Tax Loss Selling Is Not Going To Have a Big Impact This Year
Jordan Roy-Byrne, Founder and Editor of The Daily Gold addresses the recent comments on the potential of tax loss selling this year. We also discuss his outlook for the metals and strategy for buying stocks in the slow market.
Click here to visit Jordan’s website.
Click download link to listen on this device: Download Show
Hello John……..see you are still hanging in there…..glad to see it……. OOTB
As they say……..”do not let the bastards get you down”…….. 🙂
Did I miss something? Is anyone trying to get rid of John?
Earlier this year I took the other side of Jordan’s call but not this time.
Jordan hits the nail on the head with “when this Bull gets going” .There will be plenty of time to get on board once the move is confirmed. Advice like it is a good time to buy some of your favorites is fine if you can afford to wait and have plenty of cash around to do so.
Once again I will point out that Cobalt is up 110% so far this year.
Zinc is up 38.71%, Lithium is up 72.22%.
Copper is up 50%. While Gold is up 1.71% and Silver is -2.86%.
It’s pretty obvious Precious metals have failed to get going.
Why not focus on something that hasn’t?
Those with the Bullion will let you know when it’s time.
JPM is rumored to have between 600-800 million ounces.
I would have to agree………….silver stealers.net…….
JohnK – that is the beauty of being diversified across different sectors. Thanks for sharing the annual figures.
Diversification is good,having the time to follow the markets is better.
I don’t know how to do emoji’s or else I would give you a big smile.
🙂
Well of course JohnK regarding following the markets and diversification. I personally believe and have always believed that a knowledgeable investor has to do both. Has worked for me.
Not to mention, today Bitcoin is up 9.21%
Ethereum is up 4.93%
Bitcoin Cash is up 4.12%
For all my bubble buddies.
JohnK:
Did you mention sounding like a broken record recently? Now I understand what you really meant.
Thanks Mr Moriarty:
I wish we could be on the same page with the Cryptos.
Some things just weren’t meant to be.
Your still #1 in my book.
I don’t have a dog in the fight. It’s utterly meaningless to me if cryptos are 100% fraud or as important is the invention of fire. I just don’t care.
But they have no more intrinsic value than a Beanie Baby and are being traded with the sole intention of becoming wealthy overnight.
It didn’t happen in the last 978 bubbles and I sleep securely at night knowing that forewarned is forearmed but I also keep in mind that you can lead a Beanie Baby to water but you can’t make it drink.
Mr Moriarty:
Contrary to what you believe we are not in a bubble with Bitcoin.
We have reached a point with both Ethereum and Bitcoin where the next leap in the technology is at least 2 years out.
I will give you that there is a lot of speculation in the Crypto’s,but that is not all bad as it helps to illuminate what the possibilities are.
When you wake up tomorrow there will still be Ethereum and Bitcoin.
Just like the guy who wanted fuel for his 185, he was so drunk he couldn’t stand up.
I said if he can afford a 185,who am I to tell him he probably shouldn’t be flying.
I’m not going to try convince you either,because I know better.
No Robert, you certainly can’t make it drink.
Did you get the book yet?
Al:
I got the book. Scary but really well researched. TPTB will kill this book quickly. It’s too dangerous for the mob to read.
There is no worry for tptb, the mob wont bother reading it.
“It is well enough that people of the nation do not understand our banking and monetary system, for if they did, I believe there would be a revolution before tomorrow morning.” Henry Ford
The mobs had forever to figure things out, its not gonna happen.
Big Tax break offered to Amazon……….
http://www.zerohedge.com/news/2017-10-19/bids-are-amazon-offered-7-billion-tax-breaks-140k-employee-second-us-hq
Comey following in footsteps of Billy Clinton……..they want to disbar Mr. Liar
http://www.zerohedge.com/news/2017-10-19/papers-filed-disbar-james-comey-following-false-testimony-congress
hummmmmmmmmmming along…………
http://www.zerohedge.com/news/2017-10-19/initial-jobless-claims-crash-lowest-1973
Last one out , turn off the lights………..
