David Erfle - Gold Market Commentary – Tue 2 Jul, 2019

Two Significant News Events In the Gold Space – A Bidding War and A $100Millon Mining Deal

David Erfle, Founder of The Junior Miner Junky joins me to outline two news events that are a good sign for the overall gold market. We start with the bidding war that is underway for Alexandria Minerals. While Alexandria was a poorly run Company the asset is attractive, which is why we are seeing O3 Mining and Agnico in a bidding war. Next is the news out of B2Gold and Calibre Mining regarding a deal for the El Limon and La Libertad Gold Mines. Click here to read the full news release… We weigh in on our thoughts on the deal.

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Comments:
  1. On July 2, 2019 at 1:42 pm,
    OOTB Jerry says:

    $1418……gold looking good…….

  2. On July 2, 2019 at 1:46 pm,
    Silverdollar says:

    Any TAs out there? Does the chart of GDX look to have been a breakout of a flag formation to anyone?

    • On July 2, 2019 at 2:09 pm,
      Matthew says:

      Whether it’s a flag or a pennant, that’s a breakout. We’ll know it’s legit if we see more strength tomorrow.
      https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=1&mn=0&dy=9&id=p10484074249&a=674222302

      • On July 2, 2019 at 4:24 pm,
        Silverdollar says:

        Thanks for the comment. Those were my thoughts.

    • On July 2, 2019 at 2:20 pm,
      Matthew says:

      I have to say that I do not agree with Stewart Thomson’s view that “gold could easily pull back to the $1320-$1250 price zone…”
      He might have statistics on his side but the current technical details tell me that such a pullback is UNlikely.

  3. On July 2, 2019 at 2:55 pm,
    Ozibatla says:

    I agree. Gold going back to $1250 looks unlikely at this stage. If that were to occur, it would have big ramifications for gold bulls.

    Good to see gold react the way it did off the $1380 zone. It appears as though that area is now indeed support, at least for the immedoate future.

    • On July 2, 2019 at 4:33 pm,
      OOTB Jerry says:

      New selection ……..Judy Shelton……
      https://www.zerohedge.com/news/2019-07-02/gold-surges-after-trump-nominates-gold-standard-advocate-judy-shelton-fed-board

      • On July 2, 2019 at 4:34 pm,
        OOTB Jerry says:

        GOLD GOING A LOT HIGHER>>>>>>>>>>

        • On July 2, 2019 at 4:44 pm,
          OOTB Jerry says:

          The TRAIN JUST LEFT…….. 🙂

      • On July 2, 2019 at 4:54 pm,
        OOTB Jerry says:

        Judy Shelton is author of the 1998 book Money Meltdown; and previously she had concluded that “Central bankers, and their defenders, have proven less than omniscient.”

        So why does Trump want Shelton on the board? Simple: she previously said that if appointed, she would lower interest rates to 0% in one to two years. That’s all markets had to known and following the news that Shelton is being nominated to the Fed board, gold spiked $10 from $1,425 to $1,435 in minutes, as Trump’s push for ZIRP (and soon after, NIRP) just took on an added urgency.

        • On July 2, 2019 at 6:51 pm,
          Ozibatla says:

          Intriguing indeed Jerry! And yes gold has left the station by the looks of it… At least for today anyway.

          • On July 3, 2019 at 6:33 am,
            OOTB Jerry says:

            Looks like the Train….just went around the circle , …just getting warmed up for the hilly ride… 🙂

  4. On July 2, 2019 at 6:10 pm,
    cfs says:

    OFF TOPIC:

    It is my belief Trump had been considering a one-off strike against Irans’ primary hidden major uranium centrifuge site.

    Today the VP was order back to DC rather than go on a campaign speech in New Hampshire.

    The following, I believe, is why…..

    https://nationalinterest.org/blog/buzz/us-forces-gather-near-iran-think-f-22s-and-f-35s-russia-jams-their-gps-65196

    • On July 2, 2019 at 9:48 pm,
      cfs says:

      My guess is that Trump is not sure whether the drone shot down by Iran was affected by the Soviet GPS jamming, now installed in Iran.
      Neither does he know whether the US can knock out the Iranian centrifuges, without GPS guidance, since the MOAB block-buster dropped from a high flying B52 needs guidance.

  5. On July 2, 2019 at 7:40 pm,
    Matthew says:

    Oil dropped hard today and that’s great news for the miners.
    This fork is working:
    https://stockcharts.com/h-sc/ui?s=%24WTIC&p=D&yr=0&mn=9&dy=0&id=p06349576800&a=673801186

    • On July 2, 2019 at 9:51 pm,
      cfs says:

      My guess is that with potential Middle East problems, despite another increase projected in US oil production, the price of oil is not going to stay low.

      • On July 3, 2019 at 2:44 am,
        Matthew says:

        Short term, I think it’s going lower but my bet is that it will eventually see the $75 area due to a sharply lower dollar.

