Major Miners and Yields All Hurting The Metals
Jordan Roy-Byrne joins me today to outline some of the factors that have us concerned about the metals markets. We discuss short and long term yields as well as real interest rates. Also a look at some of the largest mining company charts we are seeing these break to new lows for the year. This could all be the fall washout of the year for metals but that action of the stocks are a cause for concern.
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Hi Cory
It is interesting to compare the comments from Jordan with those of Rick Ackerman on the direction of the gold price. One is looking down and the other is looking up.
Bob Grierson
Bob,
I think Jordan and Doc are in sync. Both are saying metals and miners would reach July low’s to cleanse out any remaining bullish sentiments. One can go to Stocktwits and read how bullish the crowd still is – I would like to see total gloom and doom before we call a bottom. Keeping my dry powder ready for that event! GL
Yahoo might give a more useful read on sentiment than stocktwits since the average Joe doesn’t live and breath his investments.
SLV is about to close below its daily Bollinger bands for the seventh session in a row. There’s plenty of fear right now…
http://stockcharts.com/h-sc/ui?s=SLV&p=D&yr=0&mn=7&dy=14&id=p78023656957&a=561694199
This is painful. Ouch!
There is nothing scary about the gold chart right here and I doubt that it will turn scary. Of course, looking at the miners, most participants obviously disagree.
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=3&mn=0&dy=0&id=p42172623973&a=561622602
The worst case for GLD (gold) in my opinion (red arrow):
http://stockcharts.com/h-sc/ui?s=GLD&p=W&yr=3&mn=0&dy=0&id=p86992107907
About a month ago in early Nov. , Bob at 321gold suggested people listen to Gann Global who sponsored a series of podcasts on the HUI/metals complex. Those podcasts forecast exactly what is happening in today’s breakdown. I’m not surprised by the negative actions in the PM markets. Gann for-cast (not absolute but highly probable) it exactly as it’s happening. If you can find those videos, watch them……Also, this read is quite good on the same subject: http://news.goldseek.com/GoldSeek/1512656220.php
SLV:GLD has already reached the July low:
http://stockcharts.com/h-sc/ui?s=SLV%3AGLD&p=D&yr=0&mn=9&dy=11&id=p78894316016&a=561673269
Let’s see if $GDM/GDX can finish the week above the 200 week MA:
http://stockcharts.com/h-sc/ui?s=%24GDM&p=W&yr=3&mn=6&dy=9&id=p32736082983&a=561700128
🙁