Precious Metals and The Dollar
Rick Ackerman kicks off today with his targets for gold, silver and the US dollar. The burden of proof is still on the bulls to finally push the gold price past the election night highs. As for the dollar Rick looks at the longer term chart to assess if the dollar is in trouble. He continues to believe that traders are on the wrong side of this trade.
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Libor getting ready to shut down.(2020)…,,$350 Trillion in limbo….zh
Dent….? $400 gold?
Can not see it….jmo
I would agree $1307 is a must….silver $22…..
Russia to stay in Syria for the next 50years…zh
(JAG) Update: {it is slowly clawing it’s way back up out of the whole from yesterdays big seller – which was way overdone}
It would be great to get back to $.32-$.33 today, but that may take a few more trading sessions to play out. You never know though…. 🙂
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@1969Enigma – “$JAG … blue sky ahead…” “$JAG 0.285 gone…”
@1969Enigma – ” $JAG can easily run to the 40s with the way the L2 is stacked up. Loads of bid support.”
L2 Quote on (JAG):
whole = hole (capitulation event)
Now it is starting to bounce:
JAG – $.29 and climbing…
Well JAG closed at $.265 (+8.16% gain) It was up to $.29 but there was some resistance there it couldn’t get through. If it had broken out $.32 was the next congestion area and then it was wide open up to $.40.
Not a bad bounce, but I was hoping Jaguar mining would close in the $.30’s today.
Tomorrow is a new day though…..
Actually, once everything settled for the day JAG closed at $.275 (+12.24% gain).
Nice action, but a rebound to the mid $.30s was more what I was expecting. Friday?
No dice…. JAG down to $.26 even though the metals are rallying.
While it makes little rational sense to me, apparently there aren’t enough buyers to have sustained the rally, and I tip my hat to Matthew who was correct about the selling continuing. It’s still slightly above where I was buying in the $.25-$.255 range but isn’t bouncing like I had projected.
Maybe I’m a dummy but it still looks damn cheap to me and I’m happy to hold my position in Jaguar into the rising metals prices with improving cash costs per ounce.
Ever Upward!
Paulson shutters long short fund after massive losses in health care …zh
The system is broken …
Fang stocks dive….
Off with their heads !
GT Gold Corp. Announces C$5.0 Million Private Placement Financing
GT Gold may end up being the one of the most-promising explorer story for 2017
The drill results will tell all. Hopefully in PVG numbers or better.
Amazon hit 1083 this morning, a price level that Rick Ackerman has mentioned several times before. The stock encountered resistance precisely at that level, as Rick suspected it would.
Boeing is in rarefied air with an RSI above 92 on very high volume. Quite the high flyer.
Big bankers love big toys
Hihi ! Cool Boys Cool !
The Spin – out of Canasil res to Canmine minerals ? What the NEWS ???? Tanks !
Hi James:
Seems to be a non event so far.
The stock has reacted very little. There still needs to be a vote at the AGM in October.
Either way Canasil is a winner.
3.18 meters of 850 g/t Ag is the real deal.
Wow, 850g/t?!
Didn’t know that. Thanks JK.
Their share price rocketed last summer, more than most.
They are, however, down 75% since then.
I have a few shares from way back, which is about even.
Thought about dumping and moving on but with those grades I may add to it.
Are we expecting news on TLTFF? She popped yesterday and is holding up today.
Also, Corey, when are you going to get Nordic American Trankers (NAT) on the show? They pay 10 – 20% dividends quarterly. Talk about yield!
Commodities Awaken
by @Goldfinger on July 27, 2017
“Something big has happened this week. Copper has shot up from $2.70/lb to over $2.90/lb, cyclical stocks like CAT and FCX are soaring, oil is back up near $50/barrel after starting the week in the $45s, yields are moving higher, etc.
Suddenly a ‘China trade’ seems like it’s back on. And perhaps it’s more than just China, could it be a global growth trade? We can only hope.
More importantly for us we’ve seen some market moving stuff from juniors. First it was Novo (NVO.V) with the metal detector YouTube videos, then Sabina got a green light, and GTT.V came out with impressive drill results a couple days ago, now this morning NexGen may have uncovered an entirely new zone of uranium mineralization called ‘South Arrow.’ Oh and Cameco settled its tax dispute with the IRS for chump change (which paves the way for a Canadian tax settlement).
