Weekend Show – Sat 22 Apr, 2017

GDXJ Changes, Gold equity coverage, and the health of the US Economy.

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This week we saw volatility in the US markets with a continued slight downward bias and a slight pullback in the precious metals. The precious metals stocks also moved down and continue their under performance to the gold price. All of these topics are discussed in this week’s show as well as the new regarding changes coming to GDXJ.

I want to thank everyone who emailed me and commented on my post earlier int he week regarding lithium and people covering the sector. I will be catching up on a lot of the reading you all sent me this weekend. It is great to have such knowledgeable listeners that I learn from everyday 🙂

I hope you all enjoy this week’s show. Please feel free to contact me if you have any questions on companies or topics you would like discussed – Fleck[at]kereport.com.

Have a great weekend everyone!

  • Segment 1 & 2: Jeff Deist, President of the Mises Institute kicks off the first two segments of this week’s show. In the first segment we discuss the US Tax code and why it is so complex. In the second segment we outline the upcoming Mises event in Seattle and address the question of “Did the US Economy really recover”?
  • Segment 3: Avi Gilburt updates us on what his charts are showing him for gold, silver, GDX and the S&P.
  • Segment 4: Fund Manager Dana Lyons takes a look at an oil and gas stock ETF as well as how smart money is positioned in the Euro.
  • Segment 5: With the news out this week on GDXJ and it’s reorganization Jordan Roy-Byrne provides us with his.
  • Segment 6: Al steps in this segment with David Morgan discussing David’s new podcast.
  • Segment 7: The Resource Maven Gwen Preston shares a couple new companies she is interested in.
  • Segment 8: A new guest to the show David Erfle, Founder of the Junior Miner Junky looks at the junior mining sector and how he discovers the outperforming companies. I highly recommend checking out David’s site by clicking here.

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show

Click download link to listen on this device: Download Show


Featuring:
Jeff DeistAvi GilburtDana LyonsJordan Roy-ByrneGwen PrestonCory Fleck
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Comments:
  1. On April 22, 2017 at 3:14 am,
    CFS says:

    Thanks guys, I look foward to listening to the show.

  2. On April 22, 2017 at 4:11 am,
    Bob UK says:

    So if GDXJ is going to be selling a lot of it’s holding that surely means that the price of those miners will fall as they are effectively dumped?

    • On April 22, 2017 at 5:26 am,
      OOTB Jerry says:

      Wondering if this is not a scam, …..dump and back up the truck on the cheap…..OOTB

      • On April 22, 2017 at 5:30 am,
        OOTB Jerry says:

        JNUG……got corrected last week, and now we are talking about GDXJ being to big….

      • On April 22, 2017 at 4:33 pm,
        GH says:

        I wonder the same, Jerry. Demand is too high, so price crashes? I understand the gist of the difficulties with the instrument. Still, strange…Great pretext to hammer it and then buy.

        • On April 23, 2017 at 5:49 am,
          OOTB Jerry says:

          Reminds me of the story of Rothchilde….when he tricked the trading floor, after the Battle of Waterloo………”.Buy when there is blood in the streets”.

          • On April 23, 2017 at 3:19 pm,
            OOTB Jerry says:

            GOLD SMASHERS>>>>>>>>gold down $19……..what is going on…….

          • On April 23, 2017 at 3:29 pm,
            OOTB Jerry says:

            oh, I see………election result in France…..LePen not looking to good……

  3. On April 22, 2017 at 4:26 am,
    BDC says:

    Strengthening Dollar Index: http://www.trendlinemagic.com/2017/04/french-election-connection.html
    “The French election process may somehow negate all of this power, but for now, the Dollar is strong.”

  4. On April 22, 2017 at 4:54 am,
    Markedtofuture says:

    Is The Junior Mining Sector About To Implode?

