Jordan Roy-Byrne - Techncial Commentary – Thu 22 Nov, 2018

Comparing the setups in GDX and GDXJ

A very happy Thanksgiving to all of our US listeners! Al and I both hope you have a great couple days away from the office and with your family and friends.

Jordan Roy-Byrne joins me today for a quick update on the metals sector. We look at the discrepancies between the GDX and GDXJ charts. We also consider the impact of the upcoming Fed meeting in December and the possibility of a relief rally in the US markets. This bounce in GDX has already gone on a longer than we thought but there is some serious resistance ahead.

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Featuring:
Jordan Roy-ByrneCory Fleck
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Comments:
  1. On November 22, 2018 at 8:22 am,
    Bob Grierson says:

    Hi

    Jordan Roy-Byrne seems as confused about the direction of gold miners as I am.

  2. On November 22, 2018 at 8:36 am,
    Markedtofuture says:

    Ready To Move Again?? | Bitcoin Has BIG Support At $4,000

    https://www.youtube.com/watch?v=Q7NCvAZY0wM

    • On November 22, 2018 at 9:55 am,
      Matthew says:

      I see more like $1,900 before there’s a big bounce and then $1,300…
      http://schrts.co/ESakrt

    • On November 23, 2018 at 1:24 am,
      Excelsior says:

      > the latest crypto-conspiracy… for infotainment.

      ________________________________________________

      IMF Reveals That Cryptocurrency Is The New World Order End Game

      Wednesday, 21 November 2018

      “The “currency” was backed by nothing tangible (and no, math is not a tangible resource). Anyone could create a cryptocurrency out of thin air that had attributes identical to bitcoin, therefore there was no intrinsic value to the technology and nothing stopping the creation of thousands of similar currency systems, eventually making bitcoin worthless. The scarcity argument for crypto was fraudulent. And, in the event of a grid down or an internet lock-down scenario (as has occurred in the past in nations under crisis), crypto was useless because the blockchain ledger was no longer accessible.”

      “Trading with private wallets made little sense; how many people were you likely to run into in your community with a bitcoin wallet? The amount of time and energy required to accumulate these digital nothings seemed counterproductive to me in light of the fact that they might not be there when you actually needed them.”

      “The only attributes that truly made bitcoin valuable were its branding and the amount of hype that was generated around it. But branding and hype are not enough to sustain a currency revolution. There was one other valuable characteristic — the supposed anonymity. In 2009, it was not clear whether this was legitimate. Today we now know that ANY cryptocurrency that is based on a blockchain ledger is highly traceable. There are no anonymous digital transactions no matter how savvy a person thinks they are…”

      http://www.alt-market.com/articles/3581-imf-reveals-that-cryptocurrency-is-the-new-world-order-end-game

      • On November 23, 2018 at 1:33 am,
        Excelsior says:

        continuing on from that crypto editorial up above….

        ___________________________________________________________________________

        “Some investors in crypto made a considerable profit on bitcoin and other digital assets for a time, but today many of them are losing their shirts as bitcoin and most coins tumble in value. It is perhaps no coincidence that cryptocurrencies act as though they are anchored to the tech bubble in stock markets. As tech stocks flail and plummet, so too are crypto assets, because cyrptocurrencies are traded like equities in a bubble, not monetary mechanisms. Many of us who were averse to the bitcoin hype train often used the Dutch tulip analogy for why crypto valuations were absurd, and obviously that analogy was not far from the mark.”

        “I wonder sometimes about the people who used to argue that bitcoin’s high value made its legitimacy self-evident; would they now concede with bitcoin’s plunging value that its legitimacy was in question? I’m guessing they probably won’t.”

        “Crypto was also an effective distraction from people trying to build precious metals based alternatives to the the current economic environment. Bitcoin siphoned up activist energy and redirected it into something useless rather than a system that might truly threaten the central banking establishment.”

        “Beyond that, the entire crypto-storm over the past decade has done one thing very well — it made the idea of cryptocurrencies a household discussion, and I believe this was the goal all along. Once I found growing evidence that international and central banks were deeply involved in building the infrastructure needed to make blockchain technology go global and universal, it became obvious that bitcoin and other coins were merely a pregame test for the introduction of something rather sinister.”

        http://www.alt-market.com/articles/3581-imf-reveals-that-cryptocurrency-is-the-new-world-order-end-game

        • On November 23, 2018 at 7:06 pm,
          Ozibatla says:

          This is interesting analysis and I suppose it has come to fruition to a certain degree currently. 2017 was bitcoins time in the sun. It may come to pass that it ventures back into the sun but not in the immediate future I wouldve thought.

