Chris Vermeulen - The Technical Traders – Tue 21 Jan, 2020

Trading Strategies For GDXJ, SPY, Bonds, and Natural Gas

Chris Vermeulen joins me today to shares his trading strategy for 4 different markets. While most of these markets are not correlated he has reasons for why he is long in each. Pick and choose where you want to deploy your capital.

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Comments:
  1. On January 21, 2020 at 2:30 pm,
    Miklo says:

    Paging Matthew!
    Give us some charts on BBB! 🙂

    • On January 21, 2020 at 2:53 pm,
      Matthew says:

      Miklo, it remains under some selling pressure that I still believe is due to private placement shares coming into the market following the mandatory 4 month hold period. So I bought more. Again.
      https://stockcharts.com/h-sc/ui?s=BBB.V&p=W&yr=8&mn=3&dy=0&id=p53192729975&a=670511416

        • On January 21, 2020 at 3:13 pm,
          Miklo says:

          It looks a bit oversold, but has probably a little bit more to go on the indicators.
          So, how many shares do you have now? Come on, dont be shy..

          • On January 21, 2020 at 3:21 pm,
            Matthew says:

            Remember that the price action causes what we see on the charts, not the other way around. So it is common for some of the indicators to look “bad” immediately before a turn up. I don’t believe BBB will sit around or go lower if the sector starts to move up.

            I still have hundreds of thousands of shares, not millions. 😉

          • On January 21, 2020 at 3:24 pm,
            Matthew says:

            Silver’s indicators are also mostly bearish but I don’t think it has much downside from here, if any.
            SLV:
            https://stockcharts.com/h-sc/ui?s=SLV&p=D&yr=0&mn=9&dy=0&id=p21797524356&a=561694199

      • On January 21, 2020 at 3:15 pm,
        Matthew says:
      • On January 21, 2020 at 3:52 pm,
        blazesb says:

        Mathew, just letting you know that since last july several times via email i asked bbb to clarify just how far from hole #150 stepout followup holes would be and how many. Each time i was told that Gary Thompson would address this question when drilling results were released. That has not proven to be the case. Instead we make do with guesstimates from eyeballing site maps with their scale.

        You are correct about brixton’s leverage to silver.

        Gary Thompson has allowed his attention to stray from one of the best holes drilled ANYWHERE in 2019. Two stepouts near hole #150, six over three kms away at Chivas and sundry others scattered over the Thorn property. That doesn’t cut it.

        I fear that the strength of Brixton’s four promising properties is becoming a weakness as Gary Thompson goes from property to property/priority to priority.

        • On January 21, 2020 at 3:58 pm,
          Matthew says:

          That’s good to know, Blazesb, thanks for sharing.

        • On January 21, 2020 at 9:37 pm,
          b says:

          ” Each time i was told that Gary Thompson would address this question when drilling results were released. That has not proven to be the case.”

          Big red flag, when management doesnt do what they say they will, thats trouble.

        • On January 22, 2020 at 7:45 am,
          Excelsior says:

          blazesb – Good comments regarding BBB and their tendency to go “from property to property/priority to priority.” They seem to have ADD regarding what their flagship is going to be (Thorn, then Langis, then Hog Heaven, then back to Thorn, then Atlin, then Thorn, maybe Hog Heaven, now back to Atlin).

          One of the biggest knocks against them is they keep pulling the market one direction – Gold focus, then Silver focus, then Cobalt hype, then spinning out a Cobalt/Silver company, then back to Gold focus, then Copper at Thorn, then back to the silver, etc…. They need to do a better job of picking the flagship property and succeeding at defining an economic deposit that can be mined, and then outlining a clear plan at the other properties, and if they aren’t going to work them, the JV them out to companies who will.

          I’m a fan of BBB and have been invested at various position sizes since 2016, and added some more recently into the weakness, but they’ve had an identity crisis for the last few years, and need to crystallize their focus and approach moving forward.

          Most investors discussing them on other forums have been mostly ignoring their Silver properties since 2017 and have been more focused on following the Gold & Copper drilling at Thorn, and the Gold exploration at Atlin. I’m happy to see they are at least going to do some drilling at their Silver property Hog Heaven this year, but that part of Montana is not easy to get a mine permitted in, and Coeur has been struggling to get mines developed there for years, so I’m not sure what good finding more Silver will be if they can’t get it back into production. I’m still disappointed that they mostly have walked away from Langis/Hudson with the high grade Silver/Cobalt values, as that is what really fueled their stock higher in 2016.

          Wishing Brixton the best, but it would be nice to see some execution for a while moving Thorn forward as the flagship, or if it is going to be Atlin, then focus on it with guns blazing.

          Ever Upward!