    The GDXJ rebalancing will mean 2.6 billion dollars leaving small, selected companied in the junior miners. In addition, this rebalancing will mean JNUG isn’t the gamblers tool it once was. If people leave JNUG, it will be felt strongly in GDXJ. The thesis of this piece is that this chain of developments has the potential to devastate the junior miners in the short run, coming on top of the effects of the GDXJ rebalancing.

    https://www.tfmetalsreport.com/blog/8292/junior-mining-sector-about-implode

    • On April 22, 2017 at 5:20 am,
      OOTB Jerry says:

      Seg 6………..David as usual is entertaining………

      • On April 22, 2017 at 5:21 am,
        OOTB Jerry says:

        sorry…did not mean to place my comment here

    • On April 22, 2017 at 10:03 am,
      Matthew says:

      I disagree with the author that GDXJ’s selling of companies “will discourage future investment in these companies since everyone knows you cannot count on that big flow of GDXJ money ever coming back in to these stocks. This will depress the entire sector as a whole to some degree. Say goodbye to that easy pension, casual investor, and 401k money. From now on, those companies are niche investor targets only. Bad sign.”

      In fact, it seems completely lost on the author that Van Eck’s problem is one of success. Mid to long term, the implications are only bullish for the sector. The fact that just a few billion dollars flowing into the space could cause such a problem is a GOOD thing.

      At $5 billion, the value of GDXJ’s net assets still total just 2% of SPY’s $241 billion in net assets and less than 16% of GLD’s $33 billion.

      Since the fundamentals of this new bull market are sound and will only get better, we can be reasonably sure that such capital flows are just the beginning and will only increase.

      As this bull matures, vastly greater money will flow away from conventional stocks and bonds and into the gold sector. As Doug Casey said many years ago, it will be like draining Lake Mead through a garden hose.

      • On April 22, 2017 at 5:32 pm,
        Excelsior says:

        +1 Great comments Matthew. The fact that the success of GDXJ has caused it to get positions that are too concentrated in Jr miners is evidence of how quickly mild money flows (in comparison to the volume and money flows we witness in typical general equities) is an interesting phenomenon. When just money flows do rebalance out of general equities into these smaller names, they can have YUGE effects on the share price. Many of the companies I trade have never been in the ETFs in large quantities or in many cases have 0 presence in the ETFs and that hasn’t stopped them from being 3 baggers, 5 baggers, 10 baggers. As the bull market picks up momentum over the next few years, the run in many mining shares from these levels will make the 2016 rally seem like nothing more than a blip.

        • On April 22, 2017 at 5:34 pm,
          Excelsior says:

          Well I did some cutting and pasting and it didn’t work out so hot, as far as sentence structure, but you get the idea…

      • On April 23, 2017 at 8:49 am,
        Markedtofuture says:

        The article is a what if scenerio. Info had a good comment on GDJX trading – The (purported) ins and outs of GDXJ since 2016/12/23

        I generated the PerfCharts for the (purported) GDXJ additions and divestments (only for those companies on the Toronto Exchanges), but after a frustrating hour of trying to post them here, I’ve given up. Hopefully uploading image files will be much more straightforward with the new website.

        Bottom line for ‘Additions’ since February 22 (in decreasing order): Kinross (K.TO) +5.24%; Pan American Silver (PAAS.TO) -2.36%; Yamana Gold (YRI.TO) +8.29%; OceanaGold (OGC.TO) +10.35%; Detour Gold (DGC.TO) -3.4%; Eldorado Gold (ELD.TO) +1.25%; New Gold (NGD.TO) +8.79%; Tahoe Resources (THO.TO) +2.58%; Alamos Gold (AGI.TO) -2.75%; IAMGold (IMG.TO) +1.39; First Majestic (FR.TO) -3.43%; B2Gold (BTO.TO) -15.98%; Pretium Resources (PVG.TO) -5.16%).

        Aside from BTO, and to a minor extent, PAAS, FR and PVG, not too bad, all in all.

