What will it take for gold stocks to catch up to gold?
Doc joins me today to share his thoughts on the moves in gold and gold stocks. While gold has broken to over 6 year highs but the stocks have not been able to break above the 2016 highs. It’s an encouraging environment for the stock but what will it take to drive them to break out?
Silver, interesting that you asked. Awhile back, Pardu asked my about Mux and AUY both of which I hold. I believe Mux moves down to the lower BB again on the monthly chart and then I’ll purchase again. I believe AUY has further to fall again and will let Pardu know when I purchase. Another stock with very narrow BBs on the monthly chart is Almaden. I’m waiting to add as it settles again. I’m just telling you what I’m doing and not making recommendations.
Thanks, Doc. Already own a substantial hunk (for me) of MUX. Always intended it to be long term…..Think I’ll watch AAU. Always felt that AUY suffered from too much debt…….They may become, in time, a great holding, but I’m thinking there are others that offer more immediate promise. Have a good one………
Doc and Matthew, did you sell any of your oil stocks today? I’m thinking of selling my COP.
SU and DVN are up big today too. Thanks. Give peace a chance.
BB, I don’t own a lot of oil stocks but am starting to purchase—I’m also waiting for SLB and HAL to bottom. I’m not recommending it but I’ve started to purchase Birchchliff (BIR.TO) recently. Also, recently, it had a little spike but I’m not chasing it.
Bonzo, I didn’t have any to sell but your COP looks like it’s heading significantly higher…
https://stockcharts.com/h-sc/ui?s=COP&p=W&yr=3&mn=11&dy=0&id=p43737683007&a=688414195
Thanks, Matthew. I guess I’ll hold my COP and see what happens to oil.
Doc, you mentioned that GDX could get down to 23-24 what does that translate to as far as gold and silver prices? What do you think the level they will get down to prior to the move up in 2020? Also, how do you feel about Klondike gold?
Pardu, gold was ready to drop out of bed this morning but was saved by the aramco issue. We will in all likelihood see $1450-$1460. What concerns me is how poorly a lot of the PM stock charts look and are selling off. If it continues as I suspect, gold will not hold the above numbers. The geo-political environment is now in play but if it wasn’t, the odds would be for gold to look at $1350-$1375.
Doc, I wish we had bought SLB@ 31, but I decided to buy PSLV instead. At today’s prices I would pick MO over SLB. The Hoosiers could not derail the Buckeyes on their path to the Rose Bowl, so now it is up to Michigan.
The MIchigan/Army game didn’t give Michigan any Kudos so I’m afraid it’ll be Michigan this year again beating up on inferior competition and bowing to legitimate teams. They’ll beat fortunate to beat Wisconsin.
Maybe Michigan should hire Urban Meyer as coach…
Hoosiers have not been able to play football since 69….
GLD turned up at Fibonacci fan support just above the 50 day MAs. Whether it lasts or not, the bounce makes sense.
https://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=0&mn=7&dy=0&id=p91167414924&a=688421573
GLD daily without intraday noise:
https://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=1&mn=8&dy=0&id=p37347429570&a=670657671
The odds that the miners are at or very near a low are better than most people think.
https://stockcharts.com/h-sc/ui?s=%24GDM&p=D&yr=1&mn=3&dy=0&id=p05967787568&a=672055134
Most people do not think……….but, I agree with you …….
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Doc: Curious if you have any thoughts on MUX. Looking at their BBs on a monthly, long term basis, looks like they’re as narrow now as any time back to the ’05-06 timeline………….