          • On January 22, 2020 at 7:56 am,
            Excelsior says:

            Brixton abandoned the plan to spin out Langis/Hudson Bay into a Silver/Cobalt company 2 years back, as the steam came out of Cobalt, but in retrospect it may have been a good idea as they are getting 0 value out of those properties in their portfolio (which looked much more interesting than most of the prior work they had done at Thorn and Atlin). Also there was already a history of mining in Langis/Hudson Bay with plenty of infrastructure & power access & water access in place, so it would be the easiest path to production for them.

            It may be wise to spin out a “New company” with both Hog Heaven and Langis/Hudson Bay combined, and create a Silver exploration and development focus for that company.

            Then Brixton could stay more focused on Gold/Copper like they have been with Thorn & Atlin.

            They’d clearly define the focus of both companies that way (1) Gold/Copper (2) Silver/Cobalt/Zinc/Lead and would attract more investors that don’t want to buy into an unfocused mashup.

          • On January 22, 2020 at 8:46 am,
            Matthew says:

            Brixton was actually done rising by the time the high grade Langis results were reported in 2016 so I’m not sure the property had anything to do with the rise. In fact, there was no great news to speak of during the huge move that year and the only press release the year before (2015) contained this at the end:
            Brixton is an exploration company focused on the advancement of high-grade precious metal assets to feasibility. Brixton’s Thorn project hosts a district scale Triassic to Cretaceous volcanoplutonic complex with several styles of mineralization related to porphyry and epithermal environments. Targets include sediment hosted gold, high-grade silver-gold-lead-zinc-bearing diatreme-breccia zones, high-grade gold-silver-copper veins and porphyry copper-gold-silver. The 28,000-hectare Thorn Project is located in the Sutlahine River area of northwestern British Columbia, Canada, approximately 105 km ENE from Juneau, AK.
            -end-

            So it seems it has always been about Thorn. Still, so many silver stocks did so well that year that company-specific news of any kind probably played only a small role in the advance, in my opinion.

            I bought quite a bit more at .155 today.

          • On January 22, 2020 at 9:49 am,
            Excelsior says:

            Most of the press releases in early 2016 were about Langis & Hudson Bay – Their silver properties. They had just acquired them in early 2016, and that is what was animating most of the share prices moves, and certainly why I started following them. They had been drilling on Thorn simultaneously but many were realizing they hadn’t drilled up enough to make an economic deposit, so the narrative was definitely getting more Silver focused in 2016.

            ______________________________________________________

            This news release in Feb 2016 was what really kicked off the fervor in Brixton back then:

            BRIXTON METALS CLOSES ITS ACQUISITION OF THE PAST PRODUCER LANGIS SILVER MINE
            February 2, 2016

            “Brixton Metals Corporation (TSXV: BBB) is pleased to announce the completion of the purchase and sale agreement with Canagco Mining Corp. to acquire a 100% interest in the claims comprising the past-producing Langis silver mine). The project is located in the historic Cobalt silver mining camp of northeastern Ontario.”

            _________________________________________________

            Then in March there was this update on their Langis Silver deposit:

            Brixton Metals Provides Preliminary Model of the Langis Silver Project

            March 2, 2016 – Brixton Metals Corporation (TSXV: BBB) announces that it has published additional data on the Langis Silver project located in Northeast Ontario through a short video.

            __________________________________________________________________

            Then there was the investment by Rob McEwen making him the largest investor at that time which got folks more confident:

            BRIXTON METALS CLOSES $1,023,300 FINANCING
            April 11, 2016

            “Mr. Robert McEwen (Evanachan Limited) and CMP 2016 Resource Limited Partnership have subscribed for 2,500,000 Units and 2,500,000 FT shares respectively. At closing (and after the share issuances described below are completed), Brixton will have 25,589,926 shares outstanding on an undiluted basis. Mr. McEwen becomes Brixton’s largest shareholder holding 13.7%, CMP holds 9.7%, Hecla Mining holds 8.8% and management and Directors collectively hold 15.8% of the Company.”

            __________________________________________________________

            Then in April of 2016, Brixton announced it had acquired yet another Silver project in picking up Hudson Bay:

            BRIXTON METALS ACQUIRES THE PAST PRODUCER HUDSON BAY SILVER MINE
            April 28, 2016

            “Brixton Metals Corporation (TSXV: BBB) is pleased to announce that it has acquired 100% control over the past producing Hudson Bay silver mine in the Cobalt mining camp of Ontario. ”

            _______________________________________________________________

            Then they did another $2 Million financing on May 10th to help fund the drilling of Langis and Thorn. After that they quickly turned around an agreement with the First Nations group, showing the good community acceptance of the project.