http://www.zerohedge.com/news/2017-10-19/kil-bulls-traders-puzzled-last-minute-hong-kong-crash
Here’s a roadmap for the next downturn in markets from BofA:
http://www.zerohedge.com/news/2017-10-19/bofa-lists-10-triggers-next-crash-its-coming-between-thanksgiving-and-valentines-day
Do we really believe anything a TBTF has to say………….. 🙂
Former Assistant Treasury Secretary in the Reagan Administration, Dr. Paul Craig Roberts, says the record highs you see in the stock markets are based on “phony profits” that come from global central banks “propping up” the financial system. Roberts says, “Any of these central banks are really only there for a handful of big banks. That’s all they are concerned with. All the Federal Reserve has been concerned with for the last decade is the welfare of a handful of mega banks. Of course, the banks are too large. They should have never been allowed to get that large. When you have a bank too big to fail, then your policy has failed.
But, you already knew that………….
Things will not change until the Money Changers are sent to Prison for their misdeeds instead of accessing financial fines.
Those in charge just write this off and it is Business as usual.
The comparison is the contractor who employs undocumented labor to fulfill Davis Bacon Contracts with the Government.
Right from the get go the contractor makes sure he has the money to pay the fine for the misdeed.
Meanwhile those of us paying Davis Bacon wages, trying to bid on the same contract cannot compete.
Who said Crime doesn’t pay?
forgive our debts, as we forgive our debtors…………Matthew 6:12
seems to apply both ways…….the sheep need a Jubilee
Whats needed is Mint sauce, the lambs will be served up and thoroughly enjoyed.
What we need , is for the govt…..to mint their own money ,as according to the constitution
Yeh Jerry, it has done an exemplary job so far? (How do you spell several trillion”?)
Jerry, did you notice when he was asked ‘what should people do to protect themselves’ the only thing he could think of was not to have debt?
That post was supposed to go under the pcr interview Jerry mentioned.
That is as basic as it gets……Go and Owe no man….., maybe , he is catching on… 🙂
Yet another bit of wisdom from The Bible, OOTB!
The thing that pisses me off, is the real estate taxes……..
I think the point is that we dont know whats going to happen, thats why he doesnt know the right moves to make.
I saw Bernie Sanders on late nite last night, he was talking how the states has to deal with infrastructure health care etc etc.
Not one word about he debt, good ol Bernie is nothing more than distraction, same as the rest of them.
Im thinking everything now is pretty much distraction, taxes included.
Not mentioned the debt is a sign of Pollyanna. I probably would not go so far as to say that Bernie is one of those because he is one of the few politicians that my guy tells me to trust even though I cannot agree with him.
Well, Bernie is a socialist, thats obvious.
If that makes him trustworthy I suppose he is.
He will be socialist until the money runs out, except, what he is part of doing, if he knows what hes doing, is transferring the wealth to the elites, mic et all.
I have no idea if he knows what he is doing tho, I watched a congressman the other day call the war between the states perpetrated by criminals, the Robert E Lee statue should be melted down etc.
Geniuses.
They are all owned, and the ones that arnt dont matter for squat.
Flu ya………….
Bombshell: Flu Shots Scientifically Proven To Weaken Immune Response In Subsequent Years… Researchers Stunned
October 17, 2017
(Natural News) A medical study conducted at the Ohio State University Wexner Medical Center found that women who received flu vaccines had a weakened immune system response in subsequent years.
Lisa Christian, PhD, the lead researcher on the study, concluded, “Growing evidence shows that those who received a flu shot in the prior year have lower antibody responses in the current year.”
The study proves yet again that the official narrative of the flu shot industry — and its complicit corporate-run media — is false and deliberately deceptive. Far from offering bulletproof protection, flu shots actually make people more vulnerable to influenza infections, which of course contributes to more people catching the flu and then falsely thinking they need more flu shots for “more protection.”
Yet it is the flu shots themselves that are leading to an increase in influenza infections. The flu vaccine, in other words, perpetuates the myth that flu vaccines are needed by ensuring influenza spreads more rapidly than would otherwise occur. In effect, flu vaccines spread the very infections that generate more demand for flu vaccines. The structure is a “perfect” self-perpetuating medical hoax rooted in fake science and relentless media propaganda.
