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Here’s what a bullish correction in gold should look like

Cory
June 26, 2019

Jordan Roy-Byrne, Founder of The Daily Gold joins me to share his thoughts on what a bullish correction for gold would look like. With everyone saying gold is overbought and a correction is due the fact is that in bull markets price can continue to run and corrections are typically short term events. We discuss a lower level that would still be bullish for gold and just how important Friday’s close will be.

Click here to visit Jordan’s site for more analysis of the metals markets.

Discussion
26 Comments
    Jun 26, 2019 26:39 PM

    That is correct…….”there is no rule”….that it has to retest…..
    Gold is way under valued….

    Jun 26, 2019 26:28 PM

    Gold has been frontrunning/foreshadowing dovish Fed since 4Q18 despite hike in December. With a solid Monthly Quarterly close, we have confirmation across all timeframes that Phase III of secular bull that began in early 2000’s is underway. Phase III will be powerful and register New ATH’s for physical with Select Miners registering 2X/5X/10X/20X returns. Buckle up and enjoy the ride.

    Jun 26, 2019 26:03 PM

    ACLJ: Samantha Power Slammed Trump In Private Email Exchanges With Media During 2016 Election

    https://saraacarter.com/aclj-samantha-power-slammed-trump-to-media-during-2016-election-in-new-unearthed-emails/

    Jun 26, 2019 26:03 PM

    (MAI) (MAIFF) Minera Alamos Announces Definitive Agreements Executed for Assignment of Guadalupe De Los Reyes Gold Project Option to Epower Metals

    by @newsfile on 26 Jun 2019

    https://ceo.ca/@newsfile/minera-alamos-announces-definitive-agreements-executed

      Jun 26, 2019 26:06 PM

      A FEW MINING NAMES I AM WATCHING AS GOLD BREAKS $1400.

      June 26, 2019 – EconomicAlpha

      “Breaking out of multi-year resistance will certainly lift the animal spirits in a sector that has been decimated for so long. If this Gold breakout is the real deal, it may be time for me to consider allocating some funds to those miners that are a bit further away in the risk spectrum.”

      “Minera Alamos. Met with the Company at JTVIR. My initial impression is that I like the management team. They’ve done this before. It’s an achievable plan. It also sports an intriguing valuation provided they can execute. Two properties currently in permitting stage (permits shall come soon) offering near term production and once approved should be producing 100k by 2021. Both properties have low capital intensity, which I like, and so the idea here is to bring them on in a staged approach and fund the second with cash flows from the first. Financing will be an integral part of the process but believe they could do so with limited further dilution. The warrant overhang will all be gone by July, majority were worked off in May and June. At $1400 Gold, margins would look nice on paper assuming all is built to plan and can execute. But even at $1250 they would do fine. With longer term aspirations of being a 150k producer, that sort of profile sells for quite a bit more than today’s market is paying even after allowing for some equity raise. ”

      https://economicalpha.blog/2019/06/26/a-few-mining-names-i-am-watching-as-gold-breaks-1400/

        Jun 26, 2019 26:22 PM

        While Minera Alamos has 2 solid development projects (and I’m a happy shareholder waiting for the market to realize this and that Osisko is a partner), I have to say the news of the day, that very few celebrated was the great update to Orezone’s development project. VERY solid.

        Both MAI and ORE will have economic mines and become producers, or get taken out by larger producers. Both Minera Alamos & Orezone have solid management teams. People say these are the criteria they use for picking mining stocks, and while both have been trending up in the recent past, neither is really getting a big bid here.

        Once things really get moving in the mining sectors and the producers make their runs, there will be a contingent of analysts, funds, and retail investors that start to review which companies have REAL project, and both of these definitely qualify.

