Weekend Show – Sat 8 Aug, 2020

Hour 1 – Gold and the USD plus an update from Auryn Resources on the Eastmain acquisition

Full First Hour

It was another good week for precious metals even with the selloff on Friday. Gold and silver might be starting a correction but it is coming from a level much higher than most analysts thought.

I spend this weekend’s show focused on the precious metals and other factors that matter most for the markets.

Please keep the emails coming to Fleck@kereport.com. I love hearing from all of you!

  • Segment 1 and 2 – Peter Boockvar, Chief Investment Officer at Bleakly Advisory Group, kicks off the show with his thoughts on the main factors driving the markets. Inflation expectations and central bank policy are key. We relate how these are driving the trade into precious metals. Click here to visit Peter’s website – The Boock Report
  • Segment 3 – Marc Chandler, Managing Partner at Bannockburn Global ForEx is next up to focus on US Dollar and Gold. Friday was a key reversal day for both but these trends are still very much in place. Click here to visit Marc’s blog – Marc to Market.
  • Segment 4 – Ivan Bebek, Executive Chairman at Auryn Resources joins me for an extended interview focused on the acquisition of EastMain Resources. We discuss everything from the plans in Canada and the spin-out companies for the Peruvian properties. Click here to read over the full news release on the acquisition.

Exclusive Company Interviews This Week


Peter Boockvar
Marc Chandler
Ivan Bebek – Auryn Resources

Comments:
  1. On August 8, 2020 at 3:27 am,
    CFS says:

    SEGMENT AND COVID-19:
    It shows the power of the media:
    There was a time when Covid-19 was due to a novel virus and we did not know its effect.
    There are still some unknowns, but it’s lethality is known. It is highly age and comorbidity sensitive, but for all people with NO comorbidity and under about 60 years old IT IS NO MORE LETHAL THAN THE AVERAGE FLU.
    Life has risks, but we do not stop driving because some people get killed driving cars, so are people so ignorant and media-driven paranoid that we have closed society down for the lethality of an average flu? (Old folks, sick folks stay home, but are the rest of us morons?)

    • On August 8, 2020 at 2:17 pm,
      JMiller says:

      You are correct that overall COVID-19 is more lethal than the flu.

      However, if old folks and sick folks (those having a comorbidity) should stay home, then that would be at least 50% of people in the U.S.

      • On August 8, 2020 at 3:37 pm,
        Matthew says:

        He is correct that it is NO more lethal than the flu.

        • On August 8, 2020 at 4:52 pm,
          JMiller says:

          CFS did not really say that. He said that it is NO more lethal than the flu for people with NO comorbidity and under the age of 60.

          For other people however it is more lethal than the flu. For example, in my county we had almost 3 times as many people die in nursing homes that were attributed to COVID-19 than in a normal flu season.

  2. On August 8, 2020 at 3:33 am,
    cfs says:
    • On August 8, 2020 at 3:36 pm,
      Matthew says:

      There’s no shortage of midwits, that’s for sure.

  3. On August 8, 2020 at 5:38 am,
    Excelsior says:

    Thanks Cory & Big Al for another great week of daily editorials and the weekend show.

    Boockvar and Chandler and Bebek, oh my….

    • On August 8, 2020 at 5:47 am,
      Excelsior says:

      It was good getting Ivan’s updates on the Auryn & Eastmain business combination on high-grade gold for Canada as Fury Gold, and the 2 Peruvian Copper and Silver/Gold spin-out companies. Good stuff!

  4. On August 8, 2020 at 6:15 am,
    Excelsior says:

    Gold – is it a Deal or No Deal?