In my news video below, you’ll also learn:
People who had a 2008 flu shot experienced a 250% increase in influenza infections in subsequent years.
More…
the rest of the article is at jdsmineset…………
GET A SILVER FLU SHOT………..
He who gets a flu shot is a fool.
DITTO
Absolutely pathetic response from gold and especially silver miners today tells you all you need to know about the sustainability of this latest pop in the metals. I’m sure Ex will list 50 companies that are up 20% today, but for everyone else, looks at index ETFs like SIL and GDXJ as examples. Again, they may go higher for a week or two, but this action is flashing a bog warning sign that much more pain is coming.
Here you go Spanked, I’ll just keep is simple for you and post those 2 indexes (even though many of the Jrs we all trade are not adequately represented or represented at all, since this is all you can wrap your brilliant mind around).
Global X Silver Miners ETF (SIL)
$33.75 UP +0.37 (+1.11% gain)
VanEck Vectors Junior Gold Miners ETF (GDXJ)
$33.81 UP +0.24 (+0.71% gain)
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“Absolutely pathetic response from gold and especially silver miners today tells you all you need to know” – Spanky
If by pathetic you mean closing up and in the green then you may have a different definition of what that word means than the rest of civilization.
Wake me when SIL breaks 36.50.
http://stockcharts.com/h-sc/ui?s=SIL&p=D&b=5&g=0&id=p17765541823&a=551240834&listNum=1
You can only get one wake up call at this hotel and you requested it for when Silver breaks $18 which you felt may take longer than your life span. Don’t worry, I promise to wake up when that happens and put worthless comments like these to bed for good.
On October 10, 2017 at 1:08 pm,
spanky says:
“Wake me when silver cracks $18 (that’s USD not pesos). I think it is going to be a very long nap, might even turn into a dirt nap for me by the time it sees $18 again.”
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We shall see…..
Spankmeister:
Ex/Shad has deep pockets and a good job,I’m sure.
He doesn’t have to compete on a daily basis to pay his bills.He can afford to say things like “Next Year” for the rest of us we have to deal with the here and now.
Everybody’s financial situation is different as is their perspective.They just fail to realize that some of us don’t have the luxury of “Next Year”
I concur. Get the hell on with it. If silver needs to drop 30%, just get on with it already. I don’t consider myself too impatient, but a 15 month correction has to be on the long end of any prior consolidation in the miners. Not only that, but we are not even close to the 2016 peak, so it will take additional time to break above that peak even if the miners make a moonshot starting today. Looking at the 233 WMA, it’s quite possible the miners bounce around this range for another year while that MA flattens out. If you look at the XAU for example back in 2000, after hitting its inital peak in 2002, it was exactly 3 years before that peak was left behind for good. If we to extrapolate that to today, that would mean we won’t leave 280 on the HUI behind for good until August 2019. That’s just the reality I guess.
” If you look at the XAU for example back in 2000, after hitting its inital peak in 2002, it was exactly 3 years before that peak was left behind for good. If we to extrapolate that to today, that would mean we won’t leave 280 on the HUI behind for good until August 2019.” — Spanky
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Extrapolating out a move from 2000 to 2002 in the miners (in a completely different interest rate environment, US dollar environment, and different US Stock Market environment) is not worth much. Apples and Oranges.
The fact you’re saying things will take years to reach prior peaks, but then banging on about comments for 2018 is ridiculous.
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“That’s just the reality I guess.” – Spanky
Yes, you are just guessing.
No matter your worth, you have to play the market as it is and something is wrong with your approach if next year is too far out. Perhaps your are risking too much.
Mathew :
Nothing is wrong with my approach. I have strict money management rules.
I take what the market gives me. Not what I think the market should be doing.
Those who continually focus on their losers ,lack vision seeing the next winner.
Like you said “I probably have had more losers than winners” You are correct.
The lesson learned was get rid of the loser before it becomes a really bad loser.
Then what’s the problem with waiting until next year? This sector can deliver a decade’s worth of Dow gains in a very short time.