        __________________________________________

        (ORE) (ORZCF) Orezone Increases Bomboré After-Tax NPV by $137.5M (+62%) and Reserves by 686koz (+60%) With Modest Additional Upfront Capital

        by @nasdaq on 26 Jun 2019

        “LOM average annual gold production of 118koz, After-tax NPV5% of US$361M, IRR of 44% and LOM AISC of $730/oz”

        https://ceo.ca/@nasdaq/orezone-increases-bombor-after-tax-npv-by-1375m

          Jun 26, 2019 26:40 PM

          Another Development stage company with a nice asset, making progress, and being mostly ignored is Treasury Metals (TML) (TSRMF). When larger companies go on the hunt for advanced deposits, this one is currently on fire-sale, and may get snapped up.

          ________________________________________________________________

          Treasury’s Goliath Gold Project Achieves Permitting Milestone with Federal Release of Draft EA

          by @newswire on 14 Jun 2019

          “”With the significant resources our Company and stakeholders have invested in the EA process, the full value of our advanced gold development project in Northwestern Ontario is near to being realized,” said Greg Ferron, Chief Executive Officer of Treasury Metals Inc. “This final public comment period runs until July 12, 2019, and we encourage the public, interested parties and stakeholders to review and comment during the next month.”

          “Following the conclusion of the 30-day final public comment period on the Draft EA Report and potential conditions of approval, the Agency will consider all comments received and submit a final EA Report and potential conditions to the Minister of Environment and Climate Change, who will then render a decision notice.”

          https://ceo.ca/@newswire/treasurys-goliath-gold-project-achieves-permitting

      Jun 27, 2019 27:04 AM

      (MAI) (MAIFF) Minera Alamos Receives Positive Change of Land Use Notice for its Permit Application at Santana Gold Project

      by @newsfile on 27 Jun 2019

      “The receipt of this notification represents another major milestone for the Company. Despite the anticipated delays related to the changes in the Mexican government in 2018, this notice was received approximately one year following our permitting application for commercial production at Santana,” stated Darren Koningen, CEO of Minera Alamos. “Our highly experienced Mexican technical team continues to demonstrate the ability to concurrently advance our full portfolio of late-stage gold development projects. Mexico remains one of the world’s premier mine development locations with respect to the timeframes required for permitting of new operations. We are excited to advance the Company’s Santana gold project which remains our top priority for construction consideration in 2019.”

      https://ceo.ca/@newsfile/minera-alamos-receives-positive-change-of-land-use

    Jun 26, 2019 26:14 PM

    (JAG) (JAGGF) Jaguar Mining Provides an Update on Previously Announced USD$25 Million Equity Private Placement Offering

    by @newswire on 26 Jun 2019

    “Full Order Book: As at the date of this news release, the Company has a full order book for the USD$25 million Offering and therefore is no longer accepting new subscriptions for the Offering. This highlights the robustness of investor interest in the Offering, as well as both current shareholders’ and new investors’ support for the Company’s strategic review process to enhance shareholder value and improve the overall production profile, operating efficiency and cost structure of its mineral projects. ”

    https://ceo.ca/@newswire/jaguar-mining-provides-an-update-on-previously-announced

      Jun 27, 2019 27:08 AM

      (AXU) (AXR) Alexco Commences 2019 Keno Hill Exploration Program and Advances Surface Capital Construction Program

      by @newswire on 27 Jun 2019

      Highlights of the 2019 Surface Exploration Program

      “Alexco has initiated a minimum 7,500 meters, $2.25 M direct surface exploration diamond drilling program.”

      “The program will comprise approximately 20 drill holes, commencing with two drills on the Bermingham deposit, where at least ten holes will target local extensions of the shallower Northeast Zone, as well as systematically test the continuity and tenor of the high grade Bermingham mineralization at depth.”

      “At least six holes will be targeted to further trace mineralization near the Bermingham deposit and will include preliminary work to better understand the newly discovered continuation of the trend of Hector-Calumet – Bermingham mineralization southwest of the Brefalt fault.”

