Watch Silver and the Gold Stocks Near Breakout Levels
Jordan Roy-Byrne joins me today to comment on the charts of gold, silver, and gold stocks broadly. As much focus as people are giving to gold above $1,600, silver and gold stocks are the more important ones to watch right now. Jordan shares the levels they need to break to confirm the gold move and a stronger move higher.
Click here to visit Jordan’s site and keep up to date on the charts and stocks he is following.
ORA Aura Minerals is also up nicely again today. Dang that mid-tier producer is up over 300% this year and as things progress we’ll see more and more mining kernels pop just like that as the PM kettle heats up.
Not too shabby for boring Gold producer. Have investors made those kinds of returns in the DOW or S&P so far this year? Ha!
Ive noticed that fridays often reverse direction of PMs.
Interesting to see what happens this time.
I actually have a few shares moving up today, a change from gold price increasing and shares dropping.
So, Im gonna take that as a good sign.
ditto on your observation…….and interesting indeed to see if it holds.
end of the month…..closing out the contracts…..
Overhead resistance is almost gone….for gold………
Unless Gold and Silver get smacked down very hard on Friday, this is setting up to be an excellent weekly close for the Precious Metals.
Currently Gold is at $1631 and Silver is at $18.49 in overseas trading coming into Friday.
$1642…………some more overhead just got taken out……. 🙂
Ditto…………on the set up…….potentially , one of the best set ups in years…..
Silver should be well past $22 by now………….something is not right…..
JPM…….has the lid on this for sure….
Agreed that Silver should have already taken out it’s 2016 high of $21.23 already, and be at $22 and beyond. When will it wake up and charge?
Ex: Need that Silver price over $18.50 so the algo machines join in.
Agreed. It is at $18.54 right now but would be great if it could add a quarter more before this weekly close.
$18.468…rejected again.
Yeah, Gold outperformed Silver again 2:1 today, and Silver just could seem to gain any traction above the $18.50 resistance that Jordan had outlined. It is a high congestion zone here with a number of buyers/sellers and sell stops and buy orders etc… but if Silver can break up above this level significantly, the pace to the upside could really quicken.
The kitco list still has alot dropping, so I guess we have a ways to go yet.
Gotta be getting closer tho.
Have you seen the great drilling results that De Grey announced last week? KL or Novo should buy DGMLF asap.
Jordan, you were just on last week 12th saying there no catalyst to drive gold, miners higher unless rate cut, you even said we could test 200 day moving avg.
Even you had subscribers and your portfolio buy jdst. Now just couple days later you sold jdst for loss and now since mkt took off your saying we’re taking off, cup and handle etc. This cup and handle was forming for months, gold staying 1580 area and dollar moving higher since beginning of year, yet miners traded in small range ready to break out of wedge formation.
You technicians should have been seeing this yet when asked by subscriber about cup and handle and maybe buying jnug for short term pop you blew it off saying jnug is like gambling.
Then you make technical call and buy jdst in your portfolio, isn’t that gambling??
Yes, last 3 times you called for miners to fall and bought jdst in your portfolio you were wrong just like last week, all loosers.
Why should we believe your technical calls when you like many others just jump on the wagon after you miss the pop.
Aside from big-picture observations, I don’t like it when anyone talks “catalysts” because almost no one is qualified to do so. In the short term, nothing fundamental is as it seems and a “chart guy” ought to know that.
Somewhat strange actions by most PM indexes and many pm stocks. Apparently people are more attuned into selling into the strength and waiting for better entry points. True, NEM is up nicely and even Impact Silver is having a good day.
Rather than not buy this run with gold a question I have is why couldn’t this surge keep going. I remember last May when many thought it wasn’t the right time and yet look at last year’s chart of gold for instance.
I’ve thought for the last two years that the general stock markets were no place to put any funds and it’s simply continued to go higher. I definitely wouldn’t touch it now. However, those waiting for better buy points may just slowly get left behind on the station platform!
ever listen to Greg Mannorino…….he has a good explanation on the stock market….saying it is going to keep running, because Trump loves to promote the stock market and particular stock like…MAGA….Microsoft, Amazon , Google, Apple…..
