Is $1,220 gold and $12 silver a sure thing?
With so much talk about $1,220 gold I wanted to ask Jordan Roy-Byrne, Founder of The Daily Gold about what he is seeing in the chart. We also look at GDX and silver in terms of another solid bottom.
Click here to visit Jordan’s site and follow along with his calls for metals and metals stocks.
Also, keep in mind that $gold’s 50 WMA never crossed below the 100 WMA once they both crossed over the 200 WMA during the entire bull run from 1998 to 2011.
Unfortunately, that has already occurred for $gold back in 2018. To me, that strongly suggests that both the 50 and 100 WMA’s will cross back below the 200 WMA eventually.
Last year’s sell off in september basically wrecked the chart, IMO. So I could EASILY see Doc’s call of nothing happening in the metals for a couple of years yet panning out.
This is one of those pesky facts that I guess I have tried to ignore, since it obviously goes against any type of imminent bullish impulse.
Just the opposite, to me this strongly suggests gold is probably going to roll over hard soon (i.e., drop well below the 200 WMA eventually). In time, I could see the HUI eventually making its way back to 100 and potentially lower when this happens.
It’s still funny that GDX would have to fall another 15%+ to retest that September low and 40% to reach the 2016 low.
Wherever the coming low happens, I’m confident that Doc and many others will still be looking for a lower low. That’s how it has worked every time.
Well, all that matters is that miners are in a bear market. Doc and to some extent I have been the only ones here to accurately state how long this could take to play out. So much damage was inflicted in three years that I had little doubt that it would likely take many years, if not a decade or more in the case of the commodity complex, to base out. They absolutely wrecked the charts. GCC will be dealing with long term MAs for years to come, even if it did hit a low in 2016.
I also stated that it could be until 2020 or later before the silver miners match the 2016 highs. That looks like I will be dead on.
If there’s a sector that can erase technical damage quickly it is that of the gold miners. Conventional stocks are very different because they tend to fall apart for reasons that are much more complicated than falling prospects due to a falling gold price.
In addition, the action since 2016 still looks like a bullish consolidation and the implications of that huge impulse leg have not been negated.
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&st=2001-01-01&id=p12361157387&a=666732317
Pray jp morgan doesnt sell that largest silver hoard in history.
They will not sell the hoard…….if, they want to sell, someone else will be appointed…
Dollar to silver ratio (per the DEBT CLOCK) $592 per oz….
Every wonder why the U.S National Debt Clock….even mentions it…. đ
https://www.usdebtclock.org/#………..you can look at the amount in the lower left corner……
Gold investors might appreciate a Hug…
https://www.youtube.com/watch?v=qFnxsDEfnuw
Hug……of a different kind……..Peter is as confused as everyone else…
They are milking the drama of the 1267 swing low for every drop…
With all the turmoil with the US GOVT………gold should be over $1400…..
Nothing is normal…..or was it ever normal.
Silver is really WEAK…no news here.
From Sinclair….jsmineset
Our May Silver deliveries carry on with the demand for physicals now at 225, dropping only 2 contracts into the delivered bin and with a Volume of 49 up on the board so far this morning with a price range between $14.40 and 14.39 (this is the real SPOT price, not Kitcoâs). This is a super tight buyer/seller agreement and the antipodal of last weekâs story, (is someone ânot on our sideâ reading this too?). The big trading point is our Open Interest within Silverâs overall numbers with the count continuing to gain as another 367 more shorts got added to the fray proving the count at 210,854 Overnighters âstayingâ the trade (keeping prices steady). Our point being, the buyers, who are continually being punished for thinking Silver should be higher in value, are refusing to exit their positions as the shorts keep adding. Normally the buyers would cave by exiting their trade, bleeding and wounded. This may be another attempt at scaring the trade lower, but it could also mean the shorts are against the ropes. Only the deliveries will matter in this game, and when the shorts canât deliver ⌠Boom!!
âThe Constitution is not an instrument for the government to restrain the people, it is an instrument for the people to restrain the government â lest it come to dominate our lives and interests.â
-Patrck Henry
âWhen the people fear their government, there is tyranny; when the government fears the people, there is liberty.â
-Thomas Jefferson
Dow breaking below cloud support on the daily chart today. Color me a little surprised. Still, that is not the all clear to short away, what with the Fed open mouth operations a possibility at the drop of the hat. All it takes is one Fed rumor to be published by the shysters at the WSJ.
