Chris Temple from The National Investor – Tue 17 Mar, 2020

If you think fear is dissipating for traders look at the USD closing in on 100

Chris Temple joins me today for comments on the relationship between US markets and gold stocks as well as the run in the USD. The most important market to watch is the currency market and the move higher in the USD. With the Fed already at a Fed funds rate of 0% what is left to slow this rise in the dollar?

Click here to visit Chris’s site and keep up to date on his market and economic commentary.

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  1. On March 17, 2020 at 10:11 am,
    OOTB Jerry says:

    CT………GSR………..122 to 1…………..silver $12.50……looking good…. πŸ™‚

    • On March 17, 2020 at 10:16 am,
      Temple says:

      Ha ha…back up the truck! (NOT…yet)

      • On March 17, 2020 at 10:24 am,
        OOTB Jerry says:

        Cheerio………My friend…….., I need to go and axle grease my hamster wheel…. πŸ™‚

        • On March 17, 2020 at 10:26 am,
          OOTB Jerry says:

          Just have some fun…… Take care…..and no disrespect intended….OOTB

          • On March 17, 2020 at 10:43 am,
            Temple says:

            None taken – have fun!

        • On March 17, 2020 at 11:07 am,
          Excelsior says:

          OOTB – both you and Matthew had some cogent points on the Axle Grease:Cheerios ratio on yesterday’s blog.

          > I stand corrected and we definitely need to look at both Axle Grease and Cheerios as both toxic and develop a ratio accordingly.

          For starters I’m just going to post the Valvoline:General Mills ratio chart:

          VVV:GIS #Chart – Valvoline is getting it’s butt kicked by General Mills. The end is near.

          • On March 17, 2020 at 11:09 am,
            Excelsior says:

            Actually if invert that, and make it the General Mills : Valvoline ratio, it closely matches the Gold : Silver ratio. πŸ™‚


          • On March 17, 2020 at 11:12 am,
            Excelsior says:

            Which makes sense. Gold is a safe haven, just like boxes of Cheerios. “Keep stacking”

            Silver is now an industrial metal, just like Axle Grease = punished in the global slowdown.

          • On March 17, 2020 at 11:15 am,
            OOTB Jerry says:

            I am buying HAIR DRYERS……………check out Chartster’s post…….for the CURE..on the VIRUS. …..People are going to look kind of stupid, if, this gets out…..

          • On March 17, 2020 at 11:18 am,
            Excelsior says:

            Well, maybe we should track the Hair Dryer to Hand Sanitizer ratio then ??

          • On March 17, 2020 at 11:41 am,
            Matthew says:

            Wow, awesome, EX. Cheerios is gold and Valvoline is silver. No wonder I like SILVER!
            From over a month ago:

          • On March 17, 2020 at 11:45 am,
            Excelsior says:

            Matthew – Haha! Awesome Tesla chart.

            Go Valvoline!


          • On March 17, 2020 at 11:48 am,
            Matthew says:

            And speaking of the GSR (or SGR) as it relates to credit spreads…

            We have a wild ride to the upside coming.

          • On March 17, 2020 at 11:52 am,
            Matthew says:

            Ex, I totaled a road bike similar (similar in looks, that is) to that one 25 years ago. I stick to the dirt nowadays. πŸ˜‰

          • On March 17, 2020 at 11:54 am,
            Excelsior says:


  2. On March 17, 2020 at 10:13 am,
    cfs says:
  3. On March 17, 2020 at 10:41 am,
    SilverDollar says:

    Who is on the hook for all the billions of dollar debt loaned to foreign nations and companies?

    • On March 17, 2020 at 11:44 pm,
      Excelsior says:

      The sheeple of course. That tax the plebs to give their hard earned money away to people in far away lands and to the larger companies. Taxing is a form of theft and redistribution. Fun times!

  4. On March 17, 2020 at 10:48 am,
    Chartster says:

    Do it your self guide to kill coronavirus at home.

    • On March 17, 2020 at 11:04 am,
      OOTB Jerry says:

      >>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>>GREAT POST>>>>>>>>>>
      EVERYONE should LISTEN……………………..VIRUS NEWS……..

