queen Elizabeth II (1952–2008).
> Composite: All the prime ministers of Japan during the Showa period (1926–1947).
> Composite: All the presidents of South Africa post-apartheid (1994–2008).
> Composite: All the presidents of the United States from 1960 to 2008.
(Brilliant!!)
I’d vote for him!
Fascinating. Compare the portraits of US presidents 1789-1889 with the photos of prezs 1960-2008. I know, the difference between a painted portrait and a photo…still, the stern demeanor versus the fake schmoozy grin is striking.
When artificial intelligence wins the presidency in the US, I guess that will be our new Maximum (Headroom) Leader.
Max Headroom – I love it and had forgotten all about him.
+1
It is fundamentals this time. The size of the etfs are a big problem and only giving an illusion of liquidity. Maybe I am old school but I wish they didn’t exist.
http://www.zerohedge.com/news/2017-04-19/real-message-gdxj-mess
I sure like Jordon, Rick, Chris and Doc too.
Doldrums should be coming, sell in may might happen sooner this year as people are a tad nervous about PMs.
I am going to ride it out. There were two big gold dumps that last two days. I think there is going to be a big effort to shake people out of their positions. I am not going to fall for it and play their game. The gold markets move too fast to get in and out so I will play the long game.
https://www.jsmineset.com/2017/04/19/in-the-news-today-2642/
You have it backwards, little b. It is bullish confidence, not bearish nervousness, that would help the doldrums arrive early. If the current action continues into May, there will be a good chance that those who sell in May will be sorry.
Here’s an article that may help some with understanding the Syria situation: It helped me………..
http://news.goldseek.com/GoldSeek/1492629239.php
good one
Both SPX and INDU have broken down and failed retest of 50DMA, while GDX and HUI have broken downtrend and retestet the breakout trendline. Dollar broke down as well. GDXJ did hammer on the daily on the upwards trendline from jan->dec lows.
Ofc I’m worried, but technically it doesn’t look too bad. As I’m writing this, gold still holds on to 1278.
Fundementally there should be support for gold as well with election on this sunday with both Mchlenon (sp?) and le pen victory being very bullish for gold. Debt ceiling on the 28th of april as well as carriers arriving next week in North Korea.
With the pm miners continuing to lag in comparison to metal prices, the question is, are metal prices going to correct closer to what the miners are indicating or do the miners play catch up? In light of what has happened in the last 3 days with gold and silver, I think the former is more likely.
Also havnt checked the COT in the last few days, but they wernt looking good last week, particularly for silver.
magnificent points altogether, you just won a
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“bearish omens that we’ve seen in recent weeks.” Fair enough.