Chris Vermeulen - The Technical Traders – Wed 6 Mar, 2019

Momentum vs Sentiment For Gold

Chris Vermeulen, Founder of The Technical Traders shares his thoughts on the recent pullback in gold. There is a debate over sentiment (which remains strong) vs momentum (which is negative) and which one will carry the market in the short term. We also look at the USD and the tech sector in terms of just how much more they can run.

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Comments:
  1. On March 6, 2019 at 7:12 am,
    bonzo b. says:

    The Alamo fell on March 6, 1836. No prisoners were taken. Remember the Alamo!

    • On March 6, 2019 at 7:39 am,
      OOTB Jerry says:

      Maybe we could ship AOC…..to the Alamo……..or the OK Corral ….

    • On March 6, 2019 at 9:05 am,
      bonzo b. says:

      They should have built a higher and thicker wall around the Alamo.

      • On March 6, 2019 at 9:37 am,
        b says:

        The mexicans should have surrounded it and left with the remainder of the army.

        Hindsight is 20/20.

    • On March 6, 2019 at 10:35 am,
      david says:

      Should have run away and had Santa Anna follow them to San Jacinto. Then all the cities and Counties in Texas would have been named Houston.

      • On March 6, 2019 at 11:21 am,
        b says:

        lol

        2 sides to everything I suppose.

  2. On March 6, 2019 at 7:17 am,
    Matthew says:

    Kootenay Announces Increase in Non-brokered Private Placement and Closing for Proceeds of $7.0 Million
    http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20190306:nCNWy3P4Ta

    • On March 6, 2019 at 10:43 am,
      Excelsior says:

      Mako Mining Announces Non-Brokered Private Placement Financing With Existing Shareholders

      https://makominingcorp.com/news/index.php?content_id=105

      • On March 6, 2019 at 10:49 am,
        Excelsior says:

        (MKO) (GRGNF) Mako Mining Begins Producing Gold Again at La Trinidad

        “Mako Mining is pleased to report that dewatering of the Taunus pit is nearing completion and mining has recommenced. Crushing and stacking on the leach pad has also resumed and the crusher stockpile is being replenished. This month, to date, the Company has mined over 71,000 tonnes of ore at an average grade of 1.22 g/t gold and has crushed over 53,000 dry tonnes of ore at an average grade of 1.33g/t gold. The current ore stockpile has been built up to over 37,000 tonnes at 1.23 g/t gold to date. Although the Company has made good headway with the removal of mud and other debris in the pit, it continues to evaluate the safest and most effective mine plan to recover the remaining gold ounces.”

        “While Mako Mining has experience dealing with hurricane related insurance claims, it is not currently in a position to estimate the amount of the insurance claim or the eventual reimbursement that it will receive, nor is the Company in a position to comment on future cash flows from the La Trinidad Mine until crushing and processing rates return to design capacity.”

        https://makominingcorp.com/news/index.php?content_id=104

  3. On March 6, 2019 at 7:19 am,
    OOTB Jerry says:

    Palladium………..$1500……anyone notice…..was $164 in 2008……
    WHAT IS THE LOWEST SPOT PRICE PALLADIUM PER OUNCE IN THE PAST 10 YEARS?
    In the last 10 years of the Palladium price history, the Palladium price was lowest on Dec. 5, 2008 at 12:30 p.m. (CT), when the troy ounce Palladium spot price was $164.00 USD. You can check out the price trends of Platinum, Silver and Gold, too.

  4. On March 6, 2019 at 7:20 am,
    OOTB Jerry says:

    Palladium……on a tear……..up $200 in 30 days…..

  5. On March 6, 2019 at 7:31 am,
    Matthew says:

    Many weeks ago, Goldman Sachs (Jeff Currie) announced a 1425 target for gold and I said that my target was 1450-1480. Well GS has now seen the light and raised its target to 1450.😎
    https://gracelandjuniors.com/wordpress/wp-content/uploads/2019/03/2019mar5goldman1.png

    • On March 6, 2019 at 11:39 am,
      Glenfidish says:

      Great call Matt!

      • On March 6, 2019 at 6:48 pm,
        Matthew says:

        It will be real funny if it tops at 1425!

