What’s more vulnerable to a near term correction… gold or the gold stocks
Jordan Roy-Byrne joins me share his outlook for the precious metals after the drop today. We also weigh whether the metals or stocks are more susceptible to a large correction.
That is some crazy action in Kodak and I’m glad that article pointed out their cypto-idiocy campaign to form their own altcoin back in 2018 that belly flopped into the pool. So now the government is going to give them a bailout loan to make pharmaceuticals (which they’ve got no experience doing) and the locust swarms of investors chased it up 2,000% on the verbal mention from Trump. Tragic comedy.
As long as it’s not kodiak……..I haven’t bought it yet
Haha! (Kodiak). I wouldn’t touch Kodak with a 10-foot pole, but the article showed the “locust swarms” of new day traders pushing it up 2000% off the Trump pump. Crazy!
Do you see a multi-week bounce for the U.S. Dollar ?
Why ? I don’t see one.
US Dollar at $92.93
Gold at $1961
Silver at $24.19
Today’s weekly & monthly closes will be very telling. It looks like the Greenback is plumbing a recent low, while the Precious Metals are about to put in stellar closes for the longer duration charts. Fun times!
Ditto………..Very Telling…….. 🙂
Gann Report ………..we have a HISTORICAL MOVE………in a very short duration of time…..
This last move was one of the 5th. Strongest in HISTORY……going back to approx. 1870’s
That info was from yesterday’s report…. (Gann. Report was offered from Bob at 321 gold)
Talking about 60 and 90 year cycles…….gold moves not only daily , weekly , monthly, yearly……but, in longer cycles…..because of HISTORICAL EVENTS…..just the way it is.
(Only, posting this….not for you Ex, but, for readers who are only new to GOLD.)
10-4 OOTB. Good info.
Look How Radically Undervalued Gold Miners Are Compared To The Price Of Gold
July 30 – King World News
https://kingworldnews.com/gold-at-this-point-this-says-it-all/
Sentiment Speaks: Gold Blows Through Upside Resistance – The Chase Is On
Jul. 28, 2020 – Avi Gilburt
– “Before heading to our next region of 200+ in GLD, I was expecting a pullback to 161-66 in GLD.”
– “The market has since moved through a resistance level that has made that potential much less likely.”
– “I am now tracking a more direct pattern towards the 200+ GLD region.”
Are the Markets About to Turn?
by Chris Vermeulen @TheTechnicalTraders – 30 Jul 2020 #VIDEO
“Deborah Honig from Adelaide Capital asks Chris the question on everyone’s mind – where are the markets heading? Where is the ‘big money’, the early movers in the market, going? Chris and Deborah also look at the technicals for Gold and Silver and discuss whether Gold and Silver are starting a big run-up now, or should we wait before taking positions?”
https://ceo.ca/@thetechnicaltraders/are-the-markets-about-to-turn
Silver Sets the Pace for Precious Metals
McAlinden Research for Streetwise Reports (7/30/20)
“the silver market is currently on pace to surpass gold’s performance for the year. With its latest rally, silver prices are up 26% year to date. Meanwhile, gold prices are up 21% for the year. Silver’s outpacing of $gold looks likely to continue.”
“Though, on a technical basis, silver was a rocket ship waiting to take off, the catalyst that launched it was the US Federal Reserve’s continued commitment to keep fixed income yields near all-time lows for the foreseeable future. Additionally, cheap money continues to debase the value of the dollar.”
Despite being at what should be formidable fork support, I have a feeling the dollar will not bounce much here, if at all. One reason is that March spike. It contains the energy needed to push it to about 89+/- and could do so sooner rather than later with or without a catalyst due to the recent and decisive bearish turn the dollar has taken.
https://stockcharts.com/h-sc/ui?s=%24USD&p=W&yr=6&mn=3&dy=0&id=p03940920609&a=653766793
Short term, we’ve got a powerful inverted blow-off that could end at any moment and produce a sharp snap-back of maybe 2 or 3 points, possibly a little more…
https://stockcharts.com/h-sc/ui?s=%24USD&p=D&yr=1&mn=9&dy=0&id=p94867783873&a=639428811
OFF TOPIC:
Another Soros-backed District Attorney:
A corrupt Marxist District Attorney.
Another Black Democrat CRIMINAL:
https://www.kmov.com/news/st-louis-circuit-attorney-hasnt-disclosed-trips-as-required-by-law-documents-show/article_bdee8a7a-d05f-11ea-b7c3-079ff4871843.html
Just goes along with the total bs….of the virus…….world is being feed all the junk, to bring in their plan…..Totally helped by the politicians and big corporations…..
Santa Cruz is halted for a third day, maybe Eric Sprott is working on a Private Placement with them, I wish. DT
Yes, that is the hope is that there is a financing package. Having Eric Sprott take a position would be a plus, but the big news is still that they have officially acquired their Zimapan mine & mill (their most profitable one of the 3 for the last year). This is very important for their longer term success, and is a big win regardless of what the other reason for the halt in news is about.
(SCZ) (SZSMF) Santacruz Silver Signs Agreement to Acquire the Zimapan Mining Assets from Grupo Peñoles
July 28, 2020
Zimapan mill facility which is a 75,000 dry metric tonnes (DMT) per month facility with zinc, lead and copper circuits. Over the past five years the Zimapan Mill has produced an annual average of 12,400 tonnes of zinc, 3,300 tonnes of lead, 1,850 tonnes of copper and 1,290,000 ounces of silver from an average annual throughput of 700,000 tonnes of mineralized material generating an average of 4,681,000 ounces silver equivalent.”
http://www.santacruzsilver.com/s/news_releases.asp?ReportID=878110
Well looking at my portfolio today I think I’d like Eric Sprott to talk about Kootenay in his weekly update. Worked great for my vizsla and discovery holdings.
