Trade Fears Disappointing and Precious Metals Falling Hard – Here Are The levels To Watch
Doc joins me today to share his thoughts on the levels to watch for gold, silver, and gold stocks. All are getting hit hard today on the back of more positive comments on the US/China trade front. We look into next year and some of the levels Doc thinks could be reached by year end or early next year.
silver, I would have to find this on an exchange I normally don’t follow. Any suggestions?
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Doc again proves himself the most worthwhile technician at this site.
Another good one is Steve Rhodes at TFNN.
You have an interesting way of looking at things. He was bearish during every buying opportunity since and including the September 2018 low as the HUI rose over 80% and gold rose 34%. And in this correction, we have yet to see prices even close to his targets being reached.
This is not a correction. This is a washout.
That’s a distinction without a difference.
Bonzo, if you’re out there, I remember sometime around the end of September you wondered aloud about purchasing OR on a pullback back then. Someone on the site said it was a good time to purchase and I warned you to be very careful since it appeared to me that the stock would go lower. It is breaking lower and Ihink you will have an opportunity for a really good buy down around $7.00-$7.50. When it gets there, remind me and I’ll look at it again for whether I feel it’s the low or not.
That someone is me and I did not say it was a good time to purchase. I said Bonzo’s purchase had a good chance at being okay. There’s a difference and he had already made his purchase when he “wondered aloud.” But that’s here nor there. I was wrong enough and have stated more than once that I am wrong all the time. That’s why I take credit for SPECIFIC calls that I get right rather than dishonestly claiming that I’ve been “bang on all along” as someone else on this site likes to do when nothing could be further from the truth.
The issue here is not being wrong, it’s being wrong and pretending you’re not.
https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=1&mn=3&dy=0&id=p68566752965&a=698531694
Matthew, I agree! LOL! DT
Censored !
Hi Doc and Matthew, I bought OR@about 9.70 when you said it could go lower. Then I bought more at 9.10 I would not mind if it drops to 7 as I’ll soon be getting a lot of cash for my Allergan from Abbvie and would love to load up on OR@7 or 7.5, but I doubt I’ll get that chance. I also bought SSRM@14.85 on Oct. 25 and Matthew said it could drop 7%, which was right on the money.
2 days ago it had dropped 7% and then yesterday it jumped up to 15.1 on good earnings, and then it dropped today. None of this will matter when SSRM goes to 50 or 100 in a few years.
I have been waiting for the dip just under 1400 and just in US large caps only which have done very well.
Friday May 31, spot gold closed just above 1300 and the “expert” was still calling for a mode sideways/downside: http://www.kereport.com/2019/05/31/docs-comments-on-the-move-in-gold-and-oil/#comments
My comment was then: “With Doc, it’s always sideways or down for gold … lol ! Monthly chart and Bollinger Bansds i suppose …”
Always stay humble and kind !
This is my chart: https://i.postimg.cc/k4dF9Pgj/gold.png
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Good morning Doc. I was wondering if you ever gazed at a long term chart for PMNXF. It’s an Aussie that seems to be bucking the trend. I have a fairly good position and plan on holding. What are your thoughts?