  6. On March 6, 2019 at 7:33 am,
    OOTB Jerry says:

    GS……must have read your report…….. 🙂

    • On March 6, 2019 at 7:40 am,
      Matthew says:

      Lol, sure! 😂

  7. On March 6, 2019 at 7:44 am,
    Matthew says:

    My new UEX position looks good today:
    http://schrts.co/WtMjtJxY

    • On March 6, 2019 at 4:22 pm,
      Dan, calgary says:

      I did too and now it is my largest holding. I like the way the stock price swings between the bollinger bands.

      • On March 7, 2019 at 1:32 am,
        Excelsior says:

        My (URG) position has looked good since Uranium bottomed back in late 2016.

        It’s had some great volatility for trading as well, and will benefit from the US Section 232

        http://schrts.co/IHIBqtac

        • On March 7, 2019 at 10:49 am,
          Dan, calgary says:

          Bottom left to top right is the right direction. I hope UEX has put in a hard bottom.

          • On March 7, 2019 at 8:32 pm,
            Excelsior says:

            +1

  8. On March 6, 2019 at 7:48 am,
    Matthew says:

    My Brixton has pulled back hard but I’m not concerned and will probably buy more:
    http://schrts.co/MMIDPppA

    • On March 6, 2019 at 11:26 am,
      david says:

      I am holding also as appears the down move is probably a general algo smash that never has to do with fundamentals or technicals having anything to do with mining. They just want us to dump miners and buy some Tesla. The excuses given by CNBS get old and tired. Bottomline: No Brixton news to warrant the action…nor AG, KL, GTBDF, MUX or on and on. There are no free markets…just criminal ones.

      • On March 7, 2019 at 2:38 am,
        Excelsior says:

        I had a nice run with (BBB) Brixton in 2016 and a good trade during the Q1 run in 2017, but really wish I would have sold the rest of my core position then before the second half of 2017 and all of 2018 when they continued playing musical chairs with what their flagship was going to be, and made a series of bad decisions back to back.

        I got interested in Brixton back in 2016 due to their Thorn gold project in the Golden Triangle BC, and really for their Silver/Cobalt Langis property in Ontario. The Silver leverage and Gold discovery story is what really caused them to have some oomph back then.

        However, then it started to appear that there wasn’t enough gold to make an economic deposit at Thorn and they got even more Silver focused which the market reacted to positively.

        In 2017 they started getting weird focusing more on Atlin and then out of nowhere bought the Hog Heaven property from Pan American in Montana of all places (which has been very tough on letting any new mines be developed). They acted like this would be the new crown jewel of the company and then didn’t do much with it, which seemed like a gross waste of funds and sent a confusing signal to the marketplace.

        Then when their Langis-Hudson drilling finally got some attention back for their Silver & Cobalt hits, they decided to sell off some of their “non-core” Cobalt properties when that was one of the few asset classes getting any traction with resource investors back in 2017 and the stock slumped afterwards. They should have just not bought hog heaven, focused solely on the Silver/Cobalt story, and ignored Atlin & Thorn.

        Then they were going to spin out their Silver/Cobalt assets into a separate company, but didn’t (??).

        Now they are buying up more land around Atlin trying to make a Gold discovery, but they really have Attention Deficit Disorder and this lack of focus has many people wondering why they keep changing their flagship.

        Maybe they should just become a prospect generator and farm out all their projects to other companies to earn into and focus on just 1 primary project.

        It is no wonder that Brixton’s stock has slumped though, and “no news” is the whole problem. While it is true the whole sector has slumped, there have been several dozen exploration stocks that have popped on good drill results in 2017, 2018, and 2019, and their lack of focus scared off most of their longer term investors.

        I’m hoping they hit something worthwhile at Atlin, after now making it the flagship, so I can liquidate my position on any surge in share price.

        • On March 7, 2019 at 8:06 am,
          david says:

          Excelsior. Thanks for the insight. Your conclusion has merit.

        • On March 7, 2019 at 8:25 am,
          Matthew says:

          The debt-ridden economy of the U.S. will eventually stagnate (at best), and when it does, permitting Montana mines will get easier. Local politics will beat the paper tiger Feds but it will be probably years in coming and silver will be much, much higher.
          All in all, I feel very good about the stock but it doesn’t hurt that my average price is well under 20 cents.