            BRIXTON METALS AND TIMISKAMING FIRST NATION SIGN EXPLORATION AGREEMENT
            May 10, 2016

            “Brixton Metals Corporation (TSXV: BBB) is pleased to announce that it has entered into an Exploration Agreement dated May 2, 2016 with Timiskaming First Nation with respect to the Company’s Langis Silver project and other Cobalt lands. ”

            http://brixtonmetals.com/category/2016/page/2/

            _____________________________________________________________

            Almost the entire first half of the year in 2016, and miners were surging was about picking up Langis and then Hudson Bay, and that is what created the surging interest in Brixton, beyond what they had been doing with Thorn – mostly around gold.

            So it’s a stretch to say it was always about Thorn. What investors liked in 2016 was picking up 2 new Silver/Cobalt properties, and that speculation is the lion’s share of why BBB surged in 2016. Now they’ve all but abandoned posting news on those properties after a number of solid drill campaigns on it because Silver & Cobalt pricing faded down hard in 2017 & 2018.

            I’m glad they are going to drill on Hog Heaven this year, but they’d get more mileage out of it and Langis and Hudson Bay if they were in their own company, as most of the comments and investor interest in Brixton for the last 2 years has been back on their Gold/Copper exploration at Thorn, and their Gold exploration at Atlin.

          • On January 22, 2020 at 11:16 am,
            Matthew says:

            News always looks like a big deal when the whole sector is on the move. Had the cycle been down, I doubt very much that any of those press releases would have done much for the stock. Appearances aren’t always what they seem and way too many investors are too sure that they know the reasons behind everything the market does when in fact nothing could be further from the truth. This is why too many investors think the market is “wrong” much more than it really is. The fact is, the market was not wrong when it priced IPT at 11 cents or USA at 4 and half cents in early 2016 yet many were claiming that such juniors were cheap and “stupidly” priced. There’s way too much flippant talk among retail investors about value, but I digress.

          • On January 22, 2020 at 12:00 pm,
            Excelsior says:

            I agree that there are many forces moving the markets, but I invested in BBB back in 2016 specifically because of them picking up those 2 Silver properties with Cobalt credits, and the buzz in other investing chatrooms was about their Silver properties coming on board and that was what all the press releases from the company were about the first half of 2016. My only point is now their focus and the chatter from investors in Brixton has been mostly focused around their Gold/Copper exploration at Thorn, and their Gold exploration at Atlin. It will track PMs just fine, but I don’t believe most investors are rating it for the silver in the ground at Hog Heaven, even though that is valuable and will become more so in rising silver prices. Maybe the drilling there in 2019 will get more eyeballs on that silver property, but most of the focus the last 2 years has been Thorn & Atlin.

          • On January 22, 2020 at 12:11 pm,
            Matthew says:

            Brixton rose a large 4.7 times as much as SILJ following the May/June lows which is similar to the leverage it gave in 2016. Yes, most investors are not “rating it for the silver in the ground at Hog Heaven” but most investors don’t make the price. The big players do and they are very good at causing share prices that reflect reality (like IPT at .11 when silver was below $14).

          • On January 22, 2020 at 12:38 pm,
            Excelsior says:

            I sure hope the big players to factor in Hog Heaven’s Silver in the ground, and the silver in the ground at Langis and Hudson Bay, and then add to the Gold/Copper/some Silver at Thorn, and the Gold at Atlin, and then the shareprice will rerate much higher, because right now the big players are not valuing all 4 projects in the current shareprice – hence – inefficient markets.

          • On January 22, 2020 at 1:46 pm,
            Matthew says:

            There might be a case for a short term price-value mismatch here but it could also be that you’re making exactly the assumptions that I highlighted above. Are you sure you’ve discounted everything that goes into turning those projects into producing mines? Do you know what the company really has that isn’t contingent upon more drill holes or higher metals prices or local politics or even natural market cycles? There’s a reason most junior miners rely on gamblers and not banks for their financing and it has a lot to do with value that is subject to a host of “ifs.”

            The company trades at 2 times book which is $17M excluding over $5M in cash. If it is worth more than that, how much more? If you can’t say, then you’re really guessing when you call it under-priced. Likewise, if you didn’t call it expensive when it hit $1.20 in 2016, what does it logically mean to call cheap, now? In my opinion, not much.

            As a speculator, I’m a buyer because I think the odds are good that today’s price will be cheap someday soon, not because it is cheap today even if silver goes nowhere.

            Investors buy what is true today. Speculators buy what might be true in the future. Virtually all of what Brixton has going for it is a bunch of possibilities.