      “The surface drilling program is scheduled to be completed in September 2019, but can be extended if warranted.”

      https://ceo.ca/@newswire/alexco-commences-2019-keno-hill-exploration-program

    Jun 27, 2019 27:35 AM

    http://news.goldseek.com/GoldSeek/1561554136.php

    An interesting possibility in the interim perhaps?

      Jun 27, 2019 27:55 AM

      ONE BIG CON GAME>>>>
      paper derivative open interest is far greater than the amount of actual physical gold held in Comex vaults. Gold and silver are the ONLY commodity contract products for which this disparity between open interest and underlying supply of the physical commodity is allowed to occur.
      I seriously doubt…..most investors know this……kind of a joke, so many are so ignorant…

      Jun 27, 2019 27:08 AM

      Great Article…….OZ……thanks for posting….

    Jun 27, 2019 27:45 AM

    Did I hear correctly, that Roy-Byrne denies manipulation of silver/gold?

    Jun 27, 2019 27:33 AM

    No problems Jerry. It does make sense.

      Jun 27, 2019 27:53 AM

      Yes…….and should be interesting next week to see if it plays out…….and which way…

        Jun 27, 2019 27:18 PM

        Yes indeed!

    Jun 27, 2019 27:18 AM

    ECB To Italian Government: Your Gold Is Ours
    June 25, 2019

    As the squabbling over Italy’s populist government’s plans to blow out its budget deficit to finance an agenda of tax cuts and social spending (including a ‘citizen’s income’ that’s essentially UBI-lite) crowded the headlines, the issue of who owns the 2,451 metric tons of gold reserves held by the Bank of Italy has been quietly ignored – at least, outside of Italy.

    But that might be about to change.

    On Tuesday, the ECB asked the League, the dominant party in Italy’s ruling coalition, to remove a reference to the Bank of Italy holding gold as an “exclusive title of deposit” according to Bloomberg.

    Translation? If Italy is not allowed to have title to Italian gold, then Italy’s gold now belongs to the ECB.

    Jun 27, 2019 27:20 AM

    How The CIA Made Google
    January 22, 2015

    Part 1

    By Nafeez Ahmed

    INSURGE INTELLIGENCE, a new crowd-funded investigative journalism project, breaks the exclusive story of how the United States intelligence community funded, nurtured and incubated Google as part of a drive to dominate the world through control of information. Seed-funded by the NSA and CIA, Google was merely the first among a plethora of private sector start-ups co-opted by US intelligence to retain ‘information superiority.’

    The origins of this ingenious strategy trace back to a secret Pentagon-sponsored group, that for the last two decades has functioned as a bridge between the US government and elites across the business, industry, finance, corporate, and media sectors. The group has allowed some of the most powerful special interests in corporate America to systematically circumvent democratic accountability and the rule of law to influence government policies, as well as public opinion in the US and around the world. The results have been catastrophic: NSA mass surveillance, a permanent state of global war, and a new initiative to transform the US military into Skynet.

      Jun 27, 2019 27:23 AM

      $50 TRILLION …..missing, and wonder where it went……

    Jun 27, 2019 27:45 AM

    Google styles itself as a friendly, funky, user-friendly tech firm that rose to prominence through a combination of skill, luck, and genuine innovation. This is true. But it is a mere fragment of the story. In reality, Google is a smokescreen behind which lurks the US military-industrial complex.
    The inside story of Google’s rise, revealed here for the first time, opens a can of worms that goes far beyond Google, unexpectedly shining a light on the existence of a parasitical network driving the evolution of the US national security apparatus, and profiting obscenely from its operation.

    The shadow network
    For the last two decades, US foreign and intelligence strategies have resulted in a global ‘war on terror’ consisting of prolonged military invasions in the Muslim world and comprehensive surveillance of civilian populations. These strategies have been incubated, if not dictated, by a secret network inside and beyond the Pentagon.
    Established under the Clinton administration, consolidated under Bush, and firmly entrenched under Obama, this bipartisan network of mostly neoconservative ideologues sealed its dominion inside the US Department of Defense (DoD) by the dawn of 2015, through the operation of an obscure corporate entity outside the Pentagon, but run by the Pentagon.