          Correct me if Im wrong but didnt bitcoin futures become enabled right before bitcoins price slide???

          • On November 24, 2018 at 8:42 am,
            Excelsior says:

            Yes, once the futures markets hit people’s trading desks, and the ability to short Bitcoin became available, it was part of the fuel that added to the correction. However, if those shorts get squeezed, we may seem some epic pops.

    • On November 23, 2018 at 9:07 am,
      OOTB Jerry says:
  3. On November 22, 2018 at 9:01 am,
    Markedtofuture says:

    Happy Thanksgiving – DUDE ROCKS OUT AMAZING GRACE TO AMAZED CROWD

    https://www.youtube.com/watch?time_continue=8&v=Ox-Ay6jnEGs

    • On November 22, 2018 at 8:55 pm,
      Excelsior says:

      +1

  4. On November 22, 2018 at 9:32 am,
    irishtony says:

    Thanks..Markedofuture.
    Never judge a book by its cover……….
    https://www.youtube.com/watch?v=FalZRgCHeGM

  5. On November 22, 2018 at 10:28 am,
    irishtony says:

    Its Thanksgiving……
    Something special for all you folks out there with Happy Toes……
    https://www.youtube.com/watch?v=hKCHgwzMjhw
    We should all be Happy we have people like the above living amongst us. The world does Not have to be the sad place we see everyday. We can find joy & happeness if we look for it & create it ……………………PEACE.

    • On November 22, 2018 at 9:05 pm,
      Excelsior says:

      Great post IrishT.

  6. On November 22, 2018 at 4:18 pm,
    Jason says:

    Made some bank this week on NUGT. Got scout plays on GDX and GDXS for the Wife.

  7. On November 22, 2018 at 8:28 pm,
    Excelsior says:

    Pan American and Tahoe: Is this year’s biggest Silver Deal* worth trading? Yes, but…

    David Stein, CFA, MSc. – November 22, 2018

    https://www.linkedin.com/pulse/pan-american-tahoe-years-biggest-silver-deal-worth-stein-cfa-msc-/

  8. On November 23, 2018 at 12:32 am,
    Excelsior says:

    Bob Moriarty: Get Ready For A 2009 Replay In The Junior Resource Sector

    Energy and Gold – 22 NOV 2018

    http://energyandgold.com/2018/11/22/bob-moriarty-get-ready-for-a-2009-replay-in-the-junior-resource-sector/

  9. On November 23, 2018 at 12:34 am,
    Excelsior says:

    (NXE) NexGen Releases Project Development-Focused Summer 2018 Drilling Results

    @newswire on November 22, 2018

    https://ceo.ca/@newswire/nexgen-releases-project-development-focused-summer

  10. On November 23, 2018 at 8:12 am,
    Matthew says:

    GDM (gold miners) closed precisely at resistance on Wednesday and has now fallen to support…
    http://schrts.co/X68CW2

  11. On November 23, 2018 at 8:17 am,
    Matthew says:
  12. On November 23, 2018 at 8:23 am,
    Matthew says:

    Stocks are going much lower:
    http://schrts.co/RmhbYk

  13. On November 23, 2018 at 8:29 am,
    Matthew says:
  14. On November 23, 2018 at 7:23 pm,
    Ozibatla says:

    Just out of curiousity, with gold going through yet another range bound/consolidation phase, would we not need to see the price break to the upside in order for the long term bullish case to be validated?

    Without analysing its performance over the last 3 years, it seems as though these range bound periods have preceded a price fall such as the one witnessed mid year. Understanding resistance areas playing their role in capping golds move, a bullish development would be to break and hold resistance to the upside levels would it not?

    The 200week MA appears to be the new resistance of choice regarding gold. Of course we all know of the $1360-$1380 resistance range on a longer term outlook that gold has failed to hold several times over the last 4 years.

    Resistant technicals appearing to show up at lower levels is rather vindicative of bearish sentiment generally. If so, gold needs to grab a hold of this 200 week MA soon.