          • On January 22, 2020 at 2:07 pm,
            Excelsior says:

            All explorers, and even the developers and producers are based on a large sea of “if” and potentials, and investors are speculating on the future, so that is true across the board. Book value for explorers is basically meaningless, since most of the value is in the perceived future value of what their deposits could be worth based on the exploration work done. and thus won’t be represented there. Book value is far more appropriate for more established producers or standard businesses that have sales, assets, machinery, and with miners clearly defined economic studies on the worth of the assets.

            It is much more standard to compare Jr explorers to their peers that are digging up similar grades, in similar geology, at similar depths, but it is all very subjective until the deposits get a PEA, and preferrably a PFS, and then FS in place to quantify the economics. Even then there are plenty of examples that have popped up over the years where the value of the deposits were not properly accounted for in the share prices, and sometimes companies are trading below the cash value they hold, so no markets do not always have things priced correctly.

            We’ve covered on here repeatedly how mismatched many arbitrage trades are for months at a time during takeovers, and the markets don’t reprice those until after the transaction closes, providing a present day valuation mismatch by Mr. Market. We’ve reviewed a number of times on here how wacky the current valuation is for GZZ just based on the arbitrage it has to RZZ’s royalty, not to mention all the other assets, NSRs, and strategic stakes it holds, and none of that had anything to do with book value.

            Much of the drilling the Brixton has done is either not included in current resource estimates, or there aren’t even economic studies done on some of the properties yet, so it makes the whole valuation an aspect of projecting where things could go at both current metals prices and where the metal prices are heading, no “big players” or retail investors could peg all the criteria down that you listed, especially on a more speculative drill play like Brixton with so many unknowns. $1.20 was on the expensive side back in 2016(and it was back then and I trimmed the position way back into the highs, and have traded around my position for 4 years now buying dips and selling rips), then $.13 is cheap for a company with more projects and more drilling (albeit some more dilution) with more questions answered than where they were 4 years ago. Surely a more proper value is somewhere between those 2 extreme poles.

          • On January 22, 2020 at 3:02 pm,
            Matthew says:

            You misunderstand the “ifs.” Larger miners actually mine stuff and have bankable reserves, and profits and permits and a track record regarding both operations and community acceptance, and, and, and. The big banks/brokers don’t initiate analyst coverage of the Brixton types because there’s nothing to cover. Which is a big part of the reason that they move so wildly. There’s a lot of retail guys driving big swings because they think they understand value.
            Book values don’t necessarily mean a lot in many cases but can be more useful than you think when comparing apples to apples.
            If you did not believe that silver would go higher anytime soon, would you still call Brixton undervalued? I would not. The main value in such an environment would be its high grade gold holes which are a long way from being bankable assets. A stock can only be considered cheap based on what is true today, no matter how certain you might be about a rosier picture tomorrow.

          • On January 22, 2020 at 3:02 pm,
            blazesb says:

            Excelsior, yes, please Gary Thompson FOCUS! Pick a flagship property and stick to it.

            I think in a recent post Bob Moriarty said he wasn’t really able to do justice to ore grades and implied values derived from the blizzard of information companies release. Hear hear. We all try but in the main must place our trust in the source of that information, the company.

            By bouncing from property to property like a pinball Gary Thompson is jeopardizing that trust.

          • On January 22, 2020 at 3:51 pm,
            Excelsior says:

            Agreed blazesb. Very well stated, and I’d love to see Gary and team get laser-focused after 4 years of playing follow the shiny object from project to project.

            Most of the investor anticipation the last 2 year has been seeing if the drilling at Thorn and new exploration hits can make a big enough difference to help out with the economics and mine plan. I’m also still very interested to see what happens on their Atlin exploration, but it is much earlier stage.

            Still the market has been responding to great discovery holes and high grade intercepts, and looking to see if Brixton can hit pay dirt with one of their campaigns in 2020 and get more of a buzz going once again.

          • On January 22, 2020 at 3:57 pm,
            Excelsior says:

            blazesb – Hillarious. I just went over to Brixton website to look for an updated corporate presentation, and NOW they have Hog Heaven (last year’s #3 property) as the “Main” project and on the cover of the new slide deck. They’ve changed the main focus once again!!

            Amazing, as Thorn is getting throttled back again to 2nd place, and Atlin is now reduced to 3rd position with only some geo-chemical work for the upcoming exploration season. Again no mention of Langis/Hudson Bay, but hopefully they’ll JV that out or spin that out to another company to get some work going on it under some other company’s dime.

            I guess Hog Heaven is the new focus for 2020, which actually I prefer, as Silver is going to be coming more and more back in vogue, and there is a big historic resource there that they’ve done very little with since they picked up the property.

            Let’s hope they hit it big with Silver drilling in Hog Heaven and that they get some traction in the market and things start moving to the upside once again.

