A Move Today To Safe Haven Assets
Positive moves almost across the board today in the markets. Chris Temple joins me to outline what he thinks is the most important trend today of safe haven getting a strong buy. Still on relatively low volume we are seeing gold, silver, base metals, and the underlying stocks move up. Also the stand out is oil with crude above $57/barrel. This move can be attributed to some political news which we also outline.
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USERX has a small H&S bottom in play and has climbed above some resistance after finding support where it should have…
http://stockcharts.com/h-sc/ui?s=USERX&p=D&yr=1&mn=5&dy=0&id=p34558692257&a=555208375
H&S “mini-me” in play……. then pop goes the weasel….
The CRB broke out to its highest close versus the S&P since May…
http://stockcharts.com/h-sc/ui?s=%24CRB%3A%24SPX&p=D&yr=1&mn=1&dy=22&id=p69357657277&a=554003941
My visit to Japan and friendship with PM Abe will yield many benefits, for our great Country. Massive military & energy orders happening+++!
The HUI appears to have found good support at the 50% Fibonacci fan line (the fan is based on the 2017 high and subsequent low)…
http://stockcharts.com/h-sc/ui?s=%24HUI&p=D&yr=0&mn=11&dy=0&id=p35988223018&a=541768212
The Canadian dollar looks like it has plenty of bounce left in the short term…
http://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=1&mn=3&dy=0&id=p23042961926&a=555201949
Longer term, I think it will chop sideways in a large range for months…
http://stockcharts.com/h-sc/ui?s=%24CAD&p=W&yr=6&mn=0&dy=0&id=p86825636342&a=452282882
(SGN) Scorpio Gold Announces Filing of NI 43-101 Technical Report and Feasibility Study for Processing the Heap Leach Mineral Resource at Mineral Ridge
Nasdaq on November 6, 2017
https://ceo.ca/@nasdaq/scorpio-gold-announces-filing-of-ni-43-101-technical
Good GDX chart out today from Goldfinger:
@Goldfinger – “Failed breakdown from ‘bear flag’ in progress in $GDX, potential for an upside squeeze if bulls can sustain price above $23:”
The failure of that bear flag is very likely (see GDX chart in the first comment).
For starters, GDX looks like it is heading for $27…
http://stockcharts.com/h-sc/ui?s=GDX&p=W&yr=4&mn=2&dy=0&id=p49811583561&a=533645229
That won’t hurt my feelings any. I’m loaded up. 🙂
Thanks Matthew.
The Dow is ready for a break…
http://stockcharts.com/h-sc/ui?s=%24INDU&p=W&yr=9&mn=0&dy=0&id=p35717663869&a=421704680
Geo-politically we appear to be hearing growing beat of war drums in the Middle East with all this Saudi stuff.
KDX bear trap about to be sprung:
http://stockcharts.com/h-sc/ui?s=KDX.TO&p=D&yr=1&mn=1&dy=0&id=p38243862547&a=539102660
I’ll enjoy watching the Klondex bears in the trap. I bought a Victor rat trap today and set it with some 2 year old aged cheddar cheese in my washroom. Hope it works tonight.
double-bottom time, and the spring is sprung…..
I’m reposting this Gary Wagner Gold TA video in case anyone missed it during the weekend show blog. Look/Listen to what he has to stay about the double bottom at the 61.8% fib retracement, and what it meant if Gold were to close over $1281 this week.
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Jobs Numbers Under Estimates But Strong Enough to Maintain Risk-on Sentiment
Gary Wagner – November 3, 2017 – #TechnicalAnalysis #Charts #VIDEO
https://thegoldforecast.com/video/jobs-numbers-under-estimates-strong-enough-maintain-risk-sentiment
Start the video above ^^ at the 2.54 mark.
For clarity, the 61.8% retracement was where Gold has bounced twice so far at $1262 level, and he mentioned that if Gold were to close above $1281.80 that it may start a breakout move up to a Fib extension.
However, if in the next few days Gold breaks $1262.60 (61.8% retracement) then the next support comes in at $1236.40.
Well today Gold closed right near the $1280-$1281 area, so it’s going to be interesting to see if it can break out here, or if it get’s slapped back down again.
Johnny Cash – I Walk the Line
Gold @ $1275 – Still walking the line between $1262.60 and $1281.80….