      • On March 17, 2020 at 11:06 am,
        OOTB Jerry says:

        I said it was a con job………….what a hoot………hair dry…..and hot air…..
        no wonder there are no cases in Africa……

        • On March 17, 2020 at 11:08 am,
          OOTB Jerry says:

          CFS…………………..GET A HAIR DRYER>>>>>>>>>>
          CHARTSTER just posted your CURE………………………..

          • On March 17, 2020 at 11:10 am,
            OOTB Jerry says:

            OWL>>>>>>>>>>>ALERT…………………POST THIS ONE>>>>>>>>>>>>>>HELLO…..

    • On March 17, 2020 at 11:32 am,
      JMiller says:

      Question: If what that video said is true and the coronavirus can only live and reproduce in the coolest part of the body – the nose and sinus cavity – why not just breath through your mouth?

      • On March 17, 2020 at 11:46 am,
        Excelsior says:

        Why not just stand in front of the political leaders and breathe in their hot air?

        • On March 17, 2020 at 12:14 pm,
          JMiller says:

          I guess because I do not like smelling someone who has bad breath.

          • On March 17, 2020 at 12:52 pm,
            Excelsior says:

            Haha! Fair enough. Looks like breathing into a hairdryer for 5 minutes twice a day it is then.

      • On March 17, 2020 at 12:07 pm,
        OOTB Jerry says:

        JM……….think…………There is no virus…….in the MIDDLE OF AFRICA…..

        • On March 17, 2020 at 12:13 pm,
          JMiller says:

          I am asking why not just breath through your mouth to prevent getting the virus in your nose and sinus cavities.

          • On March 17, 2020 at 12:24 pm,
            OOTB Jerry says:

            7 billion people……….are ignorant of the virus………
            Entire world in a lock down……
            This info…………..was for …..IF YOU CATCH IT………how in the heck are you going to just breath…..24/7 remembering just breath thru your mouth….?

          • On March 17, 2020 at 12:57 pm,
            JMiller says:

            Just block your nose off. I have allergies. My nose gets clogged so I often end up having to breath more through my mouth especially when I am physically working. Would breathing through your mouth may be better than breathing through your nose if that is where the virus has a better chance to live and reproduce? Just asking.

          • On March 17, 2020 at 1:14 pm,
            OOTB Jerry says:

            DID you watch the tape……………..JM>>>>>>>>>>>?
            The answers might be on the tape….

    • On March 17, 2020 at 12:30 pm,
      OOTP says:

      Who is this quack?
      I wonder of the woman in the pictures is his mistress.

      • On March 17, 2020 at 12:43 pm,
        Big Al says:

        What are you referring to Box ?

        • On March 17, 2020 at 1:24 pm,
          Matthew says:

          Al, that’s not Jerry. Notice the “P” instead of a “B”

          • On March 17, 2020 at 1:38 pm,
            OOTB Jerry says:


          • On March 17, 2020 at 2:30 pm,
            Big Al says:


        • On March 17, 2020 at 1:55 pm,
          OOTB Jerry says:

          No ,not me…………….. πŸ™‚

          • On March 17, 2020 at 11:47 pm,
            Excelsior says:

            Ha! I thought you had just changed your handle from OOTB to OOTP to be funny.

            Good to know…

          • On March 18, 2020 at 1:11 am,
            OOTB Jerry says:

            No P ee , You See….Not mee…….Hee Hee…………

  5. On March 17, 2020 at 10:53 am,
    cfs says:

    In Precious metal stocks, I’m backingbup the truck.

    But I’m not a trader; I buy on sale, and with oil prices this low, production cost have gone down further than precious metal prices. That has to mean more profits for producers, that have fairly low p/e ratios already.

    • On March 17, 2020 at 12:15 pm,
      OOTP says:

      It’s tempting, isn’t it? However, what will happen when the mines get shut down? Volkswagen is shutting down its entire production in Germany. What effect will a lock-down have on producers? What will happen if the DOW slides to 16 000. Backing up the truck seem a tad early, tempting though it is.