  9. On March 6, 2019 at 8:03 am,
    Matthew says:

    Stewart is right about the following:

    Violent rallies like the one in 2016 are not sustainable. They cause a lot of investor price chasing as they peak and tend to end very badly.

    The fundamentals of this market are much different from 2016. That’s why key research analysts at firms like Goldman are so positive on gold. Where gold goes, silver tends to follow.

    Silver can outperform gold without leading it. What I mean by that statement is that gold can be the first metal to make a new intermediate trend high, but the percentage gains for that move are bigger for silver. When silver leads gold, the market tends to be more speculative and that’s not healthy.

    Gains that are sustained come from a market where gold leads the trending action, and that’s what is happening now.
    http://www.321gold.com/editorials/thomson_s/thomson_s_030519.html

  10. On March 6, 2019 at 8:13 am,
    Paul says:

    Chris where do you see GDX target if gold breaks down under 1275, will miners follow or hold this area since they have been beaten up already.

    • On March 6, 2019 at 8:38 am,
      Matthew says:

      That would open the door to GDX in the 20.50 area which would fill that big January gap. The miners have held up extremely well during the last $30 drop for gold but I would expect a more normal 2 or 3 to 1 leverage to return if gold if starts a move to a significantly lower low.
      http://schrts.co/MQbyDqGZ

  11. On March 6, 2019 at 8:43 am,
    Matthew says:

    Scorpio Gold Announces Completion of Waterton Buyout to Eliminate Senior Secured Debt and Acquire a 100% Interest in the Mineral Ridge Property
    http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20190306:nGNX3ZGnH

    • On March 6, 2019 at 8:47 am,
      Paul says:

      Your thoughts on gold charts showing a cup and handle patter forming. If you agree where do ypu see price area for handle to form move higher. Also how long does it take usually for handle to be complete before breakout 2 months??

      • On March 6, 2019 at 9:17 am,
        Matthew says:

        It is cup and handle-like but has already retraced more than the ideal 1/3 or less of the move up from the bottom of the cup.
        I expect at least a decent relief rally very soon and do not agree with those who think that it will be months before the February high is taken out.

        Gold has filled its January gap but I don’t see that as a sign that the miners must now do the same (but of course they might). Gold and the miners are in a new bull market but the miners are in a new bull market even when priced in gold.

        Stockcharts does a good job explaining the cup and handle:
        https://stockcharts.com/school/doku.php?id=chart_school:chart_analysis:chart_patterns:cup_with_handle_continuation

        • On March 6, 2019 at 10:37 am,
          Paul says:

          This coment doesnt agree on you interview. You are nuetral to bearish here and only see bounce to 1310 and being sold into and charts telling you we could visit 1260 area. Mathew are you just giving your view or answering for Chris because interview above doesnt agree.

          • On March 6, 2019 at 10:53 am,
            Matthew says:

            Sorry for any confusion. My 2 cents are mine; I do not speak for Chris in any way.
            Chris Temple is good about answering questions in the comment section but I don’t recall Chris V. ever doing so, so I thought I’d take a crack at your question. Again, I apologize for not being clearer.

    • On March 6, 2019 at 10:47 am,
      Excelsior says:

      Glad to see Scorpio Gold back to life again and moving forward. Also, it is good they now will own 100% interest in Mineral Ridge as I wasn’t a fan of having a secondary entity in the mix. Moving right along. We just need to get through the 2:1 reverse split and then most of weight will be lifted off their shoulders.

      • On March 6, 2019 at 11:05 am,
        Excelsior says:

        Scorpio Gold Reports AGM Results
        Mar 04, 2019

        “At the Meeting, the Company’s shareholders also approved the renewal of the Company’s 10% rolling stock option plan, the re appointment of Davidson & Company LLP as auditors of the Company and the consolidation of the Company’s issued and outstanding common shares on a 2:1 basis, all as set out in the Company’s information circular dated January 30, 2019.”

        http://www.scorpiogold.com/s/news.asp?ReportID=846320

  12. On March 6, 2019 at 4:50 pm,
    OOTB Jerry says:
    • On March 6, 2019 at 5:59 pm,
      Excelsior says:
      • On March 7, 2019 at 4:59 am,
        OOTB Jerry says:

        That would be a good nursing home song………. 🙂

  13. On March 7, 2019 at 2:34 am,
    RON says:

    Down Load button is missing, I am unable to download no pod cast today.