        Bottom line for ‘Divestments’ since February 22 (in decreasing order): Kirkland Lake Gold (KL.TO) -1.09%; Silver Standard Resources (SSO.TO) -0.21%; Torex Gold Resources (TXG.TO) -16.03%; Osisko Gold (OR.TO) 0.00%; Centerra Gold (CG.TO) +8.57%; Novagold (NG.TO) -22.90%; Guyana Goldfields (GUY.TO) -4.28%; Fortuna Silver (FVI.TO) -18.73; Semafo (SMF.TO) -16.35; Mag Silver (MAG.TO) -19.66%; McEwen Mining (MUX.TO) -20.77%; Silvercorp (SVM.TO) -21.09%; Sandstorm Gold (SSL.TO) -3.29%; Klondex (KDX.TO) -34.78%; Alacer Gold (-23.10%); Asanko Gold (AKG.TO) -17.98; Seabridge Gold (SEA.TO) +4.87%; China Gold (CGG.TO) -34.78%; Richmont (RIC.TO) -5.51%; Endeavour Silver (EDR.TO) -32.47%; Premier Gold Mines (PG.TO) -7.23%; Contintental Gold (CNL.TO) -36.64%; Wesdome Gold (WDO.TO) -6.02%; First Mining Finance (FF.V) 35.24%; Golden Star (GSC.TO) -22.31%; Teranga Gold (TGZ.TO) -31.31%; Great Panther (GPR.TO) -37.26%; Perseus Mining (PRU.TO) -3.03%; Dundee Precious Metals (DPM.TO) -20.67%; Primero Mining (P.TO) -20.88%.

        Aside from CG, SEA, and OR, every one of these companies is in the red, and aside from a handful, most are down well over 10%, with 7 down more than 30%.

        So, ladies and gentlemen, there is definitely a very big effect in the works…

        Edit: I thought I’d picked Feb. 23rd, but a closer look indicates these values are from Feb. 22nd. I could run the numbers again, but the charts don’t look much different, aside from a systemic reduction of a percentage point or two overall.

        Pining comes back – Wow! Great data infometron!

        That is quite revealing, especially since price has been supported by rise in gold, geopolitical tension w/china, lil Kim nuke and missile threats, etc. It could have been even worse.

        If I were CEO of one of the “disinvested” miners from GDXJ, I would feel I owed it to all my shareholders to contact the SEC and demand a full investigation of just who was behind all those Feb trades front running this rebalancing by GDXJ. If I actually served my shareholders, that is…

        https://www.tfmetalsreport.com/blog/8292/junior-mining-sector-about-implode?page=1#new

        • On April 23, 2017 at 8:54 am,
          Markedtofuture says:

          @Pining & @Newager23

          Thank you, gentlemen. You’ve inspired me to dig deeper. Looking back at the data, I’ve noticed and then recalled a very counterintuitive discrepancy between the miners and metals between the days of Wednesday, February 22 and Monday, February 27.

          I’ll just focus on Gold to keep it simple for now. On Feb. 22nd, Au opened @1236.90 and closed @1233.30. On Feb. 27th, Au opened and closed within $.05 of 1258.85 after having touched it’s 200 day moving average ~1265.

          During these 4 consecutive trading days, where the spot price increased over $20/oz, here is how those miners noted above behaved:

          ‘Additions’ Feb. 22-27 (in decreasing order): Kinross (K.TO) -3.50%; Pan American Silver (PAAS.TO) -6.90%; Yamana Gold (YRI.TO) -3.23%; OceanaGold (OGC.TO) -8.35%; Detour Gold (DGC.TO) -9.02%; Eldorado Gold (ELD.TO) -12.66%; New Gold (NGD.TO) -3.79%; Tahoe Resources (THO.TO) -7.87%; Alamos Gold (AGI.TO) -11.50%; IAMGold (IMG.TO) -8.95; First Majestic (FR.TO) -6.49%; B2Gold (BTO.TO) -12.11%; Pretium Resources (PVG.TO) -15.31%).

