Comparing the correction in gold stocks to 2008
Jordan Roy-Byrne joins me for a close look at the current 2+week correction in gold stocks. We compare the current correction to 2008 which has many similarities to this time in terms of economics and other factors. We wrap up the call with comments on silver and the recent run to almost $19.
Important resistance at about 2.36:
https://stockcharts.com/h-sc/ui?s=AXU&p=W&yr=4&mn=11&dy=0&id=p08648342924&a=617104424
I noticed that. I thought about buying some yesterday, but decided against.
Matt,
As I have been saying all along nothing has wavered and the outcome to me remains the same. We are going higher in the gold and silver price. We have discussed privately and have collectively nailed some pretty amazing calls. Your technicals combined with my views have only strengthened my views.
As you have said many will and are being left behind on this huge move.. most get bucked off when the best money is to be made. I personally got bucked off aun early but managed to stay in the game with all my others. My etf betapro Canadian bull miner was almost nailed at 20.80 buy low.. I said it last week we had bottomed while with all due respect Jordan was saying next week. He was saying lower before higher.
Even some of the best will get bucked off.
So here again I put myself in the line and so has Matt on many occasions. We either busy through tomorrow or Friday IMO. The worse case would be as late as Tuesday but all points to $1745, $1780, $1800, $1840, $1880 I will stop there..
Good luck to all and hope you are making big gains.
Yes my patiences is being tested on the one hand……then the other hand buys another mine stock.
Significantly, the dollar lost the 96 peg. If that holds watch the PMs scream higher. jmo
Matt are you buying JUNG here?
If you meant JNUG, I am not but I do consider it a “buy” for those who like to get their leverage that way.
As you know, timing and risk management are always important but much more so with the levered ETFs.
https://stockcharts.com/h-sc/ui?s=JNUG&p=D&yr=1&mn=0&dy=0&id=p44980693800
Yes I meant JNUG & UGLD. My dyslexia does not help the situation:)
Ya those are a trading vehicle for folks like you. I do not have nearly enough T.A acumen to work that angle
I also wonder IF we are at that place where “surprises” will be to the upside ( I hope!) going forward?
Holding my breath!
Today was a surprise to the upside for many and there’s a very good chance we’ll have many more. Most observers are probably bearish and see a very bearish double-shouldered head-and-shoulders top forming in the miners but I have doubted the pattern and still do. Instead, I see a normal abc correction following the May high that ended on the 5th of June. As you can see, the pullback tested the 50 day MA and EMA but did give a single close below either of them before reversing:
https://stockcharts.com/h-sc/ui?s=%24GDM&p=D&yr=1&mn=5&dy=0&id=p62641773591&a=672055134
The bigger the chart (as in weekly, monthly, quarterly), the less threatening the situation looks. The short term pullback that I believe has probably ended found a floor at the level of the very important 7 year breakout:
https://stockcharts.com/h-sc/ui?s=%24GDM&p=W&yr=10&mn=9&dy=0&id=p68729443285&a=715025543
XAU at speed line resistance (the possibility of an inverted March crash type move is there):
https://stockcharts.com/h-sc/ui?s=%24XAU&p=W&yr=5&mn=6&dy=0&id=p61392694241&a=733657659
I sold my Freud and traded it for Jung. I’ll never sell my Jung.
Wow. Today’s news really got Scorpio going. 🙄. No trades at all. Lol
Funny, they call this a Recession, after The Big Bull dropped in 1929 many people went from showy affluence into debt, now we have people going from huge debt to more huge debt, and when the market falls again what will they call that, “Back On The Road To Riches.” LOL! DT
Central Iron Ore went from 2 cents to 16.5 cents today a gain of 725%. Now you can see what can happen when American mass thinking discovers precious metals. https://web.tmxmoney.com/quote.php?qm_symbol=CIO
Hertz will have a flat tire compared to the precious metal sector! DT
Bob M say’s the precious metal juniors could go up 100 times, it is so Bat Sh$t crazy out there we could see a thousand times. DT
This reminds of BRE-X, the salted gold mine in Indonesia, that went from 16 cents to $258. Very crazy things can happen when you combine desperation with gold fever. DT
AXU: Key reversal, perfect backtest and bullish hammer:
https://stockcharts.com/h-sc/ui?s=AXU&p=D&yr=1&mn=3&dy=0&id=p70468678380&a=593596651