And there was a good article at zerohedge yesterday, concerning the haves and have nots, and the 1%…..just keep making money with Free money from the FED.
Btw……I am not buying any of the above stocks…….
Keep in mind that we’re like a choir in an echo chamber here at KER so those selling this strength do seem weird. However, it’s really normal/fine and even good since this is how bull moves start, with short covering and disbelief followed by more selling. The writing is on the wall but relatively few see it.
On a related note, it took 4 years but I recently had my suspicions confirmed when someone on another site recently shared Martin Armstrong’s outlook for gold on Feb 4, 2016. In a nutshell, he said gold would make a new low that year (below 1045, lol). I had suspected that all of his little followers had gone silent for a good reason and now I know that was the case. A lot of people, including pros, failed to do their own work and paid a hefty price because of it. Considering his popularity in late 2015, maybe he’s responsible for a large part of the gains that year because he kept so many (a lot of buy-side firepower) on the wrong side.
Bingo. Most of Marty’s minions that were so bearish expecting gold to keep pulling down to new lows, even after Gold signaled it’s major low, have mostly dried up and blown away, although a few would pop up in 2017 and 2018 expecting one more huge crash down into the $900’s, $800s, etc… before the gold bull market could start, and denied the Gold bull the entire way up since the $1045.40 low.
He had a huge following a few years ago, but I could never figure out if they were following his opinions, or were really all-in on his A.I. program, (that clearly had a few nuts and bolts loose as it was wrong on so many fronts).
That makes Marty , low man on the totem pole……… 🙂
Of course we could flock back , and see $968,,,,calling in the wild….Bold Eagle Birdy…
I feel sad for folks that listened to that Marty & Tweety rubbish and didn’t get positioned when the bottom was in and Gold started taking out resistance levels, moving averages that hadn’t been taken out in years, and prior key peaks and troughs that hadn’t been cleared in years.
All the signals were coming in that a major bounce was underway, and the continued bearishness at that point was just as ridiculous as the continued bullishness when the PMs topped in 2011. People love to berate the folks that were calling for higher metals prices back then, but what about all the pies pipers calling for much lower prices even after Gold had bottomed and was clearly breaking out in 2016. Weren’t those ding songs just as destructive to others capital?
Pies pipers = pied pipers
Ding songs = ding dongs
😉
Doc said the January low for GDX would not hold but it did…
https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=0&mn=11&dy=0&id=p02531321105&a=712190475
We were both wrong about IPT but I was right to be bullish:
http://www.kereport.com/2019/12/13/so-do-we-have-a-phase-1-trade-deal-or-not-also-uk-election-comments/
Matthew – You were definitely correct to be bullish on IPT in late 2019, and your charts clearly outlined where the support was. I just read that old blog thread and was in agreement then, pointing out the bullish pattern of higher lows, and commenting on the 2 layers of support, which did hold and IPT has bounced higher since then to the upside.
> On December 14, 2019 at 1:25 am,
Excelsior says:
“It is also very significant that since putting in an intermediate bottom in late 2018, that IPT has put in a series of “higher lows” since then, which is quite bullish for the medium to longer term.”
> On December 14, 2019 at 8:38 am,
Matthew says:
“And the recent low was a backtest of the July breakout:”
https://stockcharts.com/h-sc/ui?s=IPT.V&p=W&yr=4&mn=1&dy=0&id=p61516103611&a=676382921
> On December 14, 2019 at 9:09 am,
Excelsior says:
“Yep, double whammy support.”
I am glad I followed Matthew’s lead on IPT. Great call Matthew. Just wondering when Brixton is going to join the party?
So Jordan changes his mind since last week …
Voodoo trading is probably better … lol !
https://www.youtube.com/watch?v=yJWJGKzvTlk&feature=emb_title
I wonder what Adam Hamilton thinks now. He has been confidently too bearish since September.
I know. I made comments above and as a subscribe to his newsletter here what I got in my email.
decided I no longer want your business.
Good luck and all the best to you.
Kind Regards,
Jordan Roy-Byrne, CMT, MFTA
Who needs to subscribe to a newsletter when we have kereport?
ditto………bonzo
What is amazing to me, …….why would anyone listen to most of the so called gurus, when most are lucky if, they are 50% correct ….