AUD/USD and NZD/USD Fundamental Daily Forecast – RBA Rate Statement on Tap; Expect No Change
FX Empire – James Hyerczyk – November 6, 2017
https://finance.yahoo.com/news/aud-usd-nzd-usd-fundamental-212034441.html
@Scottrades – “Great looking TINKA $TK chart”
http://cdn.ceo.ca/1cvkuji-C643BDF5-16E6-4768-951A-1412284F5C9E.png
@PamplonaTrader – “some technical resistance at $0.71 but wouldn’t say I am concerned. $TK has done lots of good work and it won’t continue to go unnoticed for long… over a billion dollars raised last month by Nexa and Volcan. The tide is rising and $TK is the flagship of LatAm #zinc.”
— @pamplonatrader, 2 Nov 2017, 08:54
Once I put my bid in at .72 it went up and I never got filled. 😩 That’s how I know it’s going to break to the upside
Tinka is one of the most solid Zinc exploration/development stories out there, and they have nice Silver & Tin deposits on their land package as well. I’m almost wondering if they are going to JV out the development of the Tin resource to one of the big boys.
How fitting!!! Tinkas halted!!!!☹️
Tinka Resources Ltd (TSX-V:TK)
Shares Issued 211,995,022
Last Close 11/6/2017 $0.74
Tuesday November 07 2017 – Halt Trading
Tinka Resources Ltd. has been halted at the open on Nov. 7, 2017, at the
request of the company, pending an announcement.
Most of the 70 +investors in the Tinka Room over at ceo.ca think it will be good news!
Oh you already saw.
It would only be bad if my order got filled yesterday 😞
Well, if it is just a drill hole or smaller news release, you can still get on board, but if it is a takeover or something like that then the window may have been missed.
It could be bad news as well (like a financing), but based on the good results, good work, and attention they’ve been getting lately, most are leaning towards good news.
@TheGalvanizer – “Joe Mazumdar speaking at 3.30 on Saturday at MIF – Tinka immediately following”
(VTT) Vendetta Reports Drilling Results from Zone 5 at Pegmont Lead-Zinc Project
by @newsfile on November 7, 2017
https://ceo.ca/@newsfile/vendetta-reports-drilling-results-from-zone-5-at-pegmont
Off topic…….but still important Real estate update
http://www.zerohedge.com/news/2017-11-06/brick-and-mortar-meltdown-sinks-property-prices
The industrial sector is hot
Brick-and-mortar retail space is getting crushed.
even worried the Fed because US financial institutions hold nearly $4 trillion of CRE loans, according to Boston Fed governor Eric Rosengren earlier this year. Of them, $1.2 trillion are held by smaller banks (less than $50 billion in assets). These smaller banks tends to have a loan book that is heavily concentrated on CRE loans, and these banks are less able to withstand shocks to collateral values.
SAME OLD same old………..
http://www.zerohedge.com/news/2017-11-07/black-swan-plain-sight-debt-out-wazoo
Gart Not………Bitcoin News to Gartman……….
http://www.zerohedge.com/news/2017-11-07/bitcoin-rebounds-sharply-after-gartman-predicts-drop
Gartman is the greatest contrarian play I have ever seen.
Gartman – do the opposite.
ditto
It is pretty hard to be worried about gold right now. Here’s Sprott’s PHYS:
http://stockcharts.com/h-sc/ui?s=PHYS&p=W&yr=7&mn=2&dy=0&id=p63749479866&a=370904138
On the following chart, you can see why I like the Fibonacci 233 week MA more than the widely followed 200 week MA. Notice that the first two periods that GLD spent above the 200 wma failed while the recent and only move above the 233 wma will probably stick —“three and through” for the 200 and “one and done” for the 233.
The near future for the sun metal turned decidedly brighter during sunny Leo…
http://stockcharts.com/h-sc/ui?s=GLD&p=W&yr=7&mn=2&dy=0&id=p73455861491
SLV needs to add a dollar to confirm GLD’s positive action…
http://stockcharts.com/h-sc/ui?s=SLV&p=W&yr=7&mn=2&dy=0&id=p54698934880
The silver chart better shows the significance of the current action around 17.25…
http://stockcharts.com/h-sc/ui?s=%24SILVER&p=W&yr=7&mn=2&dy=0&id=p55110822969
Daily chart MA resistance:
http://stockcharts.com/h-sc/ui?s=%24SILVER&p=D&yr=1&mn=1&dy=0&id=p57693275033&a=555349383
SILJ is the crystal ball that tells us silver WILL take back the 200/233 week MA:
http://stockcharts.com/h-sc/ui?s=SILJ&p=W&yr=7&mn=2&dy=0&id=p80005788061
SILJ’s strength relative to SIL is only a good thing:
http://stockcharts.com/h-sc/ui?s=SILJ%3ASIL&p=W&yr=7&mn=2&dy=0&id=p54875413494
Agreed. I like seeing the smaller companies outperform the larger companies in any sector, but especially the Silver miners. Thanks Matthew.
