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Technical updates on Gold and GDX

Cory
June 28, 2017

Jordan Roy-Byrne in back with his updated look at the gold and GDX charts. Continuing to trade in a tighter and tighter range there is a break coming and Jordan is looking to the downside. He shares some levels that gold and GDX could drop to as well as a comment on the overall sentiment in the PM sector.

Click download link to listen on this device: Download Show

Below is a link to the article Jordan references in the interview.

Gold & Gold Stocks Nearing a Big Move

Discussion
33 Comments
    CFS
    Jun 28, 2017 28:44 PM

    With Marvin Goodfriend as a suggested nominee to the Fed (a person in favor of even more negative interest rates) and Janet Yellen prepared to crash the market prior to leaving the Fed in March 2018 (to spite Trump), it seems to me that there will be a safety move into gold in the future. (Perhaps later than some expect, but I do not have a crystal ball; I only judge the fundamentals.)

    Jun 28, 2017 28:17 PM

    Project Veritas Exposes CNN’s Van Jones: “The Russia Thing Is Just A Big Nothing Burger”

    For 24 hours, Americans have been waiting with bated breath for James O’Keefe to reveal the subject of his 2nd undercover CNN video. As it turns out, it is none other than CNN’s Van Jones who inadvertently revealed his real thoughts on CNN’s ‘Russian meddling’ narrative, namely that it’s a “big nothing burger.”

    http://www.zerohedge.com/news/2017-06-28/van-jones

      CFS
      Jun 28, 2017 28:38 PM

      Msrkedtofuture:
      The behavior of the “reporters” at CNN are totally biased and disgusting. CNN SHOULD CLEARLY LOSE ITS LICENSE. It is so biased that as a broadcasting company, that it is beyond incompetent andcorrupt . It was told that the Obama administration was violating constitutional surveillance powers many times and refused to investigate or report such crimes:
      https://www.google.com/search?q=stetler+of+cnn+receives+mark+levin+letter+about+fisa+warrants&oq=stetler+of+cnn+receives+mark+levin+letter++about+fisa+warrants&aqs=chrome..69i57.41921j0j7&sourceid=chrome&ie=UTF-8
      It knew there was no involvement of Trump with Russian penetration of US elections for republicans, but repeatedly pushed those stories from every angle they could.
      CNN probably knew that Seth Rich leaked the information from the DNC, and CNN deliberated tried to distract the general public from reaching a similar conclusion.
      CNN is beyond “fake”; its behavior is uniquely and disgustingly partisan.

      CFS
      Jun 28, 2017 28:09 PM

      Watch LIVE: CNN Implodes! Fake News, Fake Twitter Followers, & Whiny Reporters

      https://www.youtube.com/watch?v=Khcxf1MrG-g

    CFS
    Jun 28, 2017 28:21 PM
    CFS
    Jun 28, 2017 28:39 PM

    Stefan Molyneux and fake news:

    https://www.youtube.com/watch?v=VC9P0XmVwjo

    Jun 28, 2017 28:45 PM

    Noticed a few blocks traded on excelsior in last 15 minutes. Got volume up to almost 1M shares. Have to assume an institutional investor has taken a position…

      Jun 28, 2017 28:19 PM

      Excelsior Mining’s Johnson Camp Mine Receives Amended State Permit
      June 27, 2017

      “Excelsior Mining Corp. (TSX: MIN) (FSE: 3XS) (OTCQX: EXMGF)is pleased to announce that the Arizona Department of Environmental Quality has issued an amended Aquifer Protection Permit for the Company’s Johnson Camp Mine. On December 22, 2016, Excelsior filed an application to significantly amend its JCM Aquifer Protection Permit to allow for the processing of fluids from future wellfield operations; the APP is effective as of June 26th, 2017.”

      http://www.excelsiormining.com/index.php/news/news-2017/522-excelsior-mining-s-johnson-camp-mine-receives-amended-state-permit

