Lower Targets For The Sell Off In Metals And US Markets
Doc joins me today to share his thoughts on the sell off today in the US markets and metals. We had been predicting a sell off in the metals into May which appears to by well underway. Now the question is will we see another bottom in mid to late may and where that bottom will be.
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Watching issues like QID and JNUG. No big money yet betting on markets falling big time or PMs giving up their ghost. People seem to be buying silver issues in light of the fall in physical. Ref. CDE, GPL, AG and others………..Of course, it can reverse tomorrow!
Doc where do you see the low in GDX? What was that buy target in Goldcorp you were looking for?
thanks
Paul, there’s a real good chance we see 21. I believe we see 12–12.50 for GG. I’m a little queasy about GG now since the last quarterly earnings were not as good as expected. I’ll have to take a deep breath if I buy GG at the level I believe we’ll see since the earnings may be setting us up for a break below the lower BB. The technicals should give us a cue when the pricing gets down to those levels.
Yet again the metals and miners can’t/won’t get any traction with the Dow falling. We need at least a significant low to be struck in the Dow for the miners to be able to do anything. That being said I think the Dow is close to bouncing significantly IMO (weekly MACD almost neutral and we are approaching the 50 WMA).
Doc, speaking of metals, have you had all the mercury fillings removed from your mouth?
What do you think of DRGDF?
BB, my mouth is worth thousands due to the gold crowns I have. It’s my vault for my gold holdings. DRGDF is interesting from a technical basis. It’s right at the lower BB on the monthly chart. This is tough one. You could go as low as 5 but it could also stabilize down here. The daily has a large gap. I wouldn’t leap into this one right away but watch the pricing for awhile.
Doc, like you I have gold crowns on all my molars. My wisdom teeth do not have crowns yet and I hope they won’t need them. DRGDF is very undervalued unless something is rotten in Denmark. It has huge leverage to the gold price after its collapse this week. A $1000 increase in gold could take Detour back over $40.
When you guys talk about buying the physical precious metals you aren’t kidding around. Heck you guys are stacking gold in your molars. I respect that kind of conviction.
BB; thanks for that info—why do think the big drop?
DRGDF had a 1st quarter conference call a couple of days ago and revised their mining plan, which caused a sell-off. I think it was overdone. They produce 600000 of gold/year and may grow this to 700k. A $1000 increase in gold would increase cash flow per share by $4. I think GG, ABX, or NEM should buy Detour down here.
Who can get excited about silver until it goes over $20 plus…….JMP, and Muchy have the finger on the screen……..silver stealers.net…………
BS…………ALL RIGGED…………..FED ME WHEN IT IS OVER……….. 🙂
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Appreciate your thoughts Doc. Reassuring. Also Cory, nice to hear your voice again.