Thoughts on Gold, US Markets, and Bonds
Dana Lyons joins me to kick off today with his thoughts on both the trade into gold as well as US markets. As much as he tries to ignore the Fed the fact remains that there is a lot of liquidity in the system and this money is landing in a wide range of sectors.
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Well, that was earlier…….obviously …..
1398.70…………..nice finish,,,,,,to the WEEK……
Gold on the futures market closed at:
$1,402.80 USD/t oz. +$5.90 gain +0.42%
Stockcharts shows the close today & this week at $1400.10
That little bit of buying just before close…….is huge…….jmo
Making the number $1400…..mind games……lol
Agreed, Well the price was over $1400 on the close on most platforms that track the futures contracts, just not the spot price.
It shows $1403 on ceo.ca which scrapes it’s data from Yahoo Finance.
Ah – OOTB I see what you mean on the spot price at $1398.60.
Ex……seems to be a little difference…..but,…..I like the $1400 number better….
either way, ……a great close…..over the $1377 number.
Matthew made some great points, which some will overlook later…that is the numbers
were strong outside the US markets…
You also were aware….if , I recall….. 🙂
Yes, it was a solid move in overnight trading, that didn’t get sold back down below the 2016 high of $1377.50, and instead held strong at the open on Thursday morning, and then closed above the $1392.60 peak from 2014 (another resistance level cleared).
Now with today’s close on the daily & weekly being at $1400 it is a good psychological close, but also, very strong that Gold was able to hold onto most of the gains with doing a pop-n-drop.
It is getting a bit overbought, but overall a very solid week for the yellow metal.
Now it will be interesting to see if Silver gets the word, and plays catch up over the next week or two.
Regardless, a great way to end the week, and most of the larger mining stocks got a bid the last few days, as did the mining ETFs.
Ever Upward!
91.54………GSR…….
Trump stopped Iran strike yet gold was still unable to drop below its 2016 high. This is even more bullish when you consider how that high was exceeded in the first place: quickly and outside of U.S. market hours.
Despite being very short term overbought, the miners were bought aggressively on today’s dip. Again, this is because the longer term charts are in control.
https://stockcharts.com/h-sc/ui?s=%24GDM&p=D&yr=1&mn=3&dy=0&id=p75594383280&a=672055134
Ditto………on………high was exceeded in the first place: quickly and outside of U.S. market hours.
Do not forget…..most were asleep…with little comments….
People/sheeple will not get on……till it hits $1900…..jmo
https://usawatchdog.com/iran-drone-crisis-illegals-removed-pretend-economy/
Bo………was spot on with his call………
GDXJ has reached some resistance:
https://stockcharts.com/h-sc/ui?s=GDXJ&p=W&yr=4&mn=6&dy=0&id=p33029843273&a=648710975
New low for SLV vs GLD:
https://stockcharts.com/h-sc/ui?s=SLV%3AGLD&p=D&yr=1&mn=0&dy=6&id=p97279361234&a=659297177
It would be great if silver could muster some strength before the close:
https://stockcharts.com/h-sc/ui?s=SLV&p=W&yr=3&mn=6&dy=0&id=p95664295083&a=637586147
JPM…..does not want to give up……
JPM will be fine. Only dumb money is selling silver now.
No question about that……..GSR…..at 91…..who in their right mind is going to sell,….
Paper squeeze…..
I just do not like silver…….phyz…..
Looks like I will have to start….. 🙂
Matthew, both you and Excelsior were saying what I was thinking regarding silver and hoping it can play catchup in the interim. I think typically silver will lag in the early stages of an aggressive upward move in gold.
A good closing figure for the week in gold. Wouldve been nice to close above $1400 but pretty close. Like Ex stated, it was important for gold to stay above the 2016 high. Weve now had consecutive closes above the resistance zone. All that is needed is some consolidation early next week.
Being quite overbought short term, it would also be good for gold to maybe just go sideways for a few days to help ensure this upleg can be sustained. I wouldnt want to see the yellow metal get ahead of itself as that may just attract more profit taking. Hopefully this latest move will encourage fresh investors/traders…
Ozibatla, the August gold futures contract did close above 1400, but just barely.
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=9&mn=3&dy=6&id=p29262495924&a=541770308
Notice that gold hasn’t been so weekly overbought since 2011. Considering the current setup, that is a good thing and not cause for alarm.
Yeh sorry I was referring to the spot price.
Watched a video from Bix Weir from June 18, 2019 time 14:02 — 15:30 approximatly. He mentioned that Mines Management had a large world class silver lode. He used to be in banking for mining operations so he has credibility.Then found story from mines management that it was sold to Hecla mines around may 24th 2016. Hecla is still just off its 2016 lows. Something to keep in mind. He made no connection to Hecla Mining.Low price and liquid. 168 years in business but with obvious problems. GLTA
Most Canadians think gold is a relic of a bygone era. For them a gold mine is buying real estate no matter how crazy the prices are. Real estate is the miracle that will allow them to play golf all day, drive around in their luxury car, and winter vacation in Boca Raton, Florida. They think that the boom in home prices is here forever; all you must do is stay heavily invested and hold, it’s like ” The Titanic”, a ship of fools. DT
Wait till they get the TAX Bill………….lol
Times are changing fast…..
Canadian HELOC Debt Pushes Past The $300 Billion Mark For The First-Time
June 20, 2019
“Over the past 15 years, HELOC debt has become the second largest segment of debt – after mortgages. By itself, the loans aren’t good or bad, they’re just leverage. However, the surge in borrowing after real estate values soared, can leave borrowers in a precarious situation. The government has become increasingly worried about the issue. If you’re wondering why Canadians have so much debt, this is one of the reasons.”
UUP gapped down under the 50 DMA the other day. Now it just broke below the uptrend line and is sitting at the 100 day. Might actually mean something. ?
Here is a beat down Aussie producer (Blackham) that has been hammered into the ground the last few years, which is odd because of the favorable exchange rates for the Aussie dollar and that most producers down under have been raking in the profits.
It looks like they are a turnaround project in the making, but may have a bit more turbulence, but that this new working capital may give them the means to get their sulfide production going with a target of 120,000 ounces of Gold per year.
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MACA Confirms Ongoing Support for Blackham’s Transition to Sulphide Production
20 June 2019
Blackham Resources Limited (ASX: BLK) is pleased to announce that it has entered into a working capital facility with MACA Limited that will assist Blackham to progress towards its transition to the Stage 1 Expansion Sulphide Development, targeting 120k oz gold production and long mine life.”
Gold looking good…..fight to the finish……$1.60….to $1400….. 🙂