            At least now they’ll be more tethered to Silver versus Gold for 2020.

            http://brixtonmetals.com/wp/wp-content/uploads/2020/01/BBB-January2020-FINAL.pdf

          • On January 22, 2020 at 4:07 pm,
            Excelsior says:

            I had moved (BBB) from Silver explorers to more Gold Explorers back in 2018, but now in 2020, it’s time to move Brixton back over to more of Silver-focused explorer once again.

            Even though it is further management ADD in previously outlined strategy, I agree with their decision to highlight their Silver property more prominently as Silver stands to go up much more on a percentage basis than Gold, and create more interest as the PM bull charges on this year.

  2. On January 21, 2020 at 2:50 pm,
    Matthew says:

    The miners had a technically significant positive day versus both dollars and gold.
    GDXJ:GLD…
    https://stockcharts.com/h-sc/ui?s=GDXJ%3AGLD&p=D&yr=1&mn=5&dy=0&id=p09737425569&a=715249116

  3. On January 21, 2020 at 3:26 pm,
    Fritz Bender says:

    I look at it as a buying opportunity.

  4. On January 21, 2020 at 4:08 pm,
    Matthew says:

    I’m sure even most gold bugs would be surprised to find out that gold is worth 32% more CRB to day than when it traded at $1,923…
    https://stockcharts.com/h-sc/ui?s=%24GOLD%3A%24CRB&p=M&st=1981-09-07&id=&a=437502275

    And those who think gold is just another commodity would have a hard time explaining why gold is up nearly 650% versus the CRB since 2001.

  5. On January 22, 2020 at 7:33 am,
    Excelsior says:

    Adamera up over 50% today on this news.

    (ADZ) Adamera and Hochschild Mining Sign Agreement on Cooke Mountain Gold Project

    22 Jan 2020

    https://ceo.ca/@thenewswire/adamera-and-hochschild-mining-sign-agreement-on-cooke

    • On January 22, 2020 at 9:16 am,
      Thomas says:

      Nice speculation play now. Do you have a stake in them?
      Management seems to be good.
      Yale Simpson from Exeter also on Board.

      • On January 22, 2020 at 12:57 pm,
        Excelsior says:

        No I had looked at Adamera a few times, but they had struggled for a long time.

        I just thought the news was a nice win for the mining sector, and a good show of perseverance through tough times, as one of big boy miners partnered up with a Jr.

  6. On January 22, 2020 at 8:07 am,
    Thomas says:

    Resolute needs A$196 million via share raise to pay a loan back in January
    https://clients3.weblink.com.au/pdf/RSG/02194283.pdf

    Market Cap will increase to A$1.1 Bn
    Will need another A$275 million to refinance in May

    Poor performance in Q4, e.g. Syama produced sulphide or with AISC of A$ 5000 (US$ 3400).
    Never seen such numbers. In their presentation they claim AISC of U$ 746

    I think management over promises and under delivers since years?
    Ex, what is your take on them?

    • On January 22, 2020 at 8:35 am,
      Excelsior says:

      Hi Thomas – My take is that is that Resolute Mining is one of the better run Mid-tier companies, and what they have pulled off recently with the solid capital raise and the sale of the Ravenswood mine in Australia should handle the debt situation.

      They’ve been one of the few companies paying a dividend to shareholders the last few years, (where it was optional to even receive it in physical gold as a great idea). Typically they’ve had some of the better costs in the industry, and will once their process plays through over the next 2-3 quarters.

      Yes, Resolute is giving up the Ravenswood production, but it wasn’t as economic as their other mines, and they’ll still have some exposure to its upside through the new operator. I believe selling it off was the better path forward for Resolute, so they can pay off the debt, avoid the future capex that would have been needed at Ravenswood. Now they can focus on optimizing their remaining 9 mines, and possibly acquiring a Jr developer in Africa with better economics on a project they can build into a mine.

      Syama is going to be a future cash cow, so judging Syama based on just the Q4 numbers is missing the forest for the trees. They just pumped a huge investment into Syama the end of 2019 with the autonomous self-driving mining fleet, and an optimization and technology package, so that skewed the numbers, but their AISC moving forward should be much closer to that $746 outlined in their presentation. It was capital investment into their best mine, and it will return many multiples over time and that mine has a long life ahead of it, with a lot of exploration upside and satellite deposits around it.

      The strategy they just implemented at Syama is actually industry leading technology, and will be the model that more large Producers will start to emulate; reducing costs, injuries, and labor, and will more than pay for itself over time. It just needs some time now to let these cost reductions and improvements in efficiencies play out.