John Hathaway has it right:
http://info.sharpspixley.com/uploads/TocquevilleGoldStrategyLetter3Q2017.pdf
Mathew:
My bills don’t let me pay them next year.I have a modest amount of fixed assets,but they don’t yield any cash.
When I decided to do this full time,I knew the curve was going to be steep.My annualized gains need to be around 100%. That is a big pill,but I accept the challenge.Once I become more confident I will liquidate a fixed asset and run more money.It’s just I’m not there yet.
100% is a big number JohnK. But then again, it is probably what a lot of folks really need. I certainly admire you for going big!
JohnK – the miners and biotech and pot stocks and cryptos can return 100% gains quite often, but to HAVE to make 100% gains in a year, is a tall order and puts a lot of time pressure on the equation. That kind of pressure can make investors bail on good ideas too soon, or misjudge a sector that isn’t moving now, but may get on the move suddenly. Be careful out there man. I know many investors that tried to go full time too soon, and got desperate so they made decisions that they wouldn’t normally make. However, you are a sharp guy, and I do sincerely wish you all the success in the world and hope your gains are larger than that. (I do plan on making more than 100% gains over the next 12 months myself, but yes, it helps to be able to weather the storm of time…..) Cheers!
Selling losers can backfire, Matthew. I bought NSRPF 2 or 3 years ago at 1.50, then at 1.40, then .90, .80, and then .60. It was a loser all the way down to .49 in May before exploding up to 7.10. I’m glad I never took my losses. My avg. price is now .80, just like Bob Moriarity’s and he 1st bought at 25 cents while I 1st bought at 1.50
But I wish I’d sold my Allied Nevada and Midway gold before they delisted!
Bonzo, I did not recommend selling losers. That was John.
Speculating in these juniors is different than trading large and liquid items. We have to take them case by case and I failed with Primero this year. Harder work (due diligence) would have likely made me a lot more skeptical of management’s ability/will to make things right. More tuition paid…
Matthew, sorry, I am near-sighted. It was John k., not you. Have you sold your Primero yet. I still have mine but could sell it to offset my gains in Merck.
I sold more than 70% above a dime. One consolation was the fact that so many good companies were such bargains at the time it collapsed (and still are, for the most part).
Agreed Matthew.
It should be irrelevant if an investor is risking a few hundred bucks or a few million bucks, the trend, the stocks/ETFs/sectors traded, and most importantly the percentage moves in a given sector or stock are all the same regardless of the money invested.
If investors are panicked in the here and now and can’t focus on what may happen in the first or second quarter of 2018 then they likely have too much invested and are in an urgent rush to generate returns. That is not a good position to be in on a daily basis, and chasing short returns a fun and rewarding, but you have to be prepared for the trade to turn against you have a plan for what one should do if that happens. Sometimes that means being patient and waiting for the medium term trend to prove out.
JohnK & Spanky – I’m not sure what you are implying with your comments about next year, as I’m always dealing with the present moment. (?)
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Personally, I trade as needed on a daily/weekly basis, and it is likely that I’m more active of my trading of the mining stocks or other sectors than some of the investors on here that have been holding onto losing trades for years. As a result I follow the markets very closely for the here and now.
I find it ironic that spanky loves to post Monthly charts or 200 Week Moving averages (about 4 years) but that “next year” is too far out for you to consider reviewing. Curious bifurcation of posting verbage versus beliefs. If you’re panicked about the day to day or hour to hour, then banging on about monthly charts or commodities over 30 years, is irrelevant. Focus on the 5 minute charts if that’s your deal, but then gives us a break on the dire longer term predictions.
Yes, but it’s all just about venting, anyway.
Commenting every day on weekly and monthly charts about what will happen in the short term is deranged behavior.
+1 GH. Thanks for being a voice of reason on here.
Assuming he bought the absolute peak in say silver miners, I will still contend that for some of them, like IPT, it could be years (2-3 IMO) starting from today before that peak is taken out for good. We will know in hindsight I suppose.
IPT will take out last year’s high in 2018. Luckily, most people do prefer to buy strength.