      • On March 17, 2020 at 3:07 pm,
        cfs says:

        I’m not in for a quick buck.

        Any shut down won’t last forever. I’m happy to buy on sale and wait for recovery.

  6. On March 17, 2020 at 10:56 am,
    cfs says:

    Listening to Trump and his advisers, they seem aware of liquidity problems, but they are hampered by Democrats requiring funding for pet projects.

  7. On March 17, 2020 at 10:58 am,
    cfs says:

    I see little wrong with the Fed buying commercial paper, providing they evaluate company solvency.

  8. On March 17, 2020 at 11:04 am,
    cfs says:

    China’s central bank did not cut rates. I believe that is a problem for the West, and could suck up money from this side of the world. We should be thinking more about decoupling the Western economy from China.

  9. On March 17, 2020 at 11:29 am,
    Excelsior says:

    Iran Temporarily Frees 85,000 From Jail Including Political Prisoners

    Parisa Hafezi – March 17, 2020 – Reuters News

    Asked whether political prisoners were among those freed, he told a briefing aired by state television: β€œYes, about 50% of the security-related prisoners have been released.”

    • On March 17, 2020 at 11:55 am,
      Excelsior says:

      Something tells me some of those prisoners aren’t going to come back to jail once this virus has passed on through… If only they had just bought a bunch of hairdryers.

      • On March 17, 2020 at 3:04 pm,
        cfs says:

        Iran was finding about a 100 dead prisoners the day before the release.

        • On March 17, 2020 at 11:38 pm,
          Excelsior says:

          Releasing those 85,000 criminals seems like a bizarre strategy, and many of them have killed far more than 100 folks, and they may not be able to get the genie back in the bottle again.

  10. On March 17, 2020 at 11:31 am,
    OOTP says:

    Chris, you think people don’t need money when they’re locked up?

    A lot of people are going to lose their jobs but will still have to pay rent, buy food, etc. They are going to need every penny. You sound like a rich guy here. Ha!

  11. On March 17, 2020 at 11:35 am,
    Matthew says:

    PSLV traded at a record 10.34% discount to NAV the other day (in January 2012, it traded at a 34% premium to NAV).

    Buyers here will be well rewarded (especially those buying silver miners).

    • On March 17, 2020 at 1:50 pm,
      Tom says:

      Compare it to 2008 and the selloff is just getting started. $9 is the historical base for silver. $3-$4 downside left in silver and maybe more as we deflate.

    • On March 17, 2020 at 2:02 pm,
      Tom says:

      I’ll also add that Silver is most like Steel. They both follow oil in general because of their use.

      • On March 17, 2020 at 2:14 pm,
        Matthew says:
      • On March 17, 2020 at 10:23 pm,
        Excelsior says:

        Silver is not like Steel. People are way overplaying the “industrial” component to Silver the last few months, but longer term Silver has been money, is currently seen as money and store of value (hence all the buying of the physical coins and bars to the point there is none available), and Silver will be money moving forward.

        Silver isn’t necessarily as much of a Safe Haven during extreme crisis, like the Iran missile strike, or Coronavirus, or economic gyrations from the markets rolling over, but over the long pull, it tracks with Gold much more so than with commodities like Oil or Copper or Steel.

        • On March 17, 2020 at 10:44 pm,
          Excelsior says:

          I doubt many of the steel producer stocks had runs today like the Silver Producers:

          Symbol – Silver Producers – Daily Change %

          SVM Silvercorp Metals Inc. +37.14%
          CDE Coeur Mining, Inc. +34.60%
          SMT.TO Sierra Metals Inc. +33.68%
          EXK Endeavour Silver Corp. +27.19%
          GPL Great Panther Mining Limited +26.89%
          ASM Avino Silver & Gold Mines Ltd. +26.74%
          HL Hecla Mining Company +24.71%
          AG First Majestic Silver Corp. +14.57%
          USAS Americas Gold and Silver Corporation +12.32%
          FRES.L Fresnillo Plc +10.97%
          PAAS Pan American Silver Corp. +10.57%
          FSM Fortuna Silver Mines Inc. +9.13%
          GGD.TO GoGold Resources Inc. +7.95%
          IPT.V IMPACT Silver Corp. +6.78%
          SSRM SSR Mining Inc. +6.34%
          MYA.TO Maya Gold and Silver Inc. +5.26%