      I’m still interested to see if Resolute takes a portions of the funds to scoop up one of the companies it has a strategic stake in, as those valuations will also start to move higher as Gold prices rise in 2020 and 2021, so they may need to move sooner rather than later on any acquisition in one of the companies they already have a key strategic stake in.

      _____________________________________________________

      (RSG.AX) (RMGGF) Resolute Mining – Corporate Presentation – January 2020

      https://clients3.weblink.com.au/pdf/RSG/02194285.pdf

      • On January 22, 2020 at 8:45 am,
        Excelsior says:

        One correction. After going through that new presentation it looks like they have adjusted the 2020 guidance for Syama’s AISC to US$960/oz.

        I believe the longer range plan is to get it back down in $700s but it may take longer into 2021 to achieve that. Otherwise, all the capital raising, Ravenswood mine sale, paying down debt, share buyback programs, and investments into their mines all look like a winning longer term strategy.

        • On January 22, 2020 at 9:15 am,
          Charles says:

          It sounds like Resolute is set itself up to under promise and over deliver. Just the kind of company I like. I have seen the chart on the company, but it sounds like now would be a good time to consider a position.

          • On January 22, 2020 at 9:15 am,
            Charles says:

            I meant to say “I have not seen the chart” above.

          • On January 22, 2020 at 10:06 am,
            Excelsior says:

            Hi Charles – There may be some work for Resolute to still do to prove to the marketplace that it’s transformation is going to delivery, where it still could sell down some in the changeover, but longer term it is a very solid company. RSG.AX is still halted based on all this latest news on the capital raise, right on the heels of selling their more marginal Ravenswood mine in Australia, to focus completely on Africa.

            One has to believe that their projections for cost reductions and improved efficiencies at Syama are going to go as planned, but they’ve been mining there since 2003 and have been operating 10 mines over the last few years and are competent mid-tier producers.

            Longer term I see them continuing to develop some of their exploration projects in Ivory Coast (Côte d’Ivoire), expanding their mines in Senegal and Ghana, and possibly acquiring a more attractive Jr (they have strategic stakes in 5 Jrs – Oklo, Mako, Orca, Manas, and Loncor).

            It will be a slow and steady wins the race type of growth, but with rising gold prices and lowering their costs over the next few quarters, I’d still expect it to be a solid divident-paying company.

          • On January 22, 2020 at 1:23 pm,
            Excelsior says:

            delivery = deliver

            divident = dividend

          • On January 22, 2020 at 1:45 pm,
            Charles says:

            Good to know Ex. So many choices, so little time……

          • On January 22, 2020 at 2:14 pm,
            Excelsior says:

            Resolute is more a steady rising value play, but will not have the torque of the micro-cap Jrs, so it wouldn’t be a company for those wanting that kind of huge leverage.

            There are many investors that like holding a few of the larger producers, and Resolute seems like a good optimization and turnaround story for a larger diversified producer, for more of a 2 year time horizon. It wouldn’t be my top pick or anything, just a big company at a crossroads that seems to be doing the right things to propel it higher in valuation as they implement this revised balance sheet restructure, divestment of their Aussie mine, and optimization of the mining strategy at Syama.

            We’ll see how things go in Q1 and Q2 when they post those results to see if things are trending the right direction for them.

      • On January 22, 2020 at 8:54 am,
        Thomas says:

        Q4 was only an example how worst it can be. I have seen comments from other shareholders that this was not a one time event and they seem to have this under performance already over a longer time period.

        Also with the new equity raise they seem not really cheap anymore, A$1.1Bn vs C$1Bn for Leagold that already increased 30% on the merger news.

        • On January 22, 2020 at 10:20 am,
          Excelsior says:

          Agreed the LeaGold is another solid mid-tier, but yes they’ve already gone up at this point on the merger news with Equinox, and they’ll be an even larger 1.7 Billion company at that point, that has already run much more, and they still need to deliver.

          I’m a big fan of Equinox and have been a shareholder since they announced the rollup of Trek Mining, with NewCastle Gold, and Anfield Gold (Ross’s company that sold off their low economic deposits to raise cash in a company that had basically cratered). The new combination was a rollup merger of 3 companies, 1 of which Trek Mining was full of previous rollups where both Luna Resources in Brazil (that initially failed and initially hurt partner Sandstorm) and JDL Copper (itself a rollup of 3 prior copper/gold companies that had struggled).

          I’ve followed Equinox very closely since it came on the scene with all the right backers, with Ross Beaty at the helm for promotion, and with a huge portfolio of assets and positioned early on. It has been a fantastic stock to have been in for the tough recent periods in the PM space, along with companies like K92 Mining or Silvercorp that are all best-in-class and rose accordingly on their fundamental drivers.