Agreed Matthew. That was my point, but be very careful discussing 2018, it is not day to day. 😉
Now watch spanky post a several year monthly chart in response.
absolute peak as spanky says is aprox 2.75, more if ya take into account the devaluation of the dollar.
2016 1.25.
Assuming 2018 has metals rising (price could continue to be held down for whatever reason) I agree with both of you, could be much bigger payoffs than ipt tho
ipt would not even be a 10 bagger from here.
on the other hand, ya might get a quick double or two outta ipt, I have a couple times with ipt, might happen again.
I didn’t say it wouldn;t or couldn’t be taken out next year. I said left behind for good. Odds are once $1.10 or whatever is broken, we will come right back down below that level, maybe marginally, and zig zag for a year or two going sideways in that range.
So the reality is, if you bought near the peak, it could be 3-5 years from today before you see crazy capital gains (say, over 200%)–IMO.
I still totally disagree, Spanky. We’ll see…
b – The absolute peak in IPT was $3.14 back in 2011, but that is NOT what Spanky was talking about. From the current level at $.32 it would be about a 10 bagger to get back to there, so yes, it would be a 10 bagger from here in that scenario.
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What Spanky was talking about was someone buying the absolute high last year in the Silver miners (which nobody did, he is just using the worst case scenario for timing…. again….). It is just like him to assume the worst for all traders, even though we were recommending to trim PM stocks last summer in July & August – (not initiate new positions) Let’s not let the facts get in the way of his outlandish narrative though.
The high in IPT last year was $1.28 (not $1.10 or whatever). If IPT rallied from here at $.32 to take out the 2016 high then that would be exactly a 4 bagger. (not difficult math).
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spanky is now walking back his earlier comments, but he said it would be 2-3 years before IPT or EXK took out their 2016 highs. Let’s review shall we?
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On October 13, 2017 at 9:48 am,
spanky says:
“Silver miners like EXK and IPT.V that have all broken down well below their 20 and 50 month MAs are bound to tag the lower monthly bollinger band at this point. We are talking sub $2 for EXK and .25 for IPT.V. possibly. And while you would expect a bounce there, there are obviously no guarantees that will constitute a bottom. likely we will see a lower low just for the hell of it. And then once they have bottomed, they will have to contend with their declining 50 month MAs and by then declining 20 month MAs. Assuming silver miners are in a new bull it will be *years* before either take out their 20016 high.” — Spanky
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Now here was Spanky’s comment today:
On October 19, 2017 at 10:47 am,
spanky says:
“I didn’t say it wouldn;t or couldn’t be taken out next year. I said left behind for good. Odds are once $1.10 or whatever is broken, we will come right back down below that level, maybe marginally, and zig zag for a year or two going sideways in that range.” — Spanky
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Let’s see if we can reconcile these two thoughts from our IPT expert Spanky:
“Assuming silver miners are in a new bull it will be *years* before either take out their 20016 high.” – Spanky (talking about IPT and EXK)
“I didn’t say it wouldn;t or couldn’t be taken out next year.” – Spanky (about IPT a few days later)
Ummmmm – yeah you did say it would take years for IPT to take out it’s 2016 high, but you did use the year 20016 so maybe you were talking Looonnnng term. 😉
Now you are saying “Odds are once $1.10 or whatever is broken, we will come right back down below that level.” — Spanky
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First up $1.28 was the 2016 high. It isn’t hard to pull up a big multi-year chart like you love to do and check. It would also be recommended, as your forecast isn’t worth a pile of poo-poo if you aren’t going to use/track real numbers. How will you know when we’ve broken that high in 2018 if you don’t even know what it is?
* Here, let me assist with real data and a chart so we deal in the real (a novel concept)
http://stockcharts.com/h-sc/ui?s=IPT.V&p=D&st=2000-10-02&en=(today)&id=p21138538752
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Moving on….
What both Matthew and I have said a few different times now over the last few months was that we expect IPT (and many of the Silver stocks) to take out their highs from 2016 next year.
Personally, my thesis is we are still in the Bull market that started in 2016 until proven otherwise. To help those that don’t understand TA let me assist. There is NO WAY Gold/Silver are still in the same Bear market that started in 2011 unless they take out their Dec 2015 lows. This has NOT happened in 2 years so it is a real stretch of the imagination to say we aren’t in a new Bull market when a new low hasn’t been made in 2 years.
