“The Boys” and Their Dumping Of Gold Today
Gold is moving down today on the back of another dump of paper gold by “the boys”. Rick shares his technical outlook for the precious metal and it is bullish.
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gold @ 1464.80 would do wonders for my NSRPF, MUX, etc. It might even get PPP back to .60
I think PPP will be closer to 6.00 than .60 at 1464 gold.
If they can sort their operations out even at $1300 it will do well. The reserves were computed at $1200 if I have numbers correct. Its a micro level bet as oppose to macro for the most part. Its a bet on the management team effectively.
I agree. Then throw in the potential for some good news regarding their deal with Silver Wheaton or the dispute with the Mexican government and you have a recipe for explosive moves higher. Either way, PPP is a levered play that will benefit more than most of its peers when gold rises.
+1
Matthew, I was kidding about PPP@ .60 I recall when it was a lot higher than 6.00 so that would not be a stretch.
Yes, I did detect that. 🙂 Just wanted to take the chance to say what I REALLY thought!
We might even see NEM@40 with gold@ 1464.
Well now you’ve gone too far… I don’t see that happening at all.
Well NEM owns about 20% of Novo, so if Novo finds a 100 million oz of gold in the Pilbara it might move NEM’s needle a jot or a tittle.
I sure you know that I was kidding about NEM. At 1464 gold, it will probably be closer to 70 than 40.
Bonzo Barzini – I’m interesting in seeing these Gold miners move BOTH a Jot and a Tittle.
Novo Resources is doing well working their model based on the age of the rock deposits and targeting certain time periods for the large flat shallow deposits that stretch for great distances. A very interesting geological approach that seems to be paying off.
BTW – speaking of NEM…..
Investors, Take a More Bullish View of Gold Miners
Gary Morrow – Jun 7, 2017
“The Gold Miners ETF (GDX) finished Tuesday’s session above its heavy 200-day moving average. A healthy bump in volume drove the index past this key resistance zone for the first time since mid-February. A number of large-cap miners, most notably Newmont (NEM) , powered this impressive GDX move.
Newmont Mining has been tracing out what may soon develop as a major base since late February.”
Very interesting comments about overbought/oversold and also technical analysis in general. Simple is always the best method. I’m not a technical guy so don’t understand how to really read charts to analyse human psychology.
fear and greed……….. 🙂
purchased a “tad” of PPP today.
I’ve been nibbling away at PPP as well Doc. When the worm turns it will have outsized moves on a percentage basis, and it has been unduly punished when they are still targeting 140,000 – 170,000 ounces of gold and keeping their guidance. The strike is over and San Dimas is back at work with a new 2 year agreement. As Matthew mentioned above, if they resolve the tax issue with the Mexican government, it would be an upside surprise that nobody is even factoring in.
Also there is scuttlebutt that a larger company is interested in buying Black Fox Mine off them, which is a mixed bag, but could be a value driver for a cash injection to allow them to ramp up Exploration and development of their other assets, or it will have a growing importance in their asset portfolio.
Also, the market is giving them $0 in value for Cerro del Gallo, and if that asset was in a Jr Developer along with their Exploration projects, Ventanas & Lechuguilla and the San Anton project, then that development company would be worth more than $.38 that PPP is trading at today. Maybe they should spin those assets out into a “NewCo”?
_______________________________________________________________________
Primero Provides an Operations Update; Remains On-Track to Achieve 2017 Production Guidance
06/02/2017
Palladium behavior is quite anomalous!
Pall..up $19…….
Yes, Palladium’s rally has been very stealth and I’m shocked there has not been more coverage of it. The Platinum Gold ratio is very upside down, where Platinum rarely trades at this level and for such a long period at a discount to Gold, but the Platinum:Palladium spread is really startling.
There are miners with significant Palladium exposure that people have yawned and ignored all year long, so at one point investors may wake up to this fact.