    The Gold Forecast – Gary Wagner – 08/07/2020 #TechnicalAnalysis #Chart #VIDEO

    https://youtu.be/8G3UfoErxMg

    • On August 8, 2020 at 6:33 am,
      Excelsior says:

      Ira Epstein’s Metals #Video (8/6/2020)

      Technical Analysis, Gold, Silver, Copper, Platinum

      https://youtu.be/Jqot4ZxVp48

      • On August 8, 2020 at 6:36 am,
        Excelsior says:

        Gold Stock Uptrends Are Intact

        )08/07/2020) Morris Hubbartt – Super Force #PreciousMetals #TechnicalAnalysis #Video

        http://www.321gold.com/editorials/sfs/hubbartt080720.html

        • On August 8, 2020 at 6:38 am,
          Excelsior says:

          Melt-Up Continues While Metals Warn Of Risks

          August 7, 2020 – The Technical Traders – Chris Vermeulen #TechnicalAnalysis #Charts

          https://www.thetechnicaltraders.com/melt-up-continues-while-metals-warn-of-risks/

        • On August 8, 2020 at 6:41 am,
          RICHARD/DOC says:

          Well, Ex: get ready to re-enter a position on endeavor silver—we’re not quite there yet but should be in the next couple of weeks.

          • On August 8, 2020 at 6:54 am,
            Excelsior says:

            Thanks for the heads up Doc. I’ve been watching it ever since I sold EXK, and initially had a horrible feeling when I saw the Silver prices just surging higher in overseas markets and in US markets, but luckily the Silver miners ignored this overall and some stocks (including Endeavour Silver) actually sold off on the higher prices. Go figure…

            I’m still looking for any more weakness to at least add back a toehold position. Maybe Cory is punishing us, because as soon as we mentioned selling that position, he had Brad on from Endeavour to do a daily editorial update. Then I felt even more ashamed for having temporarily sold (haha!) 🙂

            I was just looking across the board at the moves the Silver producers had gone on since the mid-March sector lows, and both Endeavour and Avino had really rocketed higher, so I was scaling both back to reposition in some I thought would move more next. Also, I had 19 Silver stocks at the time (20 if you count Sierra Metals SMTS), and I figured I had to pull profits in a few of them.

            Looking forward to getting back in Endeavour & Southern Silver, but I have PLENTY of irons in the fire with other Silver miners if they keep running.

          • On August 8, 2020 at 7:40 am,
            Excelsior says:

            Peter ⚒ Spina @goldseek Aug 6, 2020 on Twitter:

            “I have NEVER, EVER seen a bigger disconnect between the metal prices run up and our stocks prices. NEVER in the past 25+ years. ”

            “Silver up 50% just weeks ago and some silver stocks up a fraction of that. They should be leveraging the price rise higher. by multiples.”

            https://twitter.com/goldseek/status/1291470582773669888

          • On August 8, 2020 at 7:49 am,
            Excelsior says:

            I couldn’t agree more with Peter Spina. The disconnect in the lack of leverage (or even pullbacks) in the Silver miners, while the metal price has run so hard to new recent highs has been stunning.

            These silver miners are going to need to have one hell of a catch-up rally, or silver is going to need to pull back down drastically, or maybe some of both.

            Of course, it would be best if Silver hung onto most of the gains, and the miners just woke up and blasted higher. It sure would be nice to see the silver miners go up 200%-300% from present pricing levels, since silver prices just surged over 50% in short order.

          • On August 8, 2020 at 8:06 am,
            bonzo says:

            Doc, I have owned EXK for years and now would much rather buy NSRPF@2.59 than EXK. In fact, I just did.

          • On August 8, 2020 at 10:20 am,
            RICHARD/DOC says:

            Bonzo; I’ve been reading your posts—-I think you’re either 1. In love with NSRPF. 2. In love with Bob or 3. a pump and dumper.

          • On August 8, 2020 at 11:27 am,
            bonzo says:

            Doc, I am in love with NSRPF and have been for years. I am not in love with Bob but he is worth listening too. I am a huge fan of Quinton as he has made me a lot of money on Novo, Irving, Lion One, Eloro, and Condor. So far I am even on NuLegacy but have great hopes when the drilling starts in Oct. I am not a pump and dumper as I have never sold a share in any of these companies, and I still have the AEM I bought@8, the NEM I bought@17, the RGLD I bought @27, the SAND I bought@3, the FNV I bought@25, and the PAAS I bought@3. So I am no dumper.

          • On August 8, 2020 at 11:42 am,
            Excelsior says:

            Bonzo – I’ve been considering getting back into Novo Resources soon now that they made the announcement about going into production and acquiring the mill. I used to hold Novo up until the big surge with the metal detector videos, where I sold into that liquidity event.