So, we’re in a new Bull market. Therefore, when the next impulse leg up happens and takes out the 2016 high in Gold of $1377.50 then the miners (both Gold and Silver) will be on a tear, as more money comes in off the sidelines now that it is “safe” to get back in the water. [and now that they missed massive gains by not getting positioned at the end of the summer doldrums).
This won’t take 2-3 years, and may even happen in the 1st quarter of 2018 during the Q1 Run.
Hope that helps clear up some of the ridiculous comments on here today.
Well said, Excelsior.
Agreed on the barrage of ridiculous comments.
If I were doing a bull version of what Spanky does, I would be ashamed of myself.
Thanks GH. Yes the comments are rapid fire and completely contradict themselves from day to day.
One day Silver won’t recover above $18 before he takes a dirt nap and the next day he’s waiting for a bounce next year.
One day the commodities are years away from recovering, and the next day he doesn’t want to discuss things so far out like Q1 2018 and just wants to get it over with.
One day it will be years (plural) before IPT or EXK ever get back to their 2016 high on that rally, and then the next day he never said it wouldn’t take out the highs next year. (not that he would know when it came because he is using $1.10 or whatever instead of the real $1.28).
Amazing rubbish.
To a point it is useful to have someone taking the bear side. But only if it’s done with some seriousness.
A new term has occerred to me: “gloomleader” instead of “cheerleader” — neither useful in navigating markets.
gloomleaders and gloomleading. good one!!
Yes, I have no problem at all with someone laying out a bearish case for any commodity or stock, as long as they explain why and aren’t snarky about it.
However, that is night and day from people heckling all the bulls, trash talking, and harping every day on longer term monthly charts or relentless banging on about 200 week MA patterns (almost 4 years) on every little dip or obsessing black candles (which are essentially directionless and can go either way the following day).
It is one thing to point out a bearish pattern or project, and another talk about never getting back up, or going down the toilet, or sinking like a stone, or having long investors noses rubbed in huge losses. The other thing some like to do is pick a stock that is widely followed on here (like IPT on the KER) (or people do it to NVO or GGI on ceo.ca) and they purposely cast stones and rip on it trying to illicit a reaction or just to be combative and ugly.
That is when it ceases to be a market observation and becomes more of taunt and noise. Typically, those kinds of remarks don’t add value, aren’t technically valid, and are just aiming at being insulting to others. I’m not sure what the payoff us other that people that like pissing in the cornflakes for fun. Those kinds of individuals are generally not well liked.
In contrast when Charles Nenners team or Ira Epstein, or Gary S. or Gary W. or Clive Maund or technicians like that are bearish, they can still make the point logically without getting into the mud-slinging. Being bearish isn’t a problem. Being a jerk or a doomleader is the real issue.
I like Jordan, there are a couple people guessing PMs are about to move up of course, as usual.
Checking the precious metals analyst site brings a little reality to their work tho.
I havnt seen anything to change my opinion yet, novo is the action, could watch Klondike, I wont touch northern dynasty.
And over all, it could be the oil for yuan that causes gold to move up.
Sure a little bit in a company here and there, the billionaires of course own all of them and can wait, but really, the money to be made is and has not been PMs for years now.
I would think the billionaires can wait for agriculture water pot and tech as well.
Course they would own the cryptos or are those just the new billionaires?
I’ve agreed with Jordan a lot over the years but he has been too conservative for the last 20 months. Of course, subscribers are always much more forgiving of a guru who’s too careful so he’s excused to a small extent.
We all understand nobody is right all the time.
I think people have streaks.
Both ways, I akin it to starting a wave count on the right or wrong wave.
One thing is for certain, the world reserve currency will change and is actually changing now.
If we assume life will continue as we live it now, some things are predictable. no matter where we start a wave count.
Life typically does not continue has it is in the present. The key is to both realize that fact and to plan and act realizing it.
