Chris Temple from The National Investor – Fri 6 Sep, 2019

Jobs data…and an otherwise blah market day after yesterday’s fireworks

Chris and Cory discuss this morning’s U.S. employment data which was not especially noteworthy.  It will continue to be market stresses and demands that move the Fed.

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Comments:
  1. On September 6, 2019 at 9:29 am,
    Bob UK says:

    Guys, I can hear Cory find but cannot hear Chris – there are huge gaps between Cory talking.

    • On September 6, 2019 at 9:39 pm,
      BobUK says:

      Working for me now. Dodgy browser problem.

  2. On September 6, 2019 at 10:21 am,
    Temple says:

    UH-OH . . . “Da boyz” sure aren’t leaving early for their weekend!! More of that “price suppression” at work as the day goes on for the PM’s.

  3. On September 6, 2019 at 10:30 am,
    OOTB Jerry says:
    • On September 6, 2019 at 10:32 am,
      OOTB Jerry says:

      During a CNBC interview, former Federal Reserve Chairman Alan Greenspan said gold prices are surging because investors are looking for hard assets that they know will have value in 20 or 30 years.
      Reverse course………….

  4. On September 6, 2019 at 11:11 am,
    OOTB Jerry says:

    Love trading on fake numbers………has the yield curve changed again…. 🙂

  5. On September 6, 2019 at 11:54 am,
    Matthew says:
  6. On September 6, 2019 at 2:42 pm,
    Matthew says:

    On June 8, 2019 at 3:56 pm,
    Matthew says:
    $1,550+ to the top of the channel:
    https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=7&mn=7&dy=22&id=p75743577963&a=652095990

    Look at my arrows on that chart; gold was stronger than even I had expected – but my channel worked perfectly for identifying significant resistance.

    • On September 6, 2019 at 4:47 pm,
      Matthew says:

      Ex, the move to the top of that channel should put any “bear market top” talk to rest once and for all.

      • On September 6, 2019 at 9:50 pm,
        Excelsior says:

        Matthew – Agreed. When Gold closed above the 2016 surge high of $1377.50 that was the proof in the pudding. Then Gold took out the prior 2014 peak of $1393, then a prior peak dating back to 2013 at $1434.

        Now gold is at $1515 and just got up to $1566. What more do folks want off a bottom of $1045.40 before they consider this a Bull market….$1600 $1800 $1900 😉

    • On September 6, 2019 at 9:56 pm,
      Excelsior says:

      Matthew – Good chart by the way. Yes the red dotted channe was broken above and the purple channel trend line acted as a resistance point, but the path of the arrows showed the path up, and Gold price said “I’m going there….”

      • On September 6, 2019 at 10:31 pm,
        Matthew says:

        Yes, to be clear, I drew those arrows before the action which is why you can see that I had expected a more obvious pullback at the midway point than we got. I haven’t altered the chart since at least the day it was posted – June 8th.
        For those who might not know, the angle of top line is obtained by duplicating the bottom line, which, of course is based on the 2 major lows.

  7. On September 6, 2019 at 4:50 pm,
    Matthew says:
  8. On September 6, 2019 at 5:17 pm,
    Matthew says:

    It would take more than a (brutal) .618 retracement to fill the big June 20 GDX gap and that seems very unlikely given all the strength we’ve seen so far.
    https://stockcharts.com/h-sc/ui?s=GDX&p=W&yr=4&mn=1&dy=0&id=p71136574590&a=686455941

    • On September 6, 2019 at 5:36 pm,
      Matthew says:

      To keep the strength of gold in perspective, note that the UPPER monthly Bollinger band is currently at 1499 while that of quarterly is way down at 1457. So there is no reason suspect that this pullback is being driven by a sudden reversal of the very bullish long term outlook.
      There are too many good things about the big picture to list and big money knows it.

  9. On September 6, 2019 at 6:17 pm,
    Matthew says:

    Well look at that, silver ran right into fork resistance before reversing:
    https://stockcharts.com/h-sc/ui?s=%24SILVER&p=W&yr=5&mn=5&dy=0&id=p59913617190&a=500464214

  10. On September 6, 2019 at 9:45 pm,
    Excelsior says:

    White House Considering Direct Purchases of U.S. Mined Uranium

    Ari Natter – 11 hrs ago

    “The White House is considering a plan that would have the government directly purchase uranium from U.S. producers as it contemplates ways to revive the flagging domestic mining industry.”

    “A group set up by President Donald Trump to study the issue is considering a request by the nuclear industry to use the Defense Production Act, a 68-year-old Cold War-era statute once invoked by President Harry Truman to help the steel industry. The plan calls for requiring the government to buy American uranium to replenish their stockpiles and for other purposes, Paul Goranson, chief operating officer for Energy Fuels Inc., said in an interview.”

    “Energy Fuels and Ur-Energy Inc. unsuccessfully petitioned the White House to put quotas on foreign imports of uranium. The concept of direct government purchases of U.S. uranium was among ideas discussed during a roundtable with administration staff and the nuclear industry at the Old Executive Office Building earlier this week, Goranson said.”

    “They seem receptive to direct purchasing of material,” Goranson said. “The president intends to take bold action on this. It’s got his attention now.”

    https://www.msn.com/en-us/finance/markets/white-house-considering-direct-purchases-of-us-mined-uranium/ar-AAGUIyX