  6. On July 2, 2019 at 7:45 pm,
    Matthew says:

    GDXJ is trying to turn up vs GDX. Something tells me it will do just as silver finally turns up vs gold.
    GDXJ:GDX
    https://stockcharts.com/h-sc/ui?s=GDXJ%3AGDX&p=W&yr=3&mn=11&dy=30&id=p25294371110&a=674284946

  7. On July 2, 2019 at 7:59 pm,
    Matthew says:

    I saw that Ivanhoe had a good day today so I checked to see if I had a chart it and found one from 2016. Looks like I said it would go higher after it had already quickly doubled:
    https://stockcharts.com/h-sc/ui?s=IVN.TO&p=W&st=2013-04-15&en=2017-06-07&id=p34253324683&a=455288069

    • On July 2, 2019 at 8:02 pm,
      Matthew says:

      The closest it came to retesting its .53 low was $2.00 (more than 2.5 years later).

    • On July 2, 2019 at 8:12 pm,
      Matthew says:

      It looks very good once again but I still don’t own it. I gotta wonder about me sometimes.
      https://stockcharts.com/h-sc/ui?s=IVN.TO&p=W&yr=5&mn=0&dy=0&id=p58155111657&a=674288999

      • On July 3, 2019 at 8:29 am,
        Bonzo Barzini says:

        Matthew, I wonder why you don’t own NSRPF? Is there something you don’t like about it?

        • On July 3, 2019 at 9:05 am,
          Matthew says:

          No, there’s nothing wrong with it but I sure don’t like that I missed the big move off of the .50-.60 area. Since then, I’ve been focused and committed elsewhere and haven’t thought too much about it. That’s how it goes. There are always many that I should own but don’t.

          • On July 3, 2019 at 10:01 am,
            Bonzo Barzini says:

            Well at least you missed the 80% drop from $7 down to 1.40
            I may buy more if it drops back to 1.50 this summer.
            Just sold some XOM yielding 4.6% and bought twice as many shares of BTI yielding 7.1%
            Wonder if I’ll be glad or sorry down the road?

          • On July 3, 2019 at 10:31 am,
            Matthew says:

            I think you made a good move. BTI looks like it will deliver a significant capital gain before XOM will. Then you can consider getting your some or all of your XOM back.

            Here’s a possibility:
            https://stockcharts.com/h-sc/ui?s=BTI&p=W&yr=3&mn=11&dy=30&id=p04498737769&a=674406509

          • On July 3, 2019 at 10:54 am,
            Bonzo Barzini says:

            Thanks for that chart, Matthew. Maybe when BTI has risen to 46, oil will be down to 50 or lower, and XOM or SLB will be a lot lower. If oil shoots up for some reason and XOM goes to 150, I still have 70% of my XOM and will be crying all the way to the bank. Silver will probably do better than XOM or BTI, but I already have that base covered, and will be crying all the way to the bank if silver goes to 100 or 300/oz

          • On July 3, 2019 at 11:16 am,
            Matthew says:

            The daily chart looks good so you might see the $40s sooner than you think:
            https://stockcharts.com/h-sc/ui?s=BTI&p=D&yr=1&mn=0&dy=9&id=p08849508978&a=674411890

            Here’s to crying all the way to the bank! 🍻

          • On July 3, 2019 at 1:17 pm,
            Matthew says:

            Bonzo, you probably know this but, for what it’s worth, I want to add that it is very possible that BTI put in a very long term low in December. If so, the next major top could be many years away.

  8. On July 2, 2019 at 8:29 pm,
    Matthew says:

    Silver continues to lag gold but looks good vs the dollar:
    https://stockcharts.com/h-sc/ui?s=%24SILVER&p=D&yr=1&mn=2&dy=13&id=p89922258290&a=449326423

    • On July 7, 2019 at 2:55 pm,
      JMiller says:

      Yeah turd, and you continue to have crap coming out of your month.

  9. On July 2, 2019 at 8:33 pm,
    Matthew says:

    The HUI is up 28% vs the S&P 500 since the May low:
    https://stockcharts.com/h-sc/ui?s=%24HUI%3A%24SPX&p=W&yr=3&mn=7&dy=0&id=p01947576167&a=634918425

  10. On July 2, 2019 at 9:03 pm,
    Matthew says:

    Looks like some fork support came into play yesterday for GDX:
    https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=1&mn=2&dy=0&id=p31094716683&a=608313428

  11. On July 3, 2019 at 8:32 am,
    OOTB Jerry says:

    Having trouble…………….getting gold and their cash……things are heating up…jmo
    https://www.zerohedge.com/news/2019-07-03/gold-buyers-are-having-difficulty-getting-their-gold-and-their-cash-jim-willie

    • On July 3, 2019 at 9:50 am,
      b says:

      Same stuff bin said for years, ya never know, maybe someone hasnt heard it.

      • On July 3, 2019 at 10:27 am,
        OOTB Jerry says:

        Yep…..same stupid stuff……….Phyz , why have some other idiot looking after your money….

        • On July 3, 2019 at 10:28 am,
          OOTB Jerry says:

          Always , like to point these things out, for the newbees………..lol