The breaking of cloud support is just a necessary but insufficient step needed for a serious correction. For all I know, it manages to re-enter the cloud tomorrow.
And they are milking the $1267 swing low in gold for every penny. Do I get the fairytale ending, like Julia Roberts? HAhaha, who’s kidding.
Off Topic: MUST READ
Obama’s big Brother real attitude.
Interesting post CFS about THE HAMMER
”
Obama and his henchmen were using THE HAMMER to create a tyrannical police state in America worthy of the East German Stasi or Hitlerâs Gestapo.
According to Montgomery, the FBI, under Director Robert Muellerâs leadership, provided the computers for THE HAMMER super-surveillance system.
Special Counsel Robert Muellerâs Russia collusion investigation entirely cleared President Donald Trump of collusion with the Russians.
Regardless of the evidence and the $35 million dollar two-year investigation, many, including John Brennan and James Clapper and, according to Democratsâ spin, Robert Mueller himself, continue to smear and characterize President Trump as guilty of collusion and treason.
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THE HAMMER Was Ground Zero Of the Trump Russia Collusion Hoax; Obama Administration Insiders Are Panicking
As Department of Justice investigators begin the hunt for the true origins of the Russia collusion investigation, Democrat insiders are beginning to unravel. Blood is in the water. And it is their own.
Brennan, Clapper, and Comey are maintaining and even ramping up their relentless tempo of frenetic television appearances as they struggle to keep their stories straight. The conspirators are turning on one another.
COUP DâĂTAT: DOJ, FBI OFFICIALS ON MUELLERâS RUSSIA TEAM IN COVER UP OF MUELLERâS, CLAPPERâS, AND BRENNANâS SURVEILLANCE âHAMMERâ THAT SPIED ON TRUMP, STRZOK-PAGE TEXT SHOWS â The American Report
Many of these insiders appear to be well aware of THE HAMMER and of the Obama administrationâs illegal surveillance of Donald Trump.
Evelyn Farkas, a former Obama administration Defense Department official and Russia specialist, blurted out during a March 2, 2017 television appearance on MSNBC âthe Trump folks if they found out how we knew what we knew about the Trump staff dealing with Russians that they would try to compromise the sources and methods meaning that we would no longer have access to that intelligence.â
“
Interesting post CFS.
https://www.youtube.com/watch?v=l9f2ek1jFMA
Dave Janda describes Obama TREASON.
Then there’s the Crumby News Network, CNN,
and their left-wing morons…
Calling Matthew – Interesting hammer candle working on IPT.V. Not seeing the same on ISVLF yet. Start of a possible turn?
A turn looks probable to me…
https://stockcharts.com/h-sc/ui?s=IPT.V&p=D&yr=1&mn=1&dy=0&id=p06875500176&a=638347646
Matthew – On my ISVLF chart, I used a weekly line chart to draw my trendlines. On that chart, I have a downsloping trendline starting in 2012 hitting the high in 2016 that should be lower than the peak hit in mid February by early July. I also dre a trendline similar to you last chart above where the peak in February actually exceeded the line at the high in February and looks like it might be exceeded around mid June. My third downtrend line I drew from the high this past February through the secondary peak in in early March. That trendline was broken in early April and was backtested later in April. It has since made a lower low in early May. However, since mid-May the stock has made a higher low and seems to be ready to make a higher high. The weekly moving averages and the weekly 20 bollinger bands, it looks like the stock still probably needs some time to consolidate, but based on the downsloping trendlines, a chain reaction could result resulting in each trendline being succeeded fairly quickly. It will be interesting to see if my thesis comes true.
AG has found a few supports…
https://stockcharts.com/h-sc/ui?s=AG&p=D&yr=1&mn=3&dy=0&id=p7151263651c&a=578542926
Thanks! Looks even better now. Volume is still pretty light so I am going to see where it goes tomorrow ane next week before adding.
$USD is primed for take off. 20, 50 and 200 WMAs all bullishly aligned now, we are just getting a golden cross. Weekly MACD flat for over a year with huge amounts to run to the upside. The weekly stochastics are acting ridiculously bullish and are just now hitting overbought. The 14 week RSI has plenty of room to run. This sucks for anyone long anti-dollar plays. But then again, the hand writing has been on the wall for the last 6+ months.