Green shoots I say, green shoots all around. You’d better get long some resource stocks, August is next week!”
Goldcorp ! Down 5,63 % A Buy ?
Hi jame/Franky – I don’t usually play with the big boys like Goldcorp or Barrick, but if you are bullish on the Gold price longer term they should do fine in the later part of this year or going into 2018.
Good luck in your investing though.
Gold ok, .. Silver weak
Gold was up around .8 – 1 % today, and earlier Silver was up about 1.8% today but it has fallen back to .6% at present.
They are both up, but when the dollar rallied today, it put pressure on the PMs.
Here’s a Dollar chart of todays move:
Considering the bounce back in the Greenback, I think the metals did pretty good.
The real question is what do people think will happen to the dollar from here:
Will it be a USD breakout or breakdown?
Lot of junk going on in the markets..
A lot of junk bonds in the markets too
It is all junk..we are in a funk..and one needs to debunk.
Most people can’t see the Forest through the Tree Trunk….
How you thunk , determines how long it stunks
I learned not to thunk from a wise Zen Munk
I was then chased by a skunk to a western monk
met a nun on the run who thought I was a hunk
we snuck away to a cabin and had fun on the top bunk
“Debunked on the Bunk”….the animal spirit with in us ..
The Bunk fell down with a clunk
debunked and skunked the room stunk
we turned on some tunes and got krunk
Soon you will be in the trunk,..if her hunk shows up, if you got in the wrong bunk.,while drunk.
Hi Shad:
Remember President Trump saying the dollar was to high.
It should come as no surprise the dollar has been weakening.
There are no coincidences anymore.
Yes JohnK – I do remember him trying to talk the dollar down (and it worked).
It is similar to how the Central banks try to talk rates and currencies into submission.
The question is did the Dollar just put in an intermediate term bottom yesterday at 93 and will bounce here, or will 93 get tested again and break down.
I’m not sure if a few Tweets or a speech could determine that, but I’m sure we’ll be inundated in more verbage soon enough…. 🙂
I haven’t paid a whole lot of attention to the dollar for a while, but it is finally getting near enough to a break down that it has my interest piqued. If it does crater down into the lower 90s and higher 80s then the metals and the commodities will soar.
If the dollar strengthens and rallies here, it may put some pressure on the resource sector. Just curious what others think the 1-2 month trajectory for the Greenback will be?
The dollar chart I posted above is the Weekly, but here is the Monthly.
It really puts things in perspective:
I’m not savy enough technically to call tops or bottoms.That being said I will pretty much expect to see the weak dollar policy continue from the Goldman Bunch in charge of running the economy.
This should continue until it starts causing problems overseas.
At that time all bets are off the table.
Thanks JohnK. Lower for longer eh?
That would be a mixed bag if the Dollar does keep selling off, because it would support commodity prices and the metals prices, but it would mean other currencies like the Euro, Loonie, Australian Dollar, etc.. are strengthening, and that would drive up the costs on some of the miners.
Everything is so interconnected these days….
Mathew’s got it right,as do many others.
All time high levels in debt Globally will always green light the Precious Metals.
The powers that be can manage it until they can’t.
The debt is the 300 lb Gorilla.
The advent of the crypto currencies has been a testament to this.
It’s like trying to sell the best house in a bad neighborhood.
Yes, the Debt monster is the 20 Trillion lb Gorilla. (not counting unfunded liabilities).
Cory has been all over this also.
As long as The ECB and the BOJ can continue printing,I wouldn’t expect any real speed bumps.
I’m keeping a close eye on the JGB 10 Year.
After the beating we took the last time Japan crashed in the 80’s,I have my antenna focused in their direction.
The stage is set for a return to the Gold Standard. I don’t know if President Trump will be ever able to avoid the evil smell of the media which seemed to forever affront him. But as people we must look at what has worked in the past.
Calvin Coolidge was a negative President but the economy during his tenure was absolutely astonishing. A President that goes out of office without having achieved his campaign promises could be considered a great President, there are so many laws on the books, in the end Trump’s prestige may not have suffered at all. DT
Coolidge was the best president of the last century.