    Known as the ‘Highlands Forum,’ this private network has operated as a bridge between the Pentagon and powerful American elites outside the military since the mid-1990s. Despite changes in civilian administrations, the network around the Highlands Forum has become increasingly successful in dominating US defense policy.
    Giant defense contractors like Booz Allen Hamilton and Science Applications International Corporation are sometimes referred to as the ‘shadow intelligence community’ due to the revolving doors between them and government, and their capacity to simultaneously influence and profit from defense policy. But while these contractors compete for power and money, they also collaborate where it counts. The Highlands Forum has for 20 years provided an off the record space for some of the most prominent members of the shadow intelligence community to convene with senior US government officials, alongside other leaders in relevant industries.
    I first stumbled upon the existence of this network in November 2014, when I reported for VICE’s Motherboard that US defense secretary Chuck Hagel’s newly announced ‘Defense Innovation Initiative’ was really about building Skynet — or something like it, essentially to dominate an emerging era of automated robotic warfare.
    That story was based on a little-known Pentagon-funded ‘white paper’ published two months earlier by the National Defense University (NDU) in Washington DC, a leading US military-run institution that, among other things, ge
    Media Lab Human Dynamics Group, described how he participated in a “Highlands Forum” gathering, an “invitation-only meeting funded by the Department of Defense and chaired by the assistant for networks and information integration.” This was a senior DoD post overseeing operations and policies for the Pentagon’s most powerful spy agencies including the NSA, the Defense Intelligence Agency (DIA), among others. Starting from 2003, the position was transitioned into what is now the undersecretary of defense for intelligence. The Highlands Forum, Clippinger wrote, was founded by a retired US Navy captain named Dick O’Neill. Delegates include senior US military officials across numerous agencies and divisions — “captains, rear admirals, generals, colonels, majors and commanders” as well as “members of the DoD leadership.”
    What at first appeared to be the Forum’s main website describes Highlands as “an informal cross-disciplinary network sponsored by Federal Government,” focusing on “information, science and technology.” Explanation is sparse, beyond a single ‘Department of Defense’ logo.
    For instance, in addition to the Highlands Forum, since 9/11 the Group runs the ‘Island Forum,’ an international event held in association with Singapore’s Ministry of Defense, which O’Neill oversees as “lead consultant.” The Singapore Ministry of Defense website describes the Island Forum as “patterned after the Highlands Forum organized for the US Department of Defense.” Documents leaked by NSA whistleblower Edward Snowden confirmed that Singapore played a key role in permitting the US and Australia to tap undersea cables to spy on Asian powers like Indonesia and Malaysia.
    The Highlands Group website also reveals that Highlands is partnered with one of the most powerful defense contractors in the United States. Highlands is “supported by a network of companies and independent researchers,” including “our Highlands Forum partners for the past ten years at SAIC; and the vast Highlands network of participants in the Highlands Forum.”
    SAIC stands for the US defense firm, Science Applications International Corporation, which changed its name to Leidos in 2013, operating SAIC as a subsidiary. SAIC/Leidos is among the top 10 largest defense contractors in the US, and works closely with the US intelligence community, especially the NSA. According to investigative journalist Tim Shorrock, the first to disclose the vast extent of the privatization of US intelligence with his seminal book Spies for Hire, SAIC has a “symbiotic relationship with the NSA: the agency is the company’s largest single customer and SAIC is the NSA’s largest contractor.”