          • On March 17, 2020 at 10:53 pm,
            Excelsior says:

            Symbol – Silver #Developers & #Explorers – Daily Change %

            SVG.V Silver Grail Resources Ltd. +40.00%
            KS.V Klondike Silver Corp. +33.33%
            AAG.V Aftermath Silver Ltd. +33.33%
            SVE.V Silver One Resources Inc. +32.35%
            MAG.TO MAG Silver Corp. +30.26%
            SNG.V Silver Range Resources Ltd. +28.57%
            AXU Alexco Resource Corp. +27.96%
            DSV.V Discovery Metals Corp. +25.93%
            RYO.V Rio Silver Inc. +25.00%
            SSE.V Silver Spruce Resources Inc. +25.00%
            BCM.V Bear Creek Mining Corporation +24.76%
            IVR.AX Investigator Resources Limited +20.00%
            CLZ.V Canasil Resources Inc. +20.00%
            ABRA.V AbraPlata Resource Corp. +20.00%
            BHS.V Bayhorse Silver Inc. +20.00%
            AZS.AX Azure Minerals Limited +18.03%
            DEF.V Defiance Silver Corp. +17.65%
            AUMN Golden Minerals Company +16.81%
            AUU.V Aura Resources Inc. +16.67%
            CCM.TO Canarc Resource Corp. +16.67%
            AUN.V Aurcana Corporation +15.79%
            MMG.V Metallic Minerals Corp. +15.38%
            NUAG.V New Pacific Metals Corp. +14.85%
            G1A.AX Galena Mining Limited +14.71%
            EQTY.V Equity Metals Corporation +12.50%
            SVL.AX Silver Mines Limited +11.94%
            SVB.TO Silver Bull Resources, Inc. +10.00%
            REX.V Orex Minerals Inc. +10.00%
            DV.V Dolly Varden Silver Corporation +9.76%
            KTN.V Kootenay Silver Inc +9.68%
            SIL.TO SilverCrest Metals Inc. +9.42%
            VZLA.V Vizsla Resources Corp. +9.09%
            CCW.V Canada Cobalt Works Inc. +8.62%
            PCY.TO Prophecy Development Corp. +8.33%
            AZS.V Arizona Silver Exploration Inc. +7.69%
            SSV.V Southern Silver Exploration Corp. +4.76%
            VML.V Viscount Mining Corp. +3.45%
            ISLV International Silver, Inc. +0.59%

    • On March 17, 2020 at 3:19 pm,
      Gerald says:

      There is at least a decent probability that silver is dead money for a long time (years).
      Sure, you could play a bounce in a bear market, but there is nothing on the charts that would suggest an imminent bull run in silver. Just the opposite. Silver needs to actually exceed last years peak to be back in the conversation. Short of that, it’s still in a now well entrenched bear market that just broke down from a 4 year consolidation (which managed to get everyone back on board).

      • On March 17, 2020 at 4:18 pm,
        Matthew says:

        Unless gold falls apart, I think there is very little chance that silver is dead money for a long time. Instead, I think the general market crash and panic makes this plunge in silver much less meaningful. That’s been my view for the miners while everyone else thought there was no need to pounce on bargains and the action so far has supported that view.

        The Fed will pull out all the stops and the market knows it even if individual investors do not.

        If silver does manage to go much lower, I think it will happen quickly along with further large declines in the stock market.

        • On March 17, 2020 at 9:18 pm,
          Excelsior says:

          Agreed Matthew. I added to a number of Silver stocks the end of last week, and many have surged nicely Monday and today on Tuesday. I’ll confess to trimming those positions back near the end of the day to raise more cash in such volatile markets, but the overly bearish pessimism in Silver is too much, as often happens in extreme corrective moves. Yes, if the markets crap the bed again, then it may pull Silver down, but the huge outperformance of the Silver shares over the metal the last few days says investors don’t believe Silver will stay down for the count.