            I’m a fan of Quinton Hennigh as well and am positioned in Lion One and Precipitate Gold. I’m also considering Eloro and Tristar. He likes to look for the really large deposits and if a few of these ideas hit, they will be game changers. Now that they found the feeder zone at Lion One, I believe it is about to turn some heads as they continue the deeper drilling.

          • On August 8, 2020 at 1:01 pm,
            RICHARD/DOC says:

            Bonzo, I own a lot of Nulegacy down here and will probably add prior to October. If they don’t hit it out of the ball park then I feel we might want out of this company.

    • On August 8, 2020 at 6:37 am,
      David says:

      Gary Wagner mentioned he was stopped out rather than deciding to sell. That raises the chicken and egg question as to whether a market maker triggered the stops giving the impression managed money and/or weak hands were caused to sell by programs initiated contrary to physical pricing

      • On August 8, 2020 at 6:45 am,
        Excelsior says:

        There are traders and algos that push down assets prices to try and run stops, but Gary (like many traders) uses stop loss orders to protect gains and limit downsides as a defensive strategy. However, one of the down sides to using stops is that they can get triggered and downward dives, and then the asset can turn right around and keep trucking higher knocking a trader out of position.

        Personally I don’t generally use them unless I’m really uncertain about a selloff in a company or sector, but I have the ability to check on the pricing intra-day. If I’m out of town on business or pleasure, or tied up in meetings, then I’ll sometimes put limit buy or sell orders in place to be on standby when I’m not able to be focused, and then later in the day see were the chips fell. Sometimes on extreme trends and market moves, this isn’t the best strategy either, but you look at the pricing charts, pick you spots on where support and resistance may be, and then ratchet them down or up accordingly. Again, in most cases, I avoid using stop loss orders, as quite often pricing does just run to slightly below them, and reverse back up higher.

  5. On August 8, 2020 at 7:21 am,
    spacenormal says:

    check out UAVS agricultural drone maker.new amazon distribution center in wichita
    Building new manufacturing facility close to amazon location. There is a chance that amazon may be involved. Spend a few minutes investigating. chart looks solid.
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  6. On August 8, 2020 at 7:26 am,
    Wolfster says:

    Another solid week of shows and information shared…..no one else has brought it up so I will regarding Braxton and its breakout that Matthew called………Eric Sprott mentioned Braxton on his weekly update and we know what that usually means regarding stocks he mentions. So is this a chicken and egg argument regarding Braxton’s breakout???? ….

    • On August 8, 2020 at 7:38 am,
      Excelsior says:

      Brixton definitely got a Sprott pop from him covering it on the very widely followed Sprott Weekly wrap up, but it was technically set to pop, so it was a perfect storm of promotion meeting technical potential, and that is why it closed up 35%.

      We saw the same thing happen where stocks like Freegold Ventures, Discovery Metals, Spanish Mountain, or Eloro surged 25-35% right after he got done panning them on prior Sprott weekly wraps.

      >> Just look at the trading in (REX) Orex Minerals yesterday. They halted going into Friday’s session to announce Sprott had become their largest shareholder, and they also spiked up 35% on the day after resuming trading.

      ____________________________

      REX) (ORMNF) Orex Minerals Announces $5.5 Million Investment By Eric Sprott

      07-Aug-20

      “I am very pleased that Eric Sprott will become our largest shareholder in Orex Minerals. His investment will ensure that the Company has the necessary capital to properly advance our Mexican projects. We look forward to updating the plans going forward and the work programs expected to start soon” remarked Gary Cope, President and Chief Executive Officer of the Company.

      http://www.orexminerals.com/s/NewsReleases.asp?ReportID=879312&_Type=News&_Title=Orex-Minerals-Announces-5.5-Million-Investment-By-Eric-Sprott

      • On August 8, 2020 at 7:44 am,
        Excelsior says:

        Matthew did put out a good chart before the move happened though discussing the potential, and about everyone on here that has been holding BBB mentioned it “looked ready to pop,” or was a “coiled spring” and as Matthew mentioned Friday’s move did extend right to the speed line resistance on his chart, so that was a good call.