          ‘Divestments’ Feb. 22-27 (in decreasing order): Kirkland Lake Gold (KL.TO) -10.29%; Silver Standard Resources (SSO.TO) -2.23%; Torex Gold Resources (TXG.TO) -15.71%; Osisko Gold (OR.TO) -5.20%; Centerra Gold (CG.TO) -4.40%; Novagold (NG.TO) -11.69%; Guyana Goldfields (GUY.TO) -11.11%; Fortuna Silver (FVI.TO) -15.70; Semafo (SMF.TO) -12.50; Mag Silver (MAG.TO) -11.89%; McEwen Mining (MUX.TO) -11.51%; Silvercorp (SVM.TO) -16.23%; Sandstorm Gold (SSL.TO) -11.27%; Klondex (KDX.TO) -6.80%; Alacer Gold (-13.51%); Asanko Gold (AKG.TO) -11.75; Seabridge Gold (SEA.TO) -10.11%; China Gold (CGG.TO) -14.05%; Richmont (RIC.TO) -11.79%; Endeavour Silver (EDR.TO) -12.06%; Premier Gold Mines (PG.TO) -16.77%; Contintental Gold (CNL.TO) -13.25%; Wesdome Gold (WDO.TO) -7.67%; First Mining Finance (FF.V) 10.28%; Golden Star (GSC.TO) -12.12%; Teranga Gold (TGZ.TO) -14.56%; Great Panther (GPR.TO) -16.78%; Perseus Mining (PRU.TO) -2.86%; Dundee Precious Metals (DPM.TO) -15.79%; Primero Mining (P.TO) -5.62%.

          JNUG, by the way, was down -32.83% over that same time period in which Au was up over $20/oz, while NUGT was down -18.53%, and the HUI -6.32%.

          As I recall, this was the discrepancy Dr. P. was all over like white on rice, inferring that a smash in the metals was forthcoming, which, indeed, it was, as both Au (beginning on Mar. 1) and Ag (beginning on Mar. 2) headed downward 4.46% and 8.11% respectively, bottoming out and closing around $1200 and $17 on March 14th.

          Edit: I noticed a typo on my earlier post, but time has expired to fix it: First Mining Finance (FF.V) 35.24%, should read -35.24%

          https://www.tfmetalsreport.com/blog/8292/junior-mining-sector-about-implode?page=1#new

          • On April 23, 2017 at 11:53 am,
            Excelsior says:

            That’s good information Markedtofuture. Yes I ‘ve been using the recent extreme weakness, in the short term (last 2 months), to acquire more of some of those companies that got slammed like Primero, Endeavour Silver, Teranga, Sandstorm, and Klondex.

            It is unclear how much of this weakness in the PM miners was already happening as the general malaise and downward drift was already in play before the news on the GDXJ broke. There are no shortages of opinion on how much is attributed to this GDXJ mess, but regardless, it has rattled investor sentiment the last few weeks.

            Many of the Mid-Tier Producers were down substantially over the last few weeks as the price of Gold was moving higher, and this seemed like an attractive place to grab some shares in these miners that were becoming more attractive, but are generally much larger producers than I typically will invest in. I’ve had a few profitable trades in Endeavour Silver and Teranga, but decided to keep core positions in place, I’m slightly underwater on Primero (but the strike is over and San Dimas is back in production), and so far I have a slightly profitable Klondex position.

            I am concerned though, that these companies will fall further in this next week or so and there may be more selling to come. I’ve considered just liquidating some of these positions and moving to the sidelines with an overall wash as this GDXJ issue has many investors selling (the madness of crowds) into the confusion. It may even kick off the summer doldrums.