    CFS
    Jun 28, 2017 28:57 PM

    The US Is Becoming A 3rd World Nation As The Economy Breaks Down: Paul Craig Roberts

    https://www.youtube.com/watch?v=k4EOXC7Go7A

    CFS
    Jun 28, 2017 28:02 PM

    Trades of excelsior:
    ____________________________________VOLUME____________
    06/28/2017 3:54 PM EDT 0.87 1000 0.00 TSX 22 22
    06/28/2017 3:49 PM EDT E 0.85 125 -0.02 TSX 005
    22
    06/28/2017 3:49 PM EDT E 0.85 375 -0.02 TSX 005 22
    06/28/2017 3:49 PM EDT 0.85 500 -0.02 TSX 36 22
    06/28/2017 3:49 PM EDT 0.85 3500 -0.02 TSX 36 22
    06/28/2017 3:49 PM EDT 0.85 56500 -0.02 TSX 001 22
    06/28/2017 3:49 PM EDT 0.85 90500 -0.02 TSX 001 22
    06/28/2017 3:49 PM EDT 0.85 29500 -0.02 TSX 001 22
    06/28/2017 3:48 PM EDT 0.85 500 -0.02 TSX 001 39
    06/28/2017 3:48 PM EDT 0.85 173000 -0.02 TSX 001 22
    06/28/2017 3:48 PM EDT 0.85 150000 -0.02 TSX 001 22
    06/28/2017 3:48 PM EDT 0.85 384000 -0.02 TSX 001 22
    06/28/2017 3:48 PM EDT 0.85 500 -0.02 TSX 001 001
    06/28/2017 3:48 PM EDT 0.85 500 -0.02 TSX 001 39
    06/28/2017 2:48 PM EDT 0.84 500 -0.03 TSX 005 002
    06/28/2017 2:48 PM EDT 0.84 1000 -0.03 TSX 36 002
    06/28/2017 2:02 PM EDT 0.84 1500 -0.03 TSX 85 002
    06/28/2017 1:56 PM EDT W 0.84 5000 -0.03 TSX 007 007
    06/28/2017 1:03 PM EDT E 0.85 34 -0.02 TSX 002 005
    06/28/2017 1:03 PM EDT 0.83 6500 -0.04 TSX 36 007
    06/28/2017 1:03 PM EDT 0.85 1000 -0.02 TSX 36 007
    06/28/2017 1:03 PM EDT 0.85 3000 -0.02 TSX 002 007
    06/28/2017 12:58 PM EDT E 0.85 20 -0.02 TSX 005 68
    06/28/2017 12:57 PM EDT E 0.85 35 -0.02 TSX 005 68
    06/28/2017 12:13 PM EDT 0.85 500 -0.02 TSX 002 007

      Jun 29, 2017 29:11 AM

      Thanks CFS…shows almost 900,000 shares bought @ .85 in last 15 minutes.

        Jun 29, 2017 29:13 AM

        From another board found this comment regarding trading which confirms my thought…
        This was not a ‘cross’. I just talked with Shawn to see if he knew anything about the large trades. Apparently, a large institutional investor (who wants to remain anonymous) was interested in taking a sizeable position in Excelsior and a pre-existing shareholder from the early days was looking to unload some shares. They connected the dots and executed the trade at an agreed upon price of CD$0.85.

        I suspect that the pre-existing shareholder may have been one of the ones doing a lot of the selling in the past few months. This development is very positive for Excelsior. Weak hands to strong hands!

          Jun 29, 2017 29:15 PM

          Nice. Thanks for the update Wolfster.

    CFS
    Jun 28, 2017 28:04 PM

    Tables never line up properly!
    biggest trades was 384,000

    Jun 28, 2017 28:16 PM

    South African Miners Ask Court to Block Government Charter
    By Kevin Crowley – June 26, 2017

    https://www.bloomberg.com/news/articles/2017-06-26/south-african-miners-apply-to-court-to-block-government-charter

    Jun 28, 2017 28:22 PM

    Tinka Confirms Continuity of High Grade Zinc at South Ayawilca
    June 28th, 2017

    29.3 METRES GRADING 10.4 % ZINC INCLUDING 12 METRES AT 19% ZINC IN HOLE A17-069;

    AND

    39.3 METRES GRADING 7.1 % ZINC INCLUDING 8 METRES GRADING 20.9 % ZINC IN A17-070

    “Tinka Resources Limited (TSXV: TK) (OTCPK: TKRFF) is pleased to announce assay results of five recent drill holes from its 100% owned Ayawilca zinc project in central Peru. All five holes are from South Ayawilca and the extension of the Central Ayawilca areas, where zinc mineralization occurs in flat-lying sulphide bodies replacing carbonate and clastic rocks adjacent to a northeast trending fault.”