        I trimmed on Friday’s strength, but if he feels it

        • On August 8, 2020 at 7:45 am,
          Excelsior says:

          Whoops… didn’t complete that thought. He feels it may extend to the next speed line resistance at $.80, so I may get back in and ride BBB higher until there before selling more.

          • On August 10, 2020 at 6:45 am,
            Excelsior says:

            Well, BBB surged higher this morning so I sold another 1/4 stake, and I only have 25% of my Brixton position left.

          • On August 10, 2020 at 7:24 am,
            Excelsior says:

            If it does dip down later this week, then I may buy some of that position back, but I’ve been looking for a big run in the stock to liquidate my position and it’s been running really hot the lately.

    • On August 8, 2020 at 7:58 am,
      Excelsior says:

      Sprott has consistently had nice things to say about hanging in there with Jaguar Mining (JAG) as well, and its up about 500% off the ridiculously low mid-March sector lows and washout — and rightfully so. (JAG) is Sprott’s second largest position to Kirkland Lake, and he owns 49% of the company, and he mentioned getting positioned at $.08 and now the stock is trading at $.72. Despite this move, it is still undervalued compared to peer producers doing about 90,000 ounces of gold production per year, and all the producers are still way undervalued compared to the multiples they were trading out back in 2011 when Gold was even lower than it is presently.

      I’m glad to have held onto my core Jaguar position that I re-initiated a position in from late 2015 – early 2016. I did trim back some on the huge surge higher in the summer of 2016, and traded some more Jaguar in 2017 ultimately selling down the position size in 2017, but added more to the position in 2018 and 2019 and have just held since then overall. This year I did 2 swing trades in Jaguar, but they were just 2 scalps for quick gains, and I bought right back in and kept the same number of shares as I had since 2019.

      While Jaguar has really surged since March, and Eric Sprott has been more vocal about it, it all makes sense — It’s finally free of the production hedging constraints, has turned its operations around at both mining complexes, lowered it’s costs in a substantial way, has excellent margins now, and there is a rising gold price. As a result it’s grown into one of my larger gold holdings, and I’ve done my best to let this winner run…

      • On August 8, 2020 at 8:04 am,
        Excelsior says:

        Correction – JAG is only up 450% since the March low of $.16 and current price of $.72.

        • On August 8, 2020 at 8:22 am,
          Excelsior says:

          (JAG) (JAGGF) Jaguar Mining Reports Second Quarter 2020 Financial Results

          by @accesswire on 6 Aug 2020

          > Consolidated Gold Production Increased 28%
          > Gross Profit increased 312%
          > Strong Treasury Position of $30.2M
          > COC Decreased by 25% to $586/oz Au and #AISC Decreased 35% to $882/oz Au

          https://www.jaguarmining.com/en/investors/news-releases/2020/jaguar-mining-reports-second-quarter-2020-financial-results/

          • On August 8, 2020 at 8:23 am,
            Excelsior says:

            (JAG) (JAGGF) Jaguar Mining – Corporate Presentation July 2020

            https://www.jaguarmining.com/site/assets/files/2398/jaguar_mining_-_corp_presentation_july_13.pdf

          • On August 8, 2020 at 8:38 am,
            Excelsior says:

            It should also be noted that Jaguar not only is blessed with a 49% position by Eric Sprott, but also a 13.3% stake by Sprott Asset Managment, and then 14.7% held by other institutional investors. Then management has some shares, and there is really only about 21% of the share float available to retail investors, so the stock is very tightly held.

          • On August 8, 2020 at 10:23 am,
            RICHARD/DOC says:

            EX, the only move I made yesterday was to add to my Jaguar position—they had an excellent report and as you mention I love the fact that there is such a small float.

          • On August 8, 2020 at 10:36 am,
            Excelsior says:

            Seems like a wise move Doc. I’ve pretty active every day this week (and for the last few weeks trimming and adding in many names to rebalance or catch swing-trades of partial positions).

            Yesterday, I added to stocks I had trimmed at higher prices but were suddenly on sale at lower prices despite the higher metals prices. I added to Americas Gold & Silver, Impact Silver, Galiano Gold, Vizsla Resource, and Silvercorp, and only trimmed back Brixton. I had other bids in that didn’t get filled, but they were pretty low stink bids.