Amity Shlaes on Coolidge’s life, ideas, and success in bringing about low taxes and small government
https://www.youtube.com/watch?v=w4MYatR8lcI
Coolidge was the best, which is why Reagan hung his portrait in the oval office. But Goldwater might’ve been as good as Coolidge given the chance.
Coolidge: The Best President You Don’t Know
Ha. Matthew we’re on the same page. I was busy writing and didn’t see your posts until after I hit submit.
Here’s one more link for those interested:
https://coolidgefoundation.org/presidency/coolidge-administration-accomplishments/
It’s easy to see why the statists in charge will never portray him in a positive light.
Agreed. He is the antithesis of who they are.
I actually feel that Silent Cal (Calvin Coolidge) was one of our better presidents and there were a number of initiatives he put in place that were pro small business and good for the country. He reduced the national debt, cut taxes, dealt with immigration in a sane way, granted Native Americans citizenship, and did a lot with infrastructure and commerce. Some say his policies lead to the Roaring Twenties and set up the Great Depression, but there were many factors at work for how all that played out. Even still, a little more roaring in our economy would be a good thing.
From what I’ve read he kept to himself and ran the country like any successful enterprise. It would be nice if we’d have had more people like Coolidge in office.
OPINION: Calvin Coolidge Was By Far The Best President
http://futurefemaleleader.com/why-calvin-coolidge-shouldnt-be-overlooked/
When I say Coolidge was a negative President what I meant was that he was the best President for his time because he didn’t interfere with business. Calvin Coolidge believed that by asserting himself as little as possible and by lifting the tax burdens of the rich he was benefitting the whole country. DT
I’m glad you guys got my tongue in cheek, NOT! DT
Sorry DT. I read the word negative in the wrong context then, but thanks for unpacking your thoughts. Much appreciated.
In absolute desperation, the swamp has effectively drained it’s self. Trump is the master at exposing people, or having the swamp expose them selves. Break out the popcorn, it’s On!
I like Rick but not sure about the comment ‘everyone is on the wrong side the trade’ doesn’t seem very balanced
I had been loading up and had very big positions in ATT and Verizon as they were hitting new 52 week lows while every other major company is at the other extreme. VZ went up yesterday and today over 7% with ATT doing well for 2 days with sharp gains.
I’ve owned VZ since it was Bell Atlantic and NYNEX and was happy to see it take off again.
Wayne Jett is a good listen on the Great Depression
the dollar is finally making its move to 89. I was saying this all last year. Soon, the deflationary bust is going to hit and commodities are going to collapse. But first, they will suck in gold bulls. Rest easy as gold is going to 1550 before this collapse occurs. Then, you will see five dollars silver and 500 gold. Yes folks. A global commodity bust is coming. It’s inevitable. The only safe spots are going to be US treasuries and the dollar.
I agree on the dollar going into the 80s, and always have, but I’ll gladly take the other side of your commodities and gold bet.
The dollar and most currencies (if not all) will have to fall versus gold if the central banks want to keep their scheme going. Ironically, a collapse of the kind you’re expecting would probably result in hyperinflation rather than “just” the high inflation that is coming soon.
If treasuries and the dollar manage to go up as you expect, they will still fall versus gold like they did from around 2000 to 2011. The 10 year T-note went up about 40% last decade while it simultaneously plunged more than 80% versus gold.
It’s pretty clear that the coming action is going to catch almost everyone on the wrong side.
With commodities already near all-time lows, it’s more than a little difficult to believe a global commodities bust is coming…
http://stockcharts.com/h-sc/ui?s=%24CRB&p=W&st=1980-01-01&en=today&id=p40848632934
I believe this recent upleg confirms that last year was the low in commodities, and that commodities have also now bottomed relative to the S&P500 and gold.
Whether we price the CRB in gold or in dollars, it looks pretty good here (big picture).
http://stockcharts.com/h-sc/ui?s=%24CRB&p=M&yr=20&mn=11&dy=0&id=p78248049265&a=536979933
Gosh, where would RPMGF and NSRPF drop if gold falls to 400? I doubt gold will ever go under 1000 again.