Jordan Roy-Byrne - Technical Commentary on the Metals – Wed 7 Aug, 2019

Significant Charts For Gold Bulls – Gold vs Foreign Currencies and Gold vs Us Markets

Jordan Roy-Byrne, Founder of The Daily Gold joins me today to share some of the charts he thinks are the most important for gold investors. Gold against foreign currencies is at an all time high but look at where gold is against the USD. There’s a big disconnect there. Also the trend of gold moving down against the US markets has seen a major shift. These are a couple of the major factors to watch that will support a further gold run.

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Comments:
  1. On August 7, 2019 at 12:21 pm,
    Rizko says:

    I am sorry but I have to get it out of my system:
    Coreys voice sounds awfully lot like Butt-Heads voice.

    Please dont get mad. ;)))

  2. On August 7, 2019 at 12:57 pm,
    OOTB Jerry says:

    John H…..must be retiring…..
    https://www.barrons.com/articles/as-gold-surges-a-gold-fund-manager-gets-acquired-51565188750
    The companies said in a statement that Sprott would pay up to $50 million in cash and stock to acquire gold strategies and institutional accounts with $1.9 billion in assets under management based on Tuesday’s market prices, including the Tocqueville Gold fund (TGLDX). The Tocqueville gold portfolio management team will join Sprott when the deal closes, which is expected in January 2020.

  3. On August 7, 2019 at 1:21 pm,
    b says:

    Not sure why China doesnt use all their american currency to buy gold from mines around the world.
    They could buy every once from Australia.
    How about the silver from Peru and Mexico.

    Why be concerned now with keeping the price down?

    Use all their american dollars then dump the dollar, I suppose that might cause war.

    • On August 7, 2019 at 3:29 pm,
      cfs says:

      China still needs US dollars for trade and to pay interest on external debts. (China has a lot of debt.)
      It does not want to sell gold and it actually makes more sense to hold dollars than Yuan if it is planning to lower the value of the yuan…..at least until any banking collapse.

  4. On August 7, 2019 at 3:18 pm,
    Excelsior says:

    The #Gold #Chart shows just how strong this next leg of the Bull market has been since it broke out above the 2016 high of $1377 from the initial leg up. Very solid price action, closing at $1519.60 (the highest level in 6 years).

    This should be a real shot in the arm to Gold producers and the economics of development-stage projects.

    http://schrts.co/GJVtrRVb

    • On August 7, 2019 at 3:30 pm,
      cfs says:
      • On August 7, 2019 at 6:19 pm,
        Excelsior says:

        Chart Hurdles Cleared; Gold, Silver Bulls Can Now Stretch Their Legs

        Jim Wyckoff – Wednesday August 07, 2019

        https://www.kitco.com/news/2019-08-07/Chart-Hurdles-Cleared-Gold-Silver-Bulls-Can-Now-Stretch-Their-Legs.html

        • On August 7, 2019 at 6:26 pm,
          Excelsior says:

          Gold Surges Above $1500, Touches Former Support From 2011-2013

          by @Goldfinger – 7 Aug 2019

          “Gold has had a remarkable week, surging more than $100 in the span of the last five trading sessions:”

          “Today’s high of $1522.70 in December gold futures came about $1 short of a panic low at $1523.90 dating to December 29th, 2011.”

          “2011 you ask? Does previous support from nearly eight years ago actually still matter today?”

          “My answer is, YES, it does. The $1525-$1550 area served as important support/resistance for more than two years before support finally snapped in spectacular fashion in April 2013 – this means that gold has spent 6 1/2 years below $1550. The first test of this area on the way back up is likely to be met with formidable supply as investors who bought at support between 2011 and 2013 are given their first opportunity to get out at break-even.”

          “In my estimation, the most bullish scenario for gold over the near term involves a pullback and multi-week digestion between $1440 and $1500. Such a scenario would work off some of the overbullish sentiment we are seeing (Daily Sentiment Index for gold futures is at 97 as of the market close on 8/7/2019), and it would also help to cool off some of the technical indicators that are currently flashing red hot readings.”

          https://ceo.ca/@goldfinger/gold-surges-above-1500-touches-former-support-from-2011-2013

          • On August 8, 2019 at 5:12 am,
            Excelsior says:

            David Skarica – A Huge Bull Move for Gold Over the Next 5-10 Years

            by @PalisadeRadio on 8 Aug 2019

            https://ceo.ca/@palisaderadio/david-skarica-a-huge-bull-move-for-gold-over-the-next-5-10-years

          • On August 8, 2019 at 8:03 am,
            Ozibatla says:

            This has been my point exactly Ex. This area acted as great support for gold for 2 years during the previous bull market. Hence why Ive often stated this area as our next area of resistance. Your point of investors using this region as a “break even” clause adds weight to the possibility of a pullback soon. This is needed to maintain golds healthy climb. Heres to hoping!

          • On August 8, 2019 at 11:35 am,
            Excelsior says:

            Yes we have already seen Gold and Silver Retreat some today. So it looks like a soft correction is underway, but we should see a little more testing of the 1525 to 1530 level before Gold does a larger correction.