I’m fine if Sprott wants to plug all 3 Kootenay, Vizsla, and Discovery. 🙂
I have a feeling he’ll highlight some of the other companies he’s taken positions in lately though. However, Eric & Craig should be in good spirits again, as the Precious Metals are about to put in killer weekly/monthly closes.
….and here it is….. haven’t listened yet.
Sprott Money News Weekly Wrap-up – 7.31.20
w/ Eric Sprott & Craig Hemke
https://soundcloud.com/sprottmoney/sprott-money-news-weekly-wrap-up-73120
Sprott makes point that I hope more investors hear that the price of a stock or the share count are not nearly as important as looking at the total market cap valuations on the stocks. He mentioned how many investors fall into the trap of only looking at the prices of stocks or their share counts, and while this may seem incredibly basic, people need to multiply the 2 number and get the Market Cap.
If one starts comparing where some of the hot exploration plays have gone it is stunning. However, with the developers some are at nose bleed market caps not even being in production, while some producers that have more ounces in the ground than these hot developers have market caps much less, so there are big disconnects in the market out there. In addition, there are developers that should be re-rated much higher up in line with their peers market caps, especially when they have larger resources or better economics. Lastly, when one starts looking at the producers, it can get more difficult, because one needs to weigh their mining operations and production metrics on top of their development projects & exploration projects and strategic investments. Still I see solid mid-tier producers with market caps 1/3 or 1/2 the size of companies that just have PEAs, so there are still room to run in many producers.
Eric Sprott discussed Kirkand Lake, Jaguar Mining, and Discovery Metals (of course), as some of his largest positions.
Some of the other stocks the he and Craig discussed were Tudor Gold, Teuton Resources, Erdene Resource, Kore Mining. Spanish Mountain, and Freegold Ventures.
He’s starting to get repetitive with the ones he talks about.
I guess that means those are the one’s he’s building more concentrated positions in.
F…..for the day……….Professor you need to label your work…. lol 🙂
$1981.60…………Gold goal for the Day…….. break this and we are going on up… 🙂
Gold Price Surges To Another Record High On Safe-Haven Demand
Jim Wyckoff – Friday July 31, 2020
“Gold prices are solidly higher and hit another record high of $1,981.10, basis nearby August Comex futures, in early U.S. trading Friday. Silver prices are also sharply higher. Safe-haven demand and solidly bullish charts are fueling the bull market run in the two metals. A slumping U.S. dollar on the foreign exchange market is adding fuel to the upside for gold and silver markets. August gold futures were last up $28.90 an ounce at $1,971.20. September Comex silver prices were last up $0.828 at $24.185 an ounce.”
“Gold and silver traders are apparently more concerned about the state of the world economies and geopolitics than are stock market traders. And there’s an old markets adage that the smartest traders are bond traders. U.S. Treasury bond yields this week have moved to near record lows, on safe-haven demand and a flight to quality. The yield on the benchmark U.S. Treasury 10-year note is currently trading around the 0.53% level.”
Daily chart , showed gold hit it’s head on $1871.60 ….twice…..so, THIRD TIME is or maybe a charm…… 🙂
But, I am no chartist………just long term thinker… 🙂
+3
OOPS…………that should be $1981.60…..
Canadian Holiday….Monday……..hummm……
In Canada – BJ Snowden (music video)
She needs some vocal lessons….. 🙂
haha! I laugh every time in the middle to end of that song & video with the flapjacks and maple syrup, and bizarre key change she goes through. 🙂
I knew it would only be a matter of time before Eric mentioned Erdene Resources, I was hoping he would talk about it last week. DT
Welcome to the wild world of Mongolia…. 🙂
Wild is right, most of the people are still nomadic tribesmen literally living in tents, no electricity, no indoor plumbing, and a fire for warmth. At night you drink white lightning and share everything else. A World where their are no entitlements and you start your day at four in the morning, not for the faint of heart. DT
I forgot to mention The Thunderbox, it is a word that the english use but is in common practice in Mongolia. LOL! DT
Not to be confused with The Thunderdome.
Mad Max Beyond Thunderdome (1985) Official Trailer – Mel Gibson
The Mongolians have good barbeque.
+1
Garrett Goggin of the Gold stock analyst (John Doody newsletter) deep analysis into silver prices ahead
https://www.youtube.com/watch?v=Z60Azfmx_S0
Thanks for the post Rene. It’s always interesting to see what the John Doody crew is involved with.
The premium in the orezone warrants is starting to shrink as they become more in the money which is typical. Still they do give a slightly bigger leverage to the rise of orezone who I expect to be announcing some form of financing for their mine construction some time in the not so distant future
I remain very impressed with how things are developing with Orezone.
I like that Orezone is up 14.51% at the moment.
(ORE) (ORZCF) Orezone Receives Approval of Expanded Mining Permit for Bomboré
by @nasdaq on 29 Jul 2020
Patrick Downey, President and CEO commented, “We have now received all major permitting required to execute on the mine plan in the 2019 feasibility study for the Bomboré Gold Project. We can now look forward to finalizing project financing and starting full scale construction in the near future. We would also like to thank the Government of Burkina Faso and the local communities for their continued support.”
https://ceo.ca/@nasdaq/orezone-receives-approval-of-expanded-mining-permit
https://wolfstreet.com/2020/07/29/thezoohasgonenuts-kodak-after-crypto-scheme-in-2018-caused-its-stock-to-surge-300-before-recrashing-gets-trump-pump-worth-2190-before-recrashing/