Matthew, has been more spot on than the majority of any of the so called gurus…..
JMO and experience in reading…. 🙂
You’re right Bonzo. I follow Matthew’s charts and read Gary Savage’s public blog. Doc and Rick are also excellent technicians. Plus, you have to use a little bit of common sense. The biggest thing I learned with my trading is to use stops. Matthew is a real gem, I wonder why he’s not working for a Wallstreet trading house.
+1
Bonzo Barzini – I’ve never subscribed to any newsletter and have done above average, and have benefited greatly from all the free info shared here at the KER daily, as well as other sites like ceo.ca.
There are so many newsletter subscribers that end up going all in on a short or medium-term technical call, or an amazing exploration stock pick, that end up blowing up their accounts, and go screaming off stage at how terrible the resource stocks are, when all the decisions were in their own hands.
These folks often get pissed at the newsletter writer, calling them out for being wrong, instead of taking personal responsibility for their own education and their own trades.
>> Everyone chooses to hit “buy” or “sell” on their own accord, and should look in the mirror if they want to see whose fault a bad position is. Nobody holds a gun to anyone’s head to make any trade, it is a personal choice.
Personally I like getting a range of input and perspectives (both technically and fundamentally), bouncing them against my own analysis, and then make the trade knowing it was a probabilistic set up and own the decision.
I’d never make all my trades because 1 newsletter writer said to do something or another, and it would personally bother to just take all advice from 1 guy or gal and mimic all their trades. Most folks simply don’t want to spend the time or do the homework, and just want someone to tell them what to do, as a herd follower. Then they get mad at their shepherd when their herd gets smashed by an oncoming train, but they’re the one’s that blindly followed another guru, so it was their choice.
Bottom line – it is great to try to learn from everyone, and even to value certain folks input over others as superior analysis; but at the end of the day – the best investment anyone can make is not in a newsletter or in guru-chasing, but in their own education.
Big Fat Ditto………on the EDUCATION…………
Some people don’t like/understand Elliott Wave.
Of course, i am not always right, but since the end of 2018 I am posting charts on twitter like this one of gold: https://i.postimg.cc/wvQVpxnV/gold.png
TraderGab – I follow many of your TA posts and charts on Twitter and am glad to see you posting here. (did you used to post here at Gabriel back in 2015/2016?). I’ve always wondered if that was you?
Keep up the great work.
@Excelsior Yes it was me.
Great. I thought so based on the excellent TA and charts you post on Twitter, but always wondered. I’ve reposted some of those over at ceo.ca, and it was your charts that had the biggest impact on me during the 2015 double-bottom in Gold back then.
Great to see you pop on here at the KER, and keep posting your analysis as it is appreciated.
For those who follow or are invested in AXU, is this anything to be concerned about? I’d greatly appreciate your POV.
https://stockhouse.com/news/press-releases/2020/02/18/alexco-divests-subsidiary-environmental-business-aeg
Hi Marlborough – I’ve been invested in Alexco since early 2016 and have followed it very closely for even longer than that, and this day was coming for some time and was foreshadowed a long time ago.
Clynt has been discussing spinning out their environmental mine remediation business for the last 2 years in most of his video and audio interviews. To his point, that part of the business wasn’t being properly valued within AXU anyway, so it does make sense to spin it out in it’s own vehicle at this stage of business for Alexco.
AXU shareholders have benefited for years from the revenues that part of their business generated (which helped reduce/offset dilution during exploration and development campaigns). However, now Alexco is a solid developer moving into production, and will be generating their revenues from mining moving forward, and should stay laser focused on mining (not mitigation).
>> Clynt summed it up well in their press release:
Alexco’s Chairman and Chief Executive Officer, Clynt Nauman, commented, “The sale of AEG to AEG Management, while retaining the benefits of the ERDC work at Keno Hill, is an important strategic step for Alexco, streamlining our business and allowing us to focus wholly on our mining and exploration endeavors. With AEG’s 2019 projected revenue of more than $30 million, and a rapidly growing professional workforce, AEG has clearly outgrown its Alexco home. The transaction is accretive for our shareholders with a post divestiture stand-alone inception-to-date annualized return on invested capital of approximately 11%. I want to thank all the professional employees and especially Jim Harrington, who are the real architects of the success of the AEG business over the years, and I look forward to continuing work with them in the future.”