    Richard ‘Dick’ Patrick O’Neill, founding president of the Pentagon’s Highlands Forum
    Total participants in the DoD’s Highlands Forum number over a thousand, although sessions largely consist of small closed workshop style gatherings of maximum 25–30 people, bringing together experts and officials depending on the subject. Delegates have included senior personnel from SAIC and Booz Allen Hamilton, RAND Corp., Cisco, Human Genome Sciences, eBay, PayPal, IBM, Google, Microsoft, AT&T, the BBC, Disney, General Electric, Enron, among innumerable others; Democrat and Republican members of Congress and the Senate; senior executives from the US energy industry such as Daniel Yergin of IHS Cambridge Energy Research Associates; and key people involved in both sides of presidential campaigns.
    Other participants have included senior media professionals: David Ignatius, associate editor of the Washington Post and at the time the executive editor of the International Herald Tribune; Thomas Friedman, long-time New York Times columnist; Arnaud de Borchgrave, an editor at Washington Times and United Press International; Steven Levy, a former Newsweek editor, senior writer for Wired and now chief tech editor at Medium; Lawrence Wright, staff writer at the New Yorker; Noah Shachtmann, executive editor at the Daily Beast; Rebecca McKinnon, co-founder of Global Voices Online; Nik Gowing of the BBC; and John Markoff of the New York Times.
    Due to its current sponsorship by the OSD’s undersecretary of defense for intelligence, the Forum has inside access to the chiefs of the main US surveillance and reconnaissance agencies, as well as the directors and their assistants at DoD research agencies, from DARPA, to the ONA. This also means that the Forum is deeply plugged into the Pentagon’s policy research task forces.
    Google: seeded by the Pentagon
    In 1994 — the same year the Highlands Forum was founded under the stewardship of the Office of the Secretary of Defense, the ONA, and DARPA — two young PhD students at Stanford University, Sergey Brin and Larry Page, made their breakthrough on the first automated web crawling and page ranking application. That application remains the core component of what eventually became Google’s search service. Brin and Page had performed their work with funding from the Digital Library Initiative (DLI), a multi-agency programme of the National Science Foundation (NSF), NASA and DARPA.
    But that’s just one side of the story.
    Throughout the development of the search engine, Sergey Brin reported regularly and directly to two people who were not Stanford faculty at all: Dr. Bhavani Thuraisingham and Dr. Rick Steinheiser. Both were representatives of a sensitive US intelligence community research programme on information security and data-mining.
    Thuraisingham is currently the Louis A. Beecherl distinguished professor and executive director of the Cyber Security Research Institute at the University of Texas, Dallas, and a sought-after expert on data-mining, data management and information security issues. But in the 1990s, she worked for the MITRE Corp., a leading US defense contractor, where she managed the Massive Digital Data Systems initiative, a project sponsored by the NSA, CIA, and the Director of Central Intelligence, to foster innovative research in information technology.
    “We funded Stanford University through the computer scientist Jeffrey Ullman, who had several promising graduate students working on many exciting areas,” Prof. Thuraisingham told me. “One of them was Sergey Brin, the founder of Google. The intelligence community’s MDDS program essentially provided Brin seed-funding, which was supplemented by many other sources, including the private sector.”
    This sort of funding is certainly not unusual, and Sergey Brin’s being able to receive it by being a graduate student at Stanford appears to have been incidental. The Pentagon was all over computer science research at this time. But it illustrates how deeply entrenched the culture of Silicon Valley is in the values of the US intelligence community.
    Brin and Page officially incorporated Google as a company in September 1998, the very month they last reported to Thuraisingham and Steinheiser. ‘Query Flocks’ was also part of Google’s patented ‘PageRank’ search system, which Brin developed at Stanford under the CIA-NSA-MDDS programme, as well as with funding from the NSF, IBM and Hitachi. That year, MITRE’s Dr. Chris Clifton, who worked under Thuraisingham to develop the ‘Query Flocks’ system, co-authored a paper with Brin’s superviser, Prof. Ullman, and the CIA’s Rick Steinheiser. Titled ‘Knowledge Discovery in Text,’ the paper was presented at an academic conference.