Lots of fantastic charts here.
Thanks, Matthew.
+1
Novo………update from BM……….
http://www.321gold.com/editorials/moriarty/moriarty110717a.html
EX……..your buddy got a mention by BM……..
ut for all the coal in the Christmas stocking, there may well be a diamond or two in the clumps of carbon. There is a poster on CEO.CA who uses a name of HHorseman.
He has done some serious investigation into Novo Resources and come up with some information that is well worth reading.
Yes, the Hedgeless Horseman is a great guy, and we talk very regularly. He has basically holed up in his house 16 hours a day pouring over maps, geology, and all the theories and has put all of his firepower on Novo Resources for the last few months and made it is his primary bet in the resource sector.
I have a great deal of respect for his research, and he was also the one that tipped me off to Sage Gold and GFG Resources (Claude 2.0).
One of his favorite Silver stocks is Dolly Varden and we tease him all the time that he’s been neglecting his girl Dolly for his new love Novo. 😀
Here’s more kind words for The Hedgless Horseman from another pal Mining Book Guy:
@MiningBookGuy – “wow, very cool! I don’t own $NVO, but very happy for @hhorseman getting props from #BobMoriarty. So glad you pointed this out. Here’s the quote:”
[For all the verbiage from HotCopper, CEO.ca and Stockhouse and hoards of newsletter writers eager to join the fray, there is little real substance. Everyone with a keyboard seems to think they are the smartest guys around even though the quality of the thinking and ethics of the writers leaves something to be desired. The mere fact of owning a stock means neither that it is well run or even worth owning.
But for all the coal in the Christmas stocking, there may well be a diamond or two in the clumps of carbon. There is a poster on #CEO.CA who uses a name of @HHorseman.
He has done some serious investigation into Novo Resources and come up with some information that is well worth reading. Since he did the work and doesn’t have a paid site, he asks for a $25 donation via PayPal.
[link here:
http://www.thehedgelesshorseman.com/novo-resources/information-protected-novo-resources-article/ ]
“I did the donation just to see if the work was as good as his logic about Novo. It was and I highly encourage my readers to go to this site and make the donation and read what he has to say. He is the only writer other than me to make a very important connection about Novo.] “
I just realized @MiningBookGuy was just requoting the Bob M. editorial.
We’ve all been hanging out in the #mbgtrends room for the last 2 years sharing ideas. A good group of investors in that room. Fi Fighter (@Jayfire also is a regular in there)
Man even Stateside (of the Stateside Report) is giving him props, and he doesn’t dole out compliments very often. Nice!
@stateside – “Congrats @HHhorseman!! – thanks for all of your diligence and time spent on this play!”
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@stateside Stateside Report Podcast – November 6, 2017 –
“In this episode of the stateside report podcast we take a look back at the week in gold, silver, the base metals and the stocks, we take a look at the Wits 2.0 news including Novo Resources $NVO, Artemis Resources $ARV.AX, Segue Resources $SEG.AX, and Kairos Resources $KAI.AX and we talk about press releases from the following companies: Decade Resources $DEC, Erdene Resource Development $ERD, Puma Exploration $PUM, Goldmoney $XAU, McChip Resources $MCS, Kerr Mines $KER, Metallis Resources $MTS and Tasca Resources $TAC. We talk gold, silver, copper, lead, zinc, nickel, lithium, oil and uranium.”
@zentrarian – “Bob Moriarty is the only reason many people like myself heard about NVO early enough to buy sub-$1 tickets, which are already being scalped for up to 10x the price, even though the “rock” concert probably doesn’t even start until next year. For that reason alone I will forever be grateful to him, and will continue to do what little I can to make sure he is given the credit for breaking this story that he is due. ”
“Beyond that I prefer to stay out of the mud throwing on both sides of the playpen, except to say that I’m jacked to the t*ts that @HHorseman is also finally getting some serious recognition. (And, oh yeah…I bought my own keyboard, Bob.)”
@Goldfinger – “And mucho kudos to you @HHorseman on the Moriarty shout out, he doesn’t commend many people on their Novo analysis so you’re definitely doing something right! “
As so often happens, trendline breaks once again appear to have been buying opportunities…
http://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=1&mn=1&dy=0&id=p74499576302&a=547215272