  12. On March 17, 2020 at 12:04 pm,
    Matthew says:

    The miners have performed fantastically versus the stock market.

  13. On March 17, 2020 at 3:24 pm,
    Jason says:

    I have bagged $2500 in 5 trades in 4 days. Bagged 1000% today on TVIX. Nailed my first 10 bagger last week when I bagged 2,800% on SH calls. Got a 3x oil bear trade on for my next magic trick…I’m only down 4% in my retirement account.

  14. On March 17, 2020 at 3:47 pm,
    RICHARD/DOC says:

    Gold/silver will be under pressure for the next 6-7 weeks.

    • On March 17, 2020 at 6:46 pm,
      buzz says:

      Yeah, but all that $$$ freed up from the conventional mkts should find its way into bargains in Jr mining space. Takeout candidates abound.

  15. On March 17, 2020 at 4:29 pm,
    Gerald says:

    Don’t get me wrong, I am not too sure silver will go much lower, I just don’t think it is going materially higher anytime soon. A bounce to $14 is maybe in the cards, but I think the next peak is going to define a lower trading range for the next 2-3 years. I’ll be very surprised if it manages to close above the 200 WMA this year. Silver has a lot to prove. It was bad enough over the last 4 years, but it now has a mountain to climb.

  16. On March 17, 2020 at 6:02 pm,
    irishtony says:

    Gold & Silver trying to creep up in after hours , wait for the London open.
    Wow game on lets play Wack A GOLVER.

  17. On March 17, 2020 at 6:14 pm,
    Ozibatla says:

    Several talking heads in the US openly advocate helicopter money… In this topsy turvy world, gold and silver should now get smashed to new lows.

  18. On March 17, 2020 at 6:18 pm,
    Ozibatla says:

    I kow this has been an ongoing issue for along time but it just serves reiterate the battle that gold and silver face.

  19. On March 17, 2020 at 6:52 pm,
    buzz says:

    Just remember, JPM owns the end game on silver. Oh, did that sport get cancelled too??

    • On March 17, 2020 at 8:40 pm,
      Ozibatla says:

      Haha good call buzz. If stupidity was a sport I dont think you could make enough gold medals for joint 1st place getters at the moment.

  20. On March 17, 2020 at 7:12 pm,
    BUZZ says:

    Facebook has defined me as an enemy of the face. Go fish

    • On March 17, 2020 at 7:33 pm,
      buzz says:

      G. Soros has taken shelter in an incubator, not unlike M. Jackson’s

  21. On March 17, 2020 at 9:25 pm,
    Excelsior says:

    I spent some time on this last weekend’s show breaking down the Lithium sector, and had mentioned both Orocobre and Advantage Lithium as real companies. As a holder of Orocobre, I’m happy to see their takeover of Advantage Lithium moving forward, as they are competent operators.

    Just more takeover news in the resource sector that most are not paying attention to, but it will enhance ORL for years to come.

    (ORL) (OROCF) Orocobre Update on proposal to acquire Advantage Lithium Corp.

    by @nasdaq on 17 Mar 2020

    “Orocobre Limited (ASX: ORE, TSX: ORL) is pleased to provide the following update on the agreement (the Agreement) announced on 19 February 2020 pursuant to which Orocobre will acquire 100% of the issued and outstanding shares of Advantage Lithium Corp. (AAL)”

  22. On March 17, 2020 at 9:50 pm,
    Excelsior says:

    (PAAS) Pan American Silver Announces Temporary Suspension of Operations in Peru Following Government Declared State of Emergency

    by @newswire on 17 Mar 2020

    “On March 16, 2020, the government of Peru declared a National State of Emergency requiring a 15-day national quarantine”

    • On March 17, 2020 at 9:51 pm,
      Excelsior says:

      (SMT) (SMTS) Sierra Metals Announces a Temporary 15-Day Suspension of Its Yauricocha Mining Operations in Accordance With the Government Declaration of a State of Emergency to Contain the Advancement of the COVID-19 Virus in Peru

      by @businesswire on 17 Mar 2020

      • On March 17, 2020 at 9:53 pm,
        Excelsior says:

        (SBB) (SGSVF) Sabina Gold & Silver Provides Update on Corporate Office and Back River Site Operations

        by @nasdaq on 17 Mar 2020

        “Sabina Gold & Silver Corp is providing an update in response to the ongoing concerns around COVID-19 related to planned activities at its corporate office and at its Goose site on its 100%-owned Back River Gold Project in Nunavut, Canada.”

