Encouraging Signs for the metals
Gold has managed to close the month at the highest level since July of last year. Doc and I take a look at the gold and silver charts to outline what we like and the next levels to watch for. This has been a very good week for gold and even this summer has been an outlier.
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Well, I do admit that I was waiting for a pull-back into the high 1200’s before adding more PM stocks, but I have to rethink that now.
Doc, are you entering the cherry seed spitting contest in Michigan this year? I bought 460 oz of silver bars today. After spending 2 summers in 1968 and 1970 working on Mississippi river boats traveling all the way from New Orleans to above St. Paul, and also up the Ohio and Tennessee to Knoxville, and up the Missouri and also the Chicago river to Chicago, why don’t you take your wife on a Mississippi river cruise? Best sunrises and sunsets you’ll ever see. Go I.U. Beat the Buckeyes!
Doc does not have time to spit cherry seeds, just have he spit some cherry stock picks…go IU………
BB; I once entered the cherry spitting contest and was in second place when a guy barely beat my outstanding length. I had one more chance to win the contest against him and I inhaled as much as I could before that final spit that I knew would win the contest—-unfortunately, at the peak of my inhalation I inhaled that beautiful round pit into my trachea and was running around for air until this 400 pound massive scharzeneger type guy grabbed me with his trunk like arms and did a crushing heimlech move on me —a crescendo of air that was heard for miles along with the pit was expressed with that pit being expelled on a trajectory never the likes had ever been seen in any previous contest—it eventually settled at a distance that was a world’s record that will never be broken. Of course, the gentleman also crushed about 6 of my ribs and I’ll never be able to defend my record again in the future. By the way, my wife and I have talked about that Mississippi river cruise.
I hope that record was filmed! Take the cruise from New Orleans to St. Paul. Going with the currant is too fast. Read Twain’s “Life on the Mississippi” before you go.
Go I.U.; beat the Buckeyes!
You have a specific cruise line—? Mississippi Queen.
No Doc, my last trip up the Mississippi was in 1970, so my info is out of date. Going up the TN river through the TVA to Knoxville is scenic too, but I don’t know if cruise lines go there. Maybe you and your wife and Huckleberry friend, could kayak with the currant from Minneapolis down to Natchez… Or you could raft down the Colorado through the Grand Canyon…Bon voyage!
Brilliant story.
Wow – that’s one hell of a cherry spitting / rib-crushing cherry pit catapulting story Doc!
The World Record Champion!!
Doc, you mentioned that we may see a small correction in the metals over the next few months and those dips may be a good time to buy. What levels in gold and silver do you think we may pull back to before going higher next year?
Pardu, if we do get one final pullback, I would say the worse case scenario would be the 1120-1160 area. It might be the final shakeout if we’re going to have a final shakeout.
What are the odds of that final shakeout occurring in your eyes Doc?
Fwiw, I say the odds are slim. Tim Wood, on the other hand, thinks the 9 year cycle low is still ahead.
Big picture, gold looks ugly compared to the miners and that’s great news.
GOLD:XAU weekly:
That’s why I bought PSLV today. Now you know the miners will outperform bullion, which is great.
You do great chart! Thanks……
Thanks Chris, here’s another; GDX priced in gold has broken out and looks like it will probably close the week above the 55 week MA for the first time since February…
http://stockcharts.com/h-sc/ui?s=GDX%3A%24GOLD&p=W&yr=3&mn=11&dy=0&id=p46873609531&a=542287234
Here’s an alternate fork should the steeper one prove untenable:
http://stockcharts.com/h-sc/ui?s=GDX%3A%24GOLD&p=W&yr=3&mn=11&dy=0&id=p46873609531&a=542287234
People always get sucked in by the promise of easy street. Is easy street at the end of this Bull Market. Is inflation more serious now than it was two years ago. In economics as in physics the higher they go, the harder they fall. We have been lulled into a feeling that when there is a crash the government will step in and make it right. I will not be a man who buys in and holds in this market. I hope you are listening “bonzo barzini’. DT
PT Barnum, a sucker is born every minute, but now I think it would be every 30 seconds. DT
DT – now we manufacture a continuous conveyor belt of suckers…. all day long……
bonzo this is for you and me……maybe………..GO IU
https://www.aol.com/article/news/2017/08/31/petition-calls-for-removal-of-indiana-university-mural-depicting-kkk-scene/23192783/
I see no problem with the mural….depicting the past …
Next they will be banning pictures of wood sheds……and log cabins….
I guess they will want to ban Ben Hur , and delete Lew Wallace ……
Maybe just call it Ben Hur/ HIm……
Why not ban ANTIFA and the rest of those trouble makers on the left?
I loved those murals at I.U. I recall a statue of a confederate soldier in the student union building. I think this reb saved the life of a Hoosier soldier, but don’t remember the details.
Next will be Columbus , Indiana…….Pence is from Columbus…..could he be racist……LOL
This one is for you Ex, is America safe for dividends and rising stock prices? Charles Nenner doesn’t think so he sees deflation. To criticize the prosperity bandwagon or say that it might not be the promised land is suicidal especially in politics. Certainly they don’t want to admit that prosperity has arrived with the Trump administration and The Republican party.
I have a solution there should be a third party, and we should call it “The Deflationists Party”. that will exhaust the hot air in Washington. DT
Commentary on Non Farms Payroll by the FX boyz:
https://www.youtube.com/watch?v=kXJZRel0hGE
GOEX breakout (weekly):
http://stockcharts.com/h-sc/ui?s=GOEX&p=W&yr=1&mn=11&dy=0&id=p98500883591&a=542425101
WOW!!! Gold finally broke out of a major league triangle!!!!!