            It does seem important to reiterate what several contributors have previously mentioned — The new volume spikes and inflows into the SGDJ are also buying many of the stocks that the GDXJ is selling, so there may be a slight wash as one fund buys what the other is selling, and thus sideways channeling for a while (with a tug-o-war between the bulls in and bears in a trendless pattern). Those are times where I leave small-medium positions in place and move some positions to cash in case we get a pullback or a confirmation of a breakout. Lots of uncertainty in the trend at present.

          • On April 23, 2017 at 7:55 pm,
            Excelsior says:

            Teranga to build Banfora project in Burkina Faso
            SALMA TARIKH APRIL 21, 2017

            http://www.northernminer.com/news/teranga-build-banfora-project-burkina-faso/1003785693/

          • On April 24, 2017 at 8:07 am,
            Excelsior says:

            I decided to rotate back out of Klondex this morning for a miniscule gain. The more I thought about the GDXJ selling, mixed with the pullback in Gold, and continued negative sentiment – I decided to rotate this money into the less volatile smaller royalty companies, and threw a few funds at some Silver miners that have pulled back quite a bit.

  5. On April 22, 2017 at 5:08 am,
    OOTB Jerry says:

    Seg 5 great info on GDXJ………

    • On April 22, 2017 at 5:24 am,
      OOTB Jerry says:

      Good time to have phyz………..jmho

  6. On April 22, 2017 at 5:18 am,
    Markedtofuture says:

    The Last Couple of Times This Happened The Gold Miners Posted Huge Rallies

    Yesterday we saw the GDXJ close lower for the 5th consecutive trading session, while also closing below its lower Bollinger Band for the 2nd straight trading session:

    http://energyandgold.com/2017/04/21/the-last-couple-of-times-this-happened-the-gold-miners-posted-huge-rallies/

  7. On April 22, 2017 at 6:06 am,
    Markedtofuture says:

    Stargate II geophysical survey system is an airborne audio magnetotelluric (AMT)
    technology developed and deployed by Earth Science Services Corporation of Oshawa, Ontario.

    @Stargate2 Some words of wisdon from the Adamera Minerals board…….The project does not need any more modeling performed to begin drilling as modeling is a very subjective undertaking according to the dimensional attributes of the person performing the task…..In other words, when 10 different modelers work on any one project, 10 different targeting substantiation opinions are returned as well, and this is the reason why many targets fail when test……The current state of the art within the electromagnetic survey technology sector is still very much based off of 1980’s technology which was produced by Newmont, and is currently positioned as a mixture of 1980’s hardware technology and 2017 software technology rolled into one……Due to the 1980’s hardware technology base being a still present day component, there is a very predominant dependence on such data needing to be combined/interpreted through artificial intelligence algorithm applications such as inversion modeling programs (such programs take missing data and stitch together a kind of flow chat like process to build a picture) and furthermore, that such modeling still needs to be processed through a human being (The 10 to 1 ratio as we like to call it) the final outcome becomes very subjective towards what constitutes as a legitimate target deemed worthy to drill or most otherwise a false anomaly…..The present day survey technology hit to miss ratio is skewed very heavily towards the miss side of the fence and a classic example of this was Northern Shield drill program results base recently inured within Quebec…..On the flip side of the technology field we have the current state of the art “Stargate II” technology system which represents one of the few, true quantum leap advancements in technology development which utilizes true hardware based data technology returns and thus does not need to be post processed artificially afterwards……. In other words, “Stargate II” can provide a full array of hardware based anomaly detection spectrum within 2 hours after flight completion………”Stargate” II stands behind the validity of the $ADZ targeting returns and we of of the opinion that when all targets are tested, that the power of this new technology will prevail….Drilling will prove the point without question………..Retail investors should get ready for above expectation returns on this project from #nrn, 21 Apr 2017, 15:03

    https://ceo.ca/nrn?6a9190f6e1c7

  8. On April 22, 2017 at 7:31 am,
    Silverdollar says:

    Taxes. Jeff Deist. Great discussion. Obviously, it will remain complicated and impossible until it is replaced completely. A new code, much simplified, could be created over a few months by a dedicated group of people. Selling it to congress is the problem. They’ve all been purchased, which is the reason we still have what we have.
    Once a new system is created, changes should only be allowed on up/down votes and not on attachments to necessary bills that must be passed and therefore attachments float on through, regardless of their merits. In fact, our whole system of lawmaking is poisoned by this one simple tactic. JMO