        • On March 17, 2020 at 9:56 pm,
          Excelsior says:

          (HIGH) (HGGOF)HighGold Mining Temporarily Suspends Timmins Area Drill Program

          by @newsfile on 17 Mar 2020

          “HighGold Mining Inc. reports that it has temporarily suspended winter drill program activities on its Timmins area gold properties, Ontario. The suspension is in response to COVID-19 and the need to protect the health and safety of our employees and communities.”

  23. On March 17, 2020 at 9:57 pm,
    Excelsior says:

    Mining Insights w/ Ross Beaty, Chair, Equinox Gold (TSX: EQX) “Gold has Fabulous Macro Fundamentals”

    by @AndrewNelson on 16 Mar 2020 #VIDEO

  24. On March 17, 2020 at 10:31 pm,
    Excelsior says:

    Bitcoin Is Crashing More Than Stocks Amid Coronavirus Pandemic

    Daniel Roberts – Yahoo Finance – March 16, 2020

    “Stocks have gone off a cliff in the past two weeks, reeling from the rapid global spread of coronavirus. The Fed has made two emergency cuts in the shortest time period it has ever done so, cutting rates to near zero. Last Thursday was the worst day for stocks since the Black Monday crash in October 1987. The S&P 500 is down 11% in the past five days, the Dow down 13% in that time, and the Nasdaq down 10%.”

    “But bitcoin has fared even worse.”

    “The leading cryptocurrency by market cap is down 30% in the past five days, and now down 50% in the past month. On Friday, bitcoin tanked 25% in just 24 hours, bringing it below $6,000 for the first time since May 2019, 10 months ago.”

  25. On March 18, 2020 at 3:02 am,
    Ozibatla says:

    So for the third day running, at this exact time weve got a broad sell-off in PMs. If the same pattern ensues today where we get a bottom before a solid rebound in the next few hours then in my mind this is no coincidence. PMs are at the mercy of algos that automatically instigate a takedown initially before scooping up the cheaper options later. Surely in such a volatile, unstable market landscape, routine cannot just randomly occur 3 days running???

    • On March 18, 2020 at 9:08 am,
      Gerald says:

      We are in the midst of what appears to be a deflationary collapse. If bond yields continue to rise in the face of that (rising real yields), gold is in big trouble.

      • On March 18, 2020 at 9:48 am,
        Matthew says:

        Falling asset prices is not deflation but it is a deflationary force. Which is why the Fed is inflating its balance sheet and will continue to. Since just prior to the 2008 crisis, the Fed’s balance sheet has grown almost 5 fold. Since just after the crisis, it has roughly doubled while currency in circulation has more than doubled. Since last August, the balance sheet has grown about 20%. Gold is in no trouble and could correct much further and still not be in trouble.

        • On March 18, 2020 at 11:51 am,
          Gerald says:

          I understand it could correct much further and not be in trouble. But even another $150 down form here is going to represent tremendous pain for anyone speculating in the metal or miners.

          • On March 18, 2020 at 1:10 pm,
            Matthew says:

            With oil at 20 and not 50 or 60, the miners would be cash cows even if gold dropped another 150. The real threat is all this idiotic, unwarranted hyping of a virus.

          • On March 18, 2020 at 5:12 pm,
            Excelsior says:

            It will be interesting to see the Q1 figures from some of the larger and mid-tier gold producers since the metal prices were higher most of the quarter, and as the gold price fell, so did Oil prices which is one of their larger cost inputs. I agree that many should be cash cows.