I am in still agreement, conservative calls from doc and Jordan will rule the day until they r proven wrong. That might be coming, but it’s impossible to really predict exactly when. Their calls have been ruling the chicken coupe for over a year now. Truly amazing, if you really believe in TA. If you do then you will never get the 10-100 beggers out there. They will be late to the show soon, but it will need a massive punch to the Fed’z “dog and pumpy-show” to dislodge that narrative. We have to remember that all markets are base fundamentally on “NARRATIVE” NOT FUNDAMENTALS. When the “narrative” changes, Jordan and Doc’s analysis will swiftly reverse…..they will follow the trend…..nothing new here same old circus
What’s truly amazing is that you think “belief” has anything to do with it. I know TA “works” and have had too many ten baggers to count – three just last year (along with a portfolio that went 7x from 1/16 to 1/17).
This year, nothing has gone wrong with my big picture call – YET. I called for strong 2nd half a year ago and it’s not over. The bearish “bulls” on the other hand, performed horribly last year – the best year in decades.
TA works extremely well for some.
off topic:
http://www.washingtontimes.com/news/2017/oct/18/lawyer-files-have-comey-disbarred/
Maybe this will get attention as chunks of the FBI and DoJ are fired for lying and corruption and incompetence.
Beautiful bullish action on the daily–look at those gorgeous candles:
http://stockcharts.com/h-sc/ui?s=AXU&p=D&b=5&g=0&id=p40705139507&a=551253560&listNum=1
Seriously, AXU has a strong chance to hit its 233 WMA (around 1.13 today, which has thankfully flattened out) before this is close to over, and it may decide to tag the 200 WMA/50 month MA at 1.08 too. Intraweek, any price is possible, so the depths of hell (sub-$1.00) could get hit.
There are some people out there calling for an everything bubble. I don’t subscribe to that, as I’m bullish commodities and emerging markets right now. However, there are some technical crosses that are real close to happening in the conventional markets. AMZN, GOOG, SPX, JNK, INDU, and everything PM related ( if these technicals cross the rubicon ) could get hammered real soon…
An Almost” everything bubble.
For god’s sake resolve to the upside. Do we really need to see a 30% plunge before any sustainable bottom is put in? Just for once, god…
http://stockcharts.com/h-sc/ui?s=GCC&p=D&b=5&g=0&id=p47875664546&a=551256847&listNum=1
Seems to me the raid on Gold and silver yesterday did little for the bankers as the public recognized a bargain condition. Seems to me the EU is about to get into a real mess, by threatening to move most of the derivative trading out of London, they did not realize that would crash the whole EU banking system.
It is only a question of when, not if, chunks of the EU split off.
Too bad the corrupt EU bureaucracy won’t get to enjoy all those excessive benefits they bestowed on themselves.
Another bullish chart:
http://stockcharts.com/h-sc/ui?s=SIL%3ASLV&p=D&b=5&g=0&id=p48947341377&a=551261574&listNum=1
To the moon!!!!
To me this looks very very similar to how the end of 2015 played out. I think the miners will be under pressure until December/January. Maybe not collapse, but certainly not exploding upwards. The silver miners especially will be bent over even more. Wouldn’t be shocked in the least if we got a similar magnitude dump as January 2016 before finally reversing.
FWIW, NEM’s daily bollingers basically have never been tighter, at least since the 1980s. Lots of fun incoming.
http://stockcharts.com/h-sc/ui?s=NEM&p=D&b=5&g=0&id=p99552457874&a=551271073&listNum=1
If Novo really has found Wit2, then the board of NEM will have to commit hari kari for selling their NSRPF@1.60 CAnadian. WHat fools!
Jordon is way way way off about tax loss selling this year.
Gold is slowly coming out of its bear market yes, but the miners are mostly all way way way down from their highs (and many very close to their lows) so most people like myself are holding a lot of big losers in the miners, and they’ll be plenty of tax loss selling come year end this year.
That’s when to buy buy buy IMHO.
Scotia Bank is looking to sell it’s gold trading unit following a scandal involving a U S refinery and smuggled Gold from South America.
https://investingnews.com/daily/resource-investing/precious-metals-investing/gold-investing/scotiabank-sell-gold-business-scandal/?mqsc=E3915230