  9. On April 22, 2017 at 7:43 am,
    Dick Tracy says:

    You hear commentators and others use the term smart money. What is smart money? Does it have a chip embedded in it or does it become smart or smarter because it knows what to do, surely it can’t be called this because con men want others to think they are somehow more clever about market moves.

    Money always goes where other money is until it can’t anymore and crashes to create dumb money. If you wanted to make real smart money you wouldn’t even be in the stock market you would marry a woman or man who owns a bank. The real story in North America hasn’t been the stock markets but the real estate markets, but only in certain locations like New York, San Francisco, Vancouver, or Toronto. That leaves most of us holding a bag full of dumb debt disguised as smart money. Eventually this debt bubble will burst and take all the dumb money with it, dumb money always likes to go where other dumb money is. That leaves only precious metal as real money. DT

    • On April 22, 2017 at 11:05 am,
      Matthew says:

      DT, crashes don’t create dumb money, they are the result of it.

      Investopedia says: Smart money is cash invested or wagered by those considered to be experienced, well-informed, “in-the-know” or all three.

      • On April 22, 2017 at 12:52 pm,
        Dick Tracy says:

        Matthew, by dumb money I was referring to how most people jump into investments like sheeple and the end result is almost always disaster, you however do not fit that mold. DT

        • On April 22, 2017 at 6:33 pm,
          Excelsior says:

          I thought dumb money was when ladies spend $500 on an overly-hyped purse to keep up with the Kardashians?

          • On April 23, 2017 at 5:04 am,
            FundamentalAnalysis says:

            What gold needs, is for a celebrity which people follow to encourage others to buy it. A precious metals dealer should bring on say Kim Kardashian to promote gold bullion.

          • On April 23, 2017 at 9:18 am,
            Matthew says:

            It’s way too soon for for dumb-money celebrity involvement. The end of the bull will be near when it happens. Remember when Bette Midler asked to be paid in Krugerrands in 1978? The bull market was over about a year later. Then, in late 2007, just months before gold topped and the U.S. dollar bottomed, Brazilian supermodel Gisele Bündchen refused to accept payment in U.S. dollars.

  10. On April 22, 2017 at 10:01 am,
    Sean says:

    Don’t accumulate metal etfs, buy the real thing! The banks will just wash you out

  11. On April 22, 2017 at 10:20 am,
    Ebolan says:

    Taxation is theft, pure and simple. No other way to describe it.

    https://mises.org/blog/taxation-theft

    • On April 22, 2017 at 10:20 am,
      Ebolan says:
    • On April 22, 2017 at 6:35 pm,
      Excelsior says:

      +1

    • On April 22, 2017 at 9:50 pm,
      Ozibatla says:

      Here here Ebolan. Taxes increase, yet governments budget deficits continue to blow out further, go figure! Dumb money is what these people do with it. But I spose we are the ones left to pick up the bill. Monetary and fiscal policy is spiralling down the sinkhole. Taxation is their only answer!

    • On April 23, 2017 at 5:33 am,
      OOTB Jerry says:

      Mahoney , Mike ……has a great tape on the full circle of this robbery……..

      • On April 23, 2017 at 6:05 am,
        Ozibatla says:

        Yes I do believe Ive seen it OOTB. Good viewing!

  12. On April 22, 2017 at 11:03 am,
    Matthew says:

    Seg. 5
    I agree with Jordan that larger does not mean safer and that you’ve already missed the big gains when you buy a company that is large enough for GDXJ.