very interesting…………
The Real Story On Gold’s “Breakout” From 6-Year Downtrend
by @Goldfinger on June 8, 2017
https://ceo.ca/@goldfinger/the-real-story-on-golds-breakout-from-6-year-downtrend
$ORE Orezone #Gold Announces Results From Ongoing Drill Program at Bomboré; Expands P17S Zone Down Plunge
Hole TYD0073, which returned 4.80 m of 2.29 g/t Au and 6.30 m of 4.47 g/t Au;
Hole TYD0074, which returned 8.50 m of 3.95 g/t Au;
Hole TYD0075, which returned 9.60 m of 3.80 g/t Au;
Hole TYD0076, which returned 12.00 m of 3.40 g/t Au;
Hole TYD0077, which returned 14.00 m of 1.65 g/t Au;
Hole TYD0078, which returned 5.00 m of 4.94 g/t Au;
Hole TYD0079, which returned 5.90 m of 2.44 g/t Au;
Hole TYD0080, which returned 5.00 m of 3.17 g/t Au;
Hole TYD0081, which returned 8.80 m of 2.70 g/t Au;
Hole TYD0082, which returned 13.30 m of 2.06 g/t Au;
Hole TYD0083, which returned 9.70 m of 3.38 g/t Au;
Hole TYD0084, which returned 2.00 m of 14.10 g/t Au;
Hole TYD0087, which returned 6.90 m of 4.85 g/t Au.
“Commenting on the results, Patrick Downey, President and CEO, stated, “These new drill results along the P17 corridor continue to demonstrate the potential to both expand higher grade shallow resources at Bomboré and open up previously untested zones. The #drilling continues both to intercept mineralization containing both good grade and widths and is open along strike and down dip. The Company plans to continue drilling in this prospective corridor and to evaluate and drill other prospective areas on this largely underexplored property.”
http://orezone.com/higher-grade-zone-bombore-expands-along-newly-identified-mineralized-trend/
(MTO) (MEAOF) Metanor Resources Identifies New Gold Zones at Barry Project; Drills 9.9 g/t Au over 4 Meters
Tell me there was no insider buying on Monday!
(TK) Tinka Resources Drills 48 Metres Grading 11.3 % Zinc at South Ayawilca Project
June 8, 2017
I wondered why they were moving up this last week
Tis the Season for Drill results in the mining sector.
Jim Willie on gold price:
The trendline is the most useful individual indicator other than price itself. It is not derived, as others are, but is an adjunct to price. Some characteristics: http://www.trendlinemagic.com/2017/05/gld-trendline-study.html.
The Dow may be topping for a correction to come soon, possibly down to below 20,000. There is a significant gap area around 19,850.
Now here is an example of something in limited supply, easier to transport than gold:
FRIEDENS, Pa. (AP) — A new coal mine that President Donald Trump mentioned in announcing plans to pull the U.S. out of the Paris climate accord has officially opened in Pennsylvania.
The Acosta Mine will supply coal used in making steel and is expected to generate up to 100 full-time jobs. It’s located in Friedens, about 60 miles southeast of Pittsburgh.
A Thursday celebration was scheduled to mark its opening.
Corsa Coal Corp. says it decided in August to open the mine after a steel industry boom drove up prices for metallurgical coal. Pennsylvania awarded a $3 million grant for the project.
After the Dow pulled back from a new all-time high in late February, I said that I thought it would go a little higher — and now it has.
http://stockcharts.com/h-sc/ui?s=%24INDU&p=W&yr=3&mn=9&dy=0&id=p61880653026&a=528452143
howestreet
long ESPR
Beautiful Opening Statement RCIK !!!! Simple ( SCUMBAGS ) !!!!!!
Copper Rick ? what you think ?
Yes
‘cept it was closer to 30,000 contracts dumped on the markets.
COO Zames of JPMORGAN leaving the bank……….zh
was in line to take Jamie’s position, maybe he didn’t like the potential of going to jail.. 🙂
Jamie kissing up to Trump. He slithered out of the swamp yelling ” go after them…”.
Industrial metals, COPX,CENX,SLX and URA are about to make a run…
Jamie is looking to go to Alaska…..that is real close to Russia, just in case…… 🙂
Maybe he and Frank G. can cut a deal for Siberian Mineral rights………. 🙂
I would day that the low volume was an inducation that gold traders are mostly going to wait out the fed rate hike.
I would ‘say’ that…….
While the gold miners in general are down today, GDXJ is bullishly up .73% versus GDX…
http://stockcharts.com/h-sc/ui?s=GDXJ%3AGDX&p=D&yr=0&mn=7&dy=0&id=p33475635747&a=527904993
GLD closed on fork support today:
http://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=1&mn=0&dy=0&id=p58174077832&a=521457207
1300 or close is a good expected big round number point for the big traders to dump and short. Buying should come in the low 1260’s.
This would also be a good time to sell gold to buy the gold/silver miners or short it for hedging purposes.
XAU:GOLD weekly:
http://stockcharts.com/h-sc/ui?s=%24XAU%3A%24GOLD&p=W&yr=8&mn=8&dy=0&id=p43501137237&a=528542949
1464.80 1299.10 1194.40 …………..thanks RICK for the review……….