Thank you very much, Excelsior.
Here’s to Alexco having a continued great run, and to keep hitting g it big with the drill bit as they move towards production.
Follow the money my friends follow the money.
If someone is charging you for their newsletter/service then they are more motivated to push out something to keep you interested/entertained. Their historical results are what they should be pushing as reason to listen to them. KER is free…there is so much great info here…although there is some “noise” as well that you have to filter out….but it all helps you make your own financial decisions.
Yes, some great posters here at Kereport, and probably quite a few lurkers that will come out of the closet now and join in. Just a last thought, I hope Bob M returns. DT
Ditto on BOB M>>>>>>>>>>>of course what does he know….Nobody Knows Nothing….author in the making….. 🙂
I still follow Bob M at his 321gold site, and he posts over at ceo.ca as @fingerprint42
thanks…….fingerprint42 that is a good one…..lol
btw….I still look in on 321 gold….good source of info…..jmo
Here is Bob M’s feed over at ceo.ca where his comments are and comments from other users to him are. Yes, his 321gold site is well curated and a valuable source of info.
It always amazes me how Gold waits for the very last possible second to confirm a breakout. Great day for precious metals investors and particularly silver miner investors. Thanks to all here for helping me see the forest for the trees. I am eternally greatful for this website, Al and Cory, all the guest commentators and all those who provide valuable comments.
Why did Bob M leave? Did I miss something?
Owl……..pissed him off, and told him to leave…..but, Owl, did apologize ….and said he was welcome back…..so far No Bob…..
Owl gets carried away sometimes,,,,,,,,but, all is finally forgiven…..unless you really screw up……then you are just eliminated…..but, it is Owl’s site……of which we are all thankful to have this platform…..So, be kind, and thankful…….JMO….
At the time I thought Al was telling multiple people to stay off the site.
All those that expose the Israel/ U.S. bs.
This is very pro Israel.
I do not think it was on the same thread……Ebo, and I were asked not to be so “stupid”…so to speak….but, all was forgiven….. 🙂
I think b is correct about Big Al not liking the Israel vs Zionist comments and pushing a few folks away during heated exchanges.
Thanks Jerry. Good advice and what I always try to do. If you see me start to stray let m know!!
Ha, Ha………good one……someone needs to keep me in check,……. 🙂
Remember , I was kicked off once…. I had to come back under different names…
Just ask EX…. lol
Haha I was always rooting for you Jerry…The Long… OOTB., The BOOT, The Claw, Frank from Moscow, Contrarian’s Contrarian Frank, CCF. 😜
I don’t think Big Al even realized that was you. Lol!
I think you are correct….The Owl was asleep at the switch….I like Frank from Moscow the best…. 🙂
That was you? Too funny! Frank from Moscow said some funny things!
Yeah, OOTB is quite a character….and wasn’t that name because it was Moscow, Indiana?
Everyone just assumed he was a Russian agent.
THose were the good old days………everyone was having fun…..I think….
I enjoyed the lighter side of life….jmo
PS…..hope you enjoyed some of the comments……Charles….
Couple of us, thought we should lighten things up, ….just to keep things together, while waiting for corrections up and down……who knew it would take so long to turn….
Ex…..might have to dig some of the old history up…..and comments….just for a laugh….
Haha! Wasn’t there also a random string of letters as your name at one point too?
My favorite was when Matthew changed his name to: Matthew (ignoring Birdman)
Actually it was Matthew that took on the string of letters, but looking back on it, he was playing off your Frank from moscow by reversing them to: “wocsom morf knarF”
Pretty funny.
Oh, yes , I faintly remember those……
So much for a reversal day today.
My screen is all green except for a red novo and 2 that havnt moved.
Now ya gotta wonder if the “sell in may” plays.
The day is not over…….wait till 2 o’clock and see what plays…..
Gold closed at $1645.90 (great weekly close for the yellow metal)
Silver closed at $18.45 (good but a close in the $18.60s or $18.70s would have been more encouraging).
ditto on the gold close…..very nice….
NEM is up 2.32 today…