    https://www.tinkaresources.com/news/tinka-confirms-continuity-of-high-grade-zinc-at-south-ayawilca-2017-06-28

      Jun 28, 2017 28:27 PM

      Zinc is still a very interesting sub-sector of the Base Metals right now, and the fundamental backdrop remains encouraging. Here are a few tidbits of info other contributors posted on ceo earlier today:

      __________________________________________________________________________

      @engineer – “LME zinc stocks June 27 -1,300t to 299,875t from 301,175t June 26. Day 28 of consecutive Zn inventory drops. $tk $vtt $fwz #zinc. USD down today, base metals roar. Inventories now below 300,000t!”

      @Goldfinger – “RBC positive on $Zinc:”

      “All signs point to a tightening of the zinc market and the price has begun to respond. We expect zinc inventories to reach critical levels in H2/17 and drive higher prices for several years. We are more neutral on $copper, although we believe the price is supported at current levels with inventories at relatively low levels and the potential for a structural deficit forming within 2-3 years. Any further supply disruptions could result in prices above our forecasts.”

    Jun 28, 2017 28:18 PM

    Silver Down, But Not Out: Mining CEO
    Neils Christensen – Wednesday June 28, 2017

    The best way for Silver Producers to survive this lackluster market is to focus on higher-priced base metals, according to one junior mining CEO.

    “In a telephone interview with Kitco News, Darren Blasutti, president of $USA $USAS Americas Silver, said there could be further pain in the silver market as the grey metal is taking its cue from gold, which is being weighed down by several factors: a stronger U.S. #dollar, higher equity markets and growing interest-rate-increase expectations. However, Blasutti said he remains optimistic the market will eventually bounce back as silver’s supply-and-demand fundamentals support higher prices and the U.S. dollar looks overvalued.”

    “I think you will eventually see an unwind of the U.S. dollar because it is not as strong as it is perceived to be. Once that happens you will see silver shoot up because there won’t be enough production online to keep up with demand,” he said. “Where we get things wrong, is when we try to estimate the timing of the market. It could happen next year or even later.”

    “Blasutti said American Silver’s strategy to deal with the current market condition is to reduce its silver output, increasing its focus on base-metals, particularly #lead, which is near a one-month high, trading around $1 a pound, and #zinc, which is near a three-month high around $1.24 a pound. The company has shut down some of its higher-grade #silver veins in its working mines in the U.S. and #Mexico in an effort to preserve their assets.

    “The company is expected to produce about 2 to 2.5 million ounces of silver in 2017 with a total production of 5.5 million to 6 million silver equivalent ounces.”

    http://www.kitco.com/news/2017-06-28/Silver-Down-But-Not-Out-Mining-CEO.html

      Jun 29, 2017 29:09 AM

      Santacruz Silver Intersects Membrillo Vein and Discovers Two Additional Veins Cross Cutting the Membrillo Structure
      June 28, 2017

      “Santacruz Silver Mining Ltd. (TSX.V:SCZ) reports that the Company has now intersected a targeted high-grade zone of the Membrillo vein at the Membrillo Prospect. Eight preliminary rock samples of muck material removed from the first 10.60 metres of the production drift along the Membrillo vein on Level 1.5 returned assay results that range from 0.10 – 0.59 grams per tonne gold, 8.0 – 121.0 grams per tonne silver, 0.12 – 0.40 percent lead, and 0.62 – 7.07 percent zinc. The true thickness of the Membrillo vein in the production drift is approximately 0.40 – 0.90 meters. Systematic chip sampling is currently in progress and assay results are pending. The extent of mineralization of this high-grade zone is currently unknown.”

      “Additionally, the Company announces that as a result of surface prospecting and development drifting underground it has discovered two previously unknown and unexplored veins, the Santa Ana and the San Jose veins, which are located approximately 100 and 75 metres south east respectively of and running parallel to the San Rafael vein.”