    • On April 22, 2017 at 5:42 pm,
      Excelsior says:

      +1

      • On April 22, 2017 at 5:48 pm,
        Excelsior says:

        To a large extent I agree with that in a bull market, but in a bear market, and coming out of corrective moves sometimes the Mid-tiers or larger Jrs that were in ETFs or Funds like GDXJ offered a bit more liquidity and stability (which some would equate to “safer” companies).

        In a bull market it is actually some of the smaller well run (from an economic & projects & strategy point of view) Jrs that are growing and offer the ability to appreciate up past your entry point(s) on multiple waves. It is also true that often the market is very inefficient and has companies incorrectly valued relative to peers, or due to visibility, or perceived jurisdiction risks that become exaggerated, etc…

        For Jr miners to be just as safe (or sometimes safer) in a rising Bull market obviously assumes these Jr companies are not a money pit, are working on developing an economic (or near economic) deposit, and are making measured progress (exploration/development/production increases).

      • On April 22, 2017 at 6:17 pm,
        Chartster says:

        2

  13. On April 22, 2017 at 11:18 am,
    Matthew says:
    • On April 22, 2017 at 6:24 pm,
      Excelsior says:

      Another good article from David.

  14. On April 22, 2017 at 11:29 am,
    Matthew says:

    Sprott’s junior ETF should benefit from GDXJ’s problem and has outperformed very nicely over the last two months.

    Priced in SGDJ, GDXJ is a daily and weekly chart SELL (SGDJ is a buy vs GDXJ).

    http://stockcharts.com/h-sc/ui?s=GDXJ%3ASGDJ&p=D&yr=1&mn=0&dy=13&id=p89951092796

    • On April 22, 2017 at 6:27 pm,
      Excelsior says:

      This makes sense for investors to migrate over into SGDJ for access to many of the stocks GDXJ is selling and may balance out some of the turbulence, but there was so much volume in GDXJ being fed from JNUG (which was another big part of this distortion by the traders utilizing the 3x ETFS)

      There was a comment on ceo.ca from a sharp contributor that gets at this same topic:

      @Onlyflaws – “Ive been wondering that gdxj re-balancing. If people decide to sell their positions in gdxj they are probably looking at other indexes right? Would it not make sense that these other indexes see big inflows? For example SGDJ could get popular and by doing so the underlying stocks get appreciated. I was looking at SGDJ, and their holdings overlap quite a lot with gdxj. So, outflows from gdxj into for example sgdj would mean that the underlying stocks would not see so much selling pressure as they are bought through other etfs. Does this make sense?”

    • On April 22, 2017 at 6:36 pm,
      GH says:

      Look at the volume in SGDJ for Friday! People making the switch from GDXJ, I suppose.

        • On April 23, 2017 at 6:25 am,
          OOTB Jerry says:

          With that much volume, seems the price should have gone through the roof……jmo

          • On April 23, 2017 at 5:56 pm,
            GH says:

            Good point, but given the pressure the juniors have been under, plenty were probably wanting out as well, so it just got a lot of turnover. Still, I’d call it bullish.

  15. On April 22, 2017 at 2:38 pm,
    OOTB Jerry says:

    Wonder how much the Sprott ETF will change , since Eric has decided to sell his part in the business……..?