          • On August 8, 2019 at 12:21 pm,
            Matthew says:

            Many define a correction as being at least 10% but I define them based on the chart I’m using. For example, a daily chart correction is often not a correction at all on a weekly chart and often can’t even be seen.
            As you’ll see on the following chart, what we have today is nothing more than an insignificant pullback. The corrections that SLV has had in the last couple of months will jump out at you because they are countertrend moves of a scale that is “in harmony” or proportional to the preceding moves up. In other words, you’ll know a correction when you see one and today’s pullback is not a correction at all from a daily (or bigger) chart perspective.
            https://stockcharts.com/h-sc/ui?s=SLV&p=D&yr=1&mn=0&dy=0&id=p04020627374&a=681323555

  5. On August 7, 2019 at 3:57 pm,
    cfs says:

    https://youtu.be/Occ4uzVlapk?t=19

    Danielle Dimartino Booth

  6. On August 7, 2019 at 4:03 pm,
    cfs says:
  7. On August 7, 2019 at 4:08 pm,
    cfs says:

    The man with the smart money, who was safely out of the market when the first crash came, naturally went back in to pick up bargains. (Not only were a recorded 12,894,650 shares sold on 24 October; precisely the same number were bought.) The bargains then suffered a ruinous fall.

    Even the man who waited out all of October and all of November, who saw the volume of trading return to normal and saw Wall Street become as placid as a produce market, and who then bought common stocks would see their value drop to a third or a fourth of the purchase price in the next twenty-four months.

    The Coolidge bull market was a remarkable phenomenon. The ruthlessness of its liquidation was, in its own way, equally remarkable.”

    John Kenneth Galbraith, The Great Crash of 1929

  8. On August 7, 2019 at 4:34 pm,
    Matthew says:

    About 6 weeks ago:

    On June 25, 2019 at 7:30 pm,
    Matthew says:
    Those who’ve doubted that gold’s 2015 low was the bear market low probably never looked at gold priced in the 30 year US T Bond ($GOLD:$USB). Gold is now worth 37% more of that “safe haven” and is about to break out for another big run higher. Perhaps this event will give silver what it needs to turn up vs gold.
    —end—

    And now, the week’s not over but it looks like we have what I was waiting for and it was indeed what silver needed:
    https://stockcharts.com/h-sc/ui?s=%24GOLD%3A%24USB&p=W&yr=3&mn=11&dy=22&id=p61190852639&a=672975113

  9. On August 7, 2019 at 6:40 pm,
    buzz says:

    So is this what a short squeeze looks like in PM’s? What about the record amount of short contracts?

    • On August 7, 2019 at 8:14 pm,
      Excelsior says:

      I’m sure since May that many shorts have been squeezed in both Gold and Silver.

      Much of the upward fuel in moves like we’ve seen in June, July, and August have been shorts covering.

  10. On August 7, 2019 at 7:05 pm,
    cfs says:

    We could expect extensive margin calls issued tonight to take effect tomorrow to those who are short the metals, but I suspect there was mostly total covering already.
    I’m not worried about the prices falling in the access market The real action should begin at 9 pm tonight through 3 am EST. JPMorgan has enough silver to cover 30,000 contracts, but will they choose to use it ?
    I’ll be watching when COMEX opens for trading at 8:20 am (even though it’s 5:20 a.m. for me !

    • On August 8, 2019 at 5:18 am,
      OOTB Jerry says:

      ….Crimex is about to open……….. 🙂

      • On August 8, 2019 at 5:24 am,
        OOTB Jerry says:

        Crimex…….still gets a little help from London until 11:30 am east coast time,
        then it is just pure paper trade……
        Of course GATA was out this morning….saying China was ticked, and now demanding the phyz….no paper please… 🙂

  11. On August 7, 2019 at 9:10 pm,
    Ebolan says:

    Boys! A good Ron Paul interview…but it’s on RT…those Rooskies…influencing our gooooberment! 🙂

    https://www.lewrockwell.com/political-theatre/ron-paul-on-rt-youtube/

  12. On August 8, 2019 at 5:19 am,
    Excelsior says:

    Brixton Metals Announces Closing of $7.7M Upsized Private Placement with Strategic Investment by Eric Sprott

    by @nasdaq on 8 Aug 2019

    https://ceo.ca/@nasdaq/brixton-metals-announces-closing-of-77m-upsized-private

    • On August 8, 2019 at 5:34 am,
      Excelsior says:

      (DV) (DOLLF) Dolly Varden Drills 15.2 metres grading 488 g/t Silver from the Chance Target Area, including 5.6 metres grading 1,044 g/t Silver

      by @newswire on 7 Aug 2019

      “In the Chance Target Area, hole DV19-173 yielded 15.20 metres (13.16 m estimated true thickness) grading Ag 488.3 g/t, Pb 0.55 % and Zn 0.05 %, for a silver-equivalent of 513.0 g/t. Within this intercept are 5.60 metres (4.85 m estimated true thickness) grading Ag 1,043.8 g/t, Pb 1.39 % and Zn 0.09 %, for a silver-equivalent of 1,103.4 g/t.”

      Gary Cope, President & CEO, says; “Our understanding of the structural setting of silver mineralization in the Chance Target Area continues to improve with the 2019 drilling program. The reinterpretation of historic data and drill testing of the resulting geological model have yielded a new discovery of high grade silver outside of known mineralization and the current 2019 mineral resource estimate.”

      https://ceo.ca/@newswire/dolly-varden-drills-152-metres-grading-488-gt-silver

  13. On August 8, 2019 at 8:42 am,
    cfs says:
  14. On August 8, 2019 at 8:48 am,
    cfs says:

    https://apnews.com/5e44f7bd106f4fce8da21c2c11f334fc

    I think we ought to take away his guns……..?….!….?

  15. On August 8, 2019 at 10:18 am,
    Matthew says:

    Looks like sellers are targeting yesterday’s gaps…
    https://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=1&mn=0&dy=9&id=p12843749421

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