          Now the Equinox is swallowing up LeaGold, it will be a very exciting company, with 6 mines, but it will be quite a bit larger, and again, it has already been rated higher accordingly. It’s advantage is the dual listing US & Canadian tickers and that it now will be more prominently included in more ETFs. It should do well, but it is starting to get a bit too large for my tastes but it is a clear success story.

          Resolute is just more under-rated, but they’ve had to clean things up and re prioritize and recapitalize, but now their plan has gone from talk to action, so I’m encouraged to see how things develop.

          • On January 22, 2020 at 11:04 am,
            Thomas says:

            Would like to own only stocks like Equinox, Leagold, K92 from the beginning -:)
            McEwen Mining might one to consider.

          • On January 22, 2020 at 1:03 pm,
            Excelsior says:

            I only owned Equinox from their beginning, and haven’t ever owned Leagold, but if I could take a time machine back I would 🙂

            As for K92, it was their initial drill results in Kora that piqued my interest and their turnaround plan an low valuation after getting pummeled that caught my interest. I actually averaged up into over time, then started trimming last year into the strength, and then sold briefly on the j urisdiction concerns about Papua New Guinea that affected other mines. When I looked back on it (KNT) K92 Mining was one of the best investments I had held for the last 2 years, so I bought back in at better pricing than I sold for, and am riding with it once again.

            I had MUX for a while, then got disenfranchised after their last capital raise during a low period, and sold out completely, but recently bought back in right before Christmas, and am willing to give them yet another chance to get their house in order.

          • On January 22, 2020 at 1:16 pm,
            Thomas says:

            I owned Leagold from the beginning, because of my good experience with True Gold/Endeavour Mining.

          • On January 22, 2020 at 1:25 pm,
            Excelsior says:

            I’m in Pure Gold and Discovery Metals because of my good experience with Mark O’Dea with Oxygen Capital from True Gold, and he was on the board of directors of NexGen for a while. They do have a bit of a mess on their hands with Sun Metals at present, but I don’t blame Mark, but rather the direct management team and the way they released info in their last 2 press releases and the subsequent blow back from investors.

          • On January 22, 2020 at 1:30 pm,
            Excelsior says:

            I’ve been considering Liberty Gold as well under the Oxygen Capital umbrella, but it’s already run quite a bit and I’m overloaded on gold companies. I just added in (HIGH) Highgold Resources this week as gold exploration drill play, instead of taking a position in Liberty Gold, but I am looking to wrap up a few other positions in the next major surge and then may come back around and look at Liberty Gold.

            I’ve been very impressed with the action in (DSV) Discovery Metals with Mark O’Dea and team, and like (PGM) Pure Gold, but it has been less peppy than I was expecting as it heads into construction to be a new producer in the next year or so.

          • On January 22, 2020 at 6:33 pm,
            Excelsior says:

            (KNT) (KNTNF) K92 Mining Inc. Named to 2020 OTCQX Best 50

            by @nasdaq on 21 Jan 2020

            “K92 Mining Inc. (TSXV: KNT, OTCQX: KNTNF) is pleased to announce it has been named to the 2020 OTCQX® Best 50, a ranking of top performing companies traded on the OTCQX Best Market last year.”

            https://ceo.ca/@nasdaq/k92-mining-inc-named-to-2020-otcqx-best-50

          • On January 22, 2020 at 6:39 pm,
            Excelsior says:

            (KNT) (KNTNF) K92 Mining Inc. Provides Operations and Stage 2 Expansion Update

            by @nasdaq on 21 Jan 2020

            – Stage 2 Expansion from 200,000 tpa to 400,000 tpa continues to progress well.
            – Key equipment received in late-2019, including new production long hole drill, 17t-bucket underground LHD loader, twin boom autodrill development jumbo and integrated emulsion charging unit.
            – Arrival of the production long hole drill marks the beginning of Kainantu’s transition from an exclusively cut and fill mine to a high-productivity, lower-cost, long hole open stoping extraction method.
            – Primary ventilation system and underground electrical reticulation upgrade completed in December 2019, for a ~3x increase in ventilation fan power, resulting in a more than 100% increase in flow rates and immediate improvement to the mining cycle and operational flexibility.
            – Record material movements (mill feed and waste rock) of 120,000 tonnes in Q4 2019 achieved from under 60,000 tonnes in Q1 2019. A key focus has been on waste development for the expansion and there are now seven sublevels established – previously three operating sublevels in 2018.
            – Preparation for development of Kainantu Twin Incline has commenced with earthworks underway.
            – Final stages of process plant expansion progressing with crusher upgrade, including installation of new secondary crusher largely completed. Additional flotation tank foundations and tank installation is complete, with piping and electrical underway.

            https://ceo.ca/@nasdaq/k92-mining-inc-provides-operations-and-stage-2-expansion

    • On January 22, 2020 at 11:11 pm,
      Thomas says:
      • On January 22, 2020 at 11:52 pm,
        Excelsior says:

        Nice. They got er’ done.
        ______________________________________________________________________

        Managing Director and CEO, Mr John Welborn, said: “We welcome the overwhelming support that has enabled the successful close of our A$146 million placement. Resolute received an exceptional level of interest from both new
        and existing institutional investors across Europe and Australia which saw the book many times oversubscribed.”