      “We are encouraged with the continuing positive developments at the Membrillo Prospect.” commented Arturo Prestamo, CEO of the Company, adding “The previously announced San Rafael vein together with the main Membrillo vein should enhance the overall impact of the Membrillo Prospect on the Rosario Project. Based on these recent discoveries we will re-evaluate and study the overall geological potential of both the Membrillo Prospect and the Rosario Mine.”

      “Management anticipates delivering 250 tpd of material from the Membrillo Prospect to the Rosario mill for processing during the third quarter of 2017. ”

      http://www.santacruzsilver.com/s/news_releases.asp?ReportID=794033

    Jun 28, 2017 28:46 PM

    SIL has been wrestling with the 38.2% Fibonacci fan line all year:

    http://stockcharts.com/h-sc/ui?s=SIL&p=W&yr=7&mn=2&dy=0&id=p60309072329&a=532063577

    Jun 29, 2017 29:38 AM

    (R) (RDEMF) Red Eagle Mining has been absolutely taken to the woodshed over the last 2 weeks as they’ve discussed stopping their old mining method, and switching to a new mining method. As tumultuous as this has been for existing shareholders, the market is starting to over react here. I was a buyer today as the weakness is hitting extremes.

    Here is the updated June 2017 Corporate Presentation for Red Eagle Mining:

    http://www.redeaglemining.com/_resources/presentations/corporate-presentation.pdf

      Jun 29, 2017 29:43 AM

      2017 Work Program – Production in December 2017

      Paste Backfill Plant
      – Under construction – US $3M over 3-5 months
      – Much improved ground stability improving safety and reducing dilution
      – Stope mucking from a smooth floor minimizing gold losses
      – Improved underground operating efficiencies

      > Underground Development
      – 4 kilometres of underground development
      – Giving access to 54 ore development headings by December 2017
      l-Development ore being stockpiled and batch processed

      > Underground Infill Drilling
      – 17,000 metres of infill drilling on 15 metre centres
      – Two rigs currently operating increasing to four rigs in September 2017

      Production
      – 750 tpd commencing in December 2017, ramping up to 1,000 tpd
      – 50,000 ounces of gold estimated to be produced during 2018

    Jun 29, 2017 29:46 AM

    (MLN) Marlin and Sailfish Execute Agreement to Acquire Significant Gold Royalty – Spin-Out of Sailfish to Marlin Shareholders Expected in Q4
    June 28, 2017

    Akiba Leisman, Executive Chairman and Interim CEO states that, “Sailfish was a company created by Marlin in 2014
    to fully capture the value royalties create for the benefit of Marlin shareholders. Now that the Company’s operating
    mine is generating significant cash flow, we are excited to acquire a special royalty. The TZ Royalty, along with
    Sailfish’s current gold stream agreement on the San Albino gold project in Nicaragua, gives Sailfish enough scale to operate as a separate publicly traded royalty company. Management is of firm belief that once Sailfish is public, not only will the value we created at Sailfish be realized, but it will position Sailfish for significant growth in the future.”

    The total purchase price for the TZ Royalty is US$12 million, which is comprised of the following:
    • US$6.5 million in cash
    • US$5.5 million in common shares of Sailfish

    http://www.marlingold.com/News%20PDFs/2017/2017.06.28_NR.pdf

    Jun 29, 2017 29:58 AM

    Major Breakout In Gold Stocks About To Occur
    Palisade Research June 28, 2017

    http://palisade-research.com/major-breakout-in-gold-stocks-about-to-occur/

    Jun 29, 2017 29:02 AM

    Today’s action is really not that bearish. GDXJ still hasn’t filled last Thursday’s gap up:

    http://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=1&mn=0&dy=0&id=p18770573973&a=529299141

    Jun 29, 2017 29:04 AM

    SLV:GLD has filled yesterday’s gap and remains net bullish…

    http://stockcharts.com/h-sc/ui?s=SLV%3AGLD&p=D&yr=1&mn=5&dy=13&id=p32558633903&a=521853037

    BDC
    Jun 29, 2017 29:21 AM

    “GOLD: Primary Support Broken”
    http://www.trendlinemagic.com/2017/06/gold-primary-support-broken.html
    Secondary Support at 1232. Update later.

    Jun 29, 2017 29:40 AM
    Jun 29, 2017 29:56 AM

    Jordan… you been right less than my broken clock. So bad that you had to take your comments section off your articles. If you are bearish here, I’m all in.