  16. On April 22, 2017 at 3:42 pm,
    CFS says:
  17. On April 22, 2017 at 10:41 pm,
    CFS says:
  18. On April 22, 2017 at 10:53 pm,
    CFS says:

    Bill Holter on USAWatdog:
    https://youtu.be/iqatg5WNIvc

  19. On April 23, 2017 at 8:58 am,
    Markedtofuture says:

    “The Retail Bubble Has Now Burst”: A Record 8,640 Stores Are Closing In 2017

    “Thousands of new doors opened and rents soared. This created a bubble, and like housing, that bubble has now burst.” – Richard Hayne, Urban Outfitters CEO, March 2017

    http://www.zerohedge.com/news/2017-04-22/retail-bubble-has-now-burst-record-8640-stores-are-closing-2017

  20. On April 23, 2017 at 11:24 am,
    Markedtofuture says:

    Stateside Report Podcast – April 23, 2017

    In this week’s episode of the Stateside Report Podcast we take a look back at the week in gold, silver, the base metals and the stocks, We talk about the upcoming GDXJ re-balancing and finally we talk about the key press releases from the week in the Canadian junior exploration sector including Barkerville Gold Mines BGM, Camino Minerals COR, Canadian Orebodies CORE, Volcanic Gold Mines VG, Spearmint Resources SRJ, Adamera Minerals ADZ, Alto Ventures ATV, Arizona Silver Exploration AZS, Evrim Resources EVM, Alset Energy ION, GT Cold Corp GTT, Kootenay Zink ZNK, Pasinex Resources PSE, Metalore Resources MET. We talk gold, silver, lead, zinc, copper, uranium, natural gas, oil and CEO.CA

    http://statesidereport.com/

  21. On April 23, 2017 at 12:14 pm,
    Excelsior says:

    Gold Flirts with $1300 And Trades to a New Yearly High
    by Gary Wagner – April 21, 2017 – Weekend Review – Video – Technical Analysis

    Gold, Silver, DOW, S&P, Nasdaq, Oil, The US Dollar

    https://thegoldforecast.com/video/gold-flirts-1300-and-trades-new-yearly-high

  22. On April 23, 2017 at 3:20 pm,
    OOTB Jerry says:

    GOLD SMASH…………..down $19………

    • On April 23, 2017 at 3:21 pm,
      OOTB Jerry says:

      Should be interesting……….

  23. On April 23, 2017 at 4:08 pm,
    b says:

    Im gonna guess its back up by opening tomorrow.

    I always seem to guess wrong tho.

  24. On April 23, 2017 at 6:06 pm,
    Ozibatla says:

    Gold freefall doesnt bodes well for the immediate future. Where does this “correction” finish?

    • On April 25, 2017 at 12:02 am,
      Nick says:

      $10,000.
      China and russia are fully loaded up and the Chinese are about to list a Yuan denominated Oil futures contract –> By Bye Petrodollar and hello Really high gold price…

  25. On April 23, 2017 at 6:51 pm,
    Markedtofuture says:

    TF Metals Public Service Announcement on $GOLD

    https://twitter.com/TFMetals/status/856291212600455168/photo/1

    • On April 23, 2017 at 7:29 pm,
      Excelsior says:

      Japanese Yen -0.88%

      • On April 23, 2017 at 7:31 pm,
        Excelsior says:

        Gold Bid/Ask $1274.00 / $1275.00

        Change -9.90 -0.77%

  26. On April 23, 2017 at 8:24 pm,
    Markedtofuture says:
  27. On April 24, 2017 at 6:39 am,
    Excelsior says:

    (MXSG) Mexus smelts first gold at Santa Elena mine
    April 24th, 2017 (GLOBE NEWSWIRE)

    “This test run went well resulting in a small amount of dore. The crew will be fine tuning the temperature of the furnace, adjusting the flux mixture, and installing a more precise weighing system. These are normal steps for a start-up and won’t take long to perfect. This is a hallmark moment for Mexus and marks what will be the first of many gold pours to come.” added CEO Paul Thompson.

    http://mexusgoldus.com/mexus-smelts-first-gold-at-santa-elena-mine/

  28. On April 24, 2017 at 8:18 am,
    Jason says:

    Will post again on today’s cast…

    BitcoinIRA introduces 2nd product with Ethereum based IRAs

    https://www.cryptoninjas.net/2017/04/21/bitcoinira-introduces-2nd-product-ethereum-based-iras/