        “The heavily supported equity raise is an important endorsement of the Company’s strategy and vision to create a leading innovative and responsible mid-tier African gold producer.”

  7. On January 22, 2020 at 8:14 am,
    Excelsior says:

    First Gold Pour Due at Relief Canyon Next Week

    (USAS) (USA) Americas Gold and Silver expects to make the first gold pour from its Relief Canyon project in Nevada, US, next week

    Mining Magazine • 21 January 2020

    “Commercial production is expected to be reached in the June quarter with 2020 output estimated to be 60,000oz growing to 90,000oz in 2021, bringing its total production to 100,000-120,000oz”

    https://www.miningmagazine.com/development/news/1379430/first-gold-pour-due-at-relief-canyon-next-week

    • On January 22, 2020 at 10:07 am,
      Wolfster says:

      They always seem to over state and under deliver. Believe they had expected to be in commercial production sooner than that originally

      • On January 22, 2020 at 10:31 am,
        Excelsior says:

        They wanted to be in commercial production by Q4, and so they are a quarter behind.

  8. On January 22, 2020 at 8:53 am,
    Matthew says:
    • On January 22, 2020 at 10:11 am,
      Wolfster says:

      Of course it is. Murphy’s law at work……its the only you mentioned a lot that I haven’t bought yet.🙄…….your welcome..lol

      • On January 22, 2020 at 11:31 am,
        Matthew says:

        I think every one of us has had that experience!

    • On January 22, 2020 at 11:47 am,
      Matthew says:
      • On January 22, 2020 at 5:56 pm,
        Excelsior says:

        IPT:SCZ is also back at resistance. The 200 day SMA held last time, but it looks like IPT could punch through after the huge volume today.

        I’m loaded in both companies but like watching these 2 peers interact as they are so similar in market cap, jurisdiction, and smaller Silver Jr Producers with higher costs, and some of the most torque to rising Silver prices. I’ve been trading back and forth in them for the last 2 years, and while Impact dominated in 2018, Santacruz got on it’s bike and rode in 2019. I’m expecting IPT to have the better year in 2020 just because it is more widely followed and have been doing some nice exploration work recently, but SCZ has some interesting developments with their new Zimapan mine and takeover of Carrizal the 2nd half of last year that is starting to generate higher revenues. Hi ho silver away!
        _____________________________________________________

        On December 30, 2019 at 10:02 am,
        Excelsior says:

        “IPT:SCZ looks like it has hit interesting resistance as well.”

        http://schrts.co/kBstRnVx

        • On January 22, 2020 at 5:58 pm,
          Excelsior says:

          That was worded poorly. I’ve had positions in both since 2016/2017 but in 2018/2019 started pair-trading around positions based on their ratio (increasing one / reducing the other, and the reducing one / increasing the other). It looks like it is time for Impact to shine next.

  9. On January 22, 2020 at 9:36 am,
    Matthew says:
  10. On January 22, 2020 at 12:44 pm,
    b says:

    Gold up and another day of a sea of red for my shares. lol
    Whats the first clue almost nobody is interested in gold shares?

    • On January 22, 2020 at 1:50 pm,
      Matthew says:

      But it was a good day to buy! Mark my words! 😉

  11. On January 23, 2020 at 11:31 am,
    Bill says:

    I bought 80,000 of BBB Mathew. Hope we se a couple bux at some point!? cheers

  12. On January 23, 2020 at 11:36 am,
    Bill says:

    10,000 ipt

  13. On January 23, 2020 at 11:44 am,
    Matthew says:

    People get real nervous about confidence in this business but I view big gains as inevitable for BBB. When silver goes up, it will go up.
    https://stockcharts.com/h-sc/ui?s=SLV&p=W&yr=5&mn=2&dy=0&id=p01681011837

  14. On January 23, 2020 at 12:22 pm,
    Bill says:

    I think so Mathew….Just scanning most charts look V good longer term…they show saucer bottoms, tea cup formations ect and the general trend has been up on most for sometime. Most important… I mentioned PMs to my CLUELESS family and they said they will never invest again here! BUY signal for sure.