            In addition, it crosse my mind to trim back a few more, but I’d already taken out the scalpel the last few weeks trimming back most of the largest runners, and like where I’m at with the remaining core positions in most of those. Also the really bizarre disconnect of the miners not responding or selling down into the rising metals prices just seems like a potential that the miners may still surprise folks and pop higher to play catchup, so I’m mostly holding what I got for now.

          • On August 8, 2020 at 10:43 am,
            Excelsior says:

            It seems like most mining stocks I’m watching have just been channeling sideways the last week or two, despite the rising metals prices (with a few notable exceptions). Overall the miners have been in a kind of strange limbo though.

            Whichever way things break from here, I feel pretty well positioned. If Gold and Silver stocks keep ripping higher, then great, I’ve got plenty of irons on the fire. If we get the pullback that so many different technicians and market pundits have been talking about the last few weeks, then great, I’ve got funds raised to deploy into any pullbacks.

            Good luck to everyone in their trading this next week, whichever way things break.

    • On August 8, 2020 at 9:09 am,
      Excelsior says:

      Look At Who Just Predicted $4,000-$8,000 Gold And $100+ Silver

      August 06, 2020 (King World News)

      “Top Citi analyst Tom Fitzpatrick sent the following report to KWN: Silver just met our $28 target this morning, breaking above major resistance at $26.18-$26.40 in the process (Major lows in 2010-2013 which gave way impulsively in April 2013). However, we believe that this move may be far from over.”

      https://kingworldnews.com/look-at-who-just-predicted-4000-8000-gold-and-100-silver/

      • On August 8, 2020 at 9:12 am,
        Excelsior says:

        @WHITESKY – “David Smith of the Morgan Report,”“Grades have been dropping for the last 10 years,” said Smith. “They have dropped over 50 percent in terms of the amount of grams per tonne that you get from ore, versus the amount that you have to dig out of the ground, and this is impacting just about every silver mine out there.”

        Smith,“I believe that between US$26 to US$49 silver we’re going to see what I call volcanic tremors — there will be a lot of massive back and forth of people (buying and) unloading their silver,” Smith said. “When it gets above US$50, we will see a quick run to US$65. Once that happens this will be a powerful classic eruption. It will be the highest in nominal terms that silver has ever traded, on its way to what I believe will be a three digit price figure over the next few years.”

        “Smith is projecting that gold could reach US$10,000 per ounce by the end of the bull market. At a gold/silver ratio of between 60:1 and 40:1, silver would be valued at US$166 to US$250.”

        – 0 7 Aug 2020, 22:18

        https://ceo.ca/vzla?e5d7ac67e603

        • On August 8, 2020 at 9:14 am,
          Excelsior says:

          Wow! If Silver gets up to $65 (much less $166-$250), then this bull market is going to knock peoples socks off.

          • On August 8, 2020 at 11:57 am,
            bonzo says:

            Last week James Dines predicted silver would go up to $500. Holy Toledo! What will EXK, HL, AXU, USAS, AG, and PAAS sell for at $500 silver?

          • On August 8, 2020 at 12:06 pm,
            Excelsior says:

            They’ll definitely trade much higher than where they are today. 🙂

          • On August 8, 2020 at 12:52 pm,
            Excelsior says:

            Trader Stef: Monetary Velocity and Inflation Expectations Will Push Gold Past $3,000

            Palisade Radio – August 8, 2020 #AudioInterview

            “Tom welcomes Trader Stef, a new guest to the show. Stef has a background in the investment banking industry, and today she regularly posts her technical analysis on her website and Twitter.”

            “Stef discusses the Fed’s decision to leave interest rates low until 2023. They are also considering eliminating the 2% interest rate target, allowing for higher inflation rates. In nominal terms, we are already at negative interest rates, and countries in Europe have been negative for some time. Officially the Fed doesn’t want to enter NIRP territory, but factoring inflation, then we are already at those levels.”

            https://youtu.be/L8jPmc3KIyw

      • On August 8, 2020 at 12:35 pm,
        Excelsior says:

        Everything You Need to Know About Silver and More

        August 6, 2020 by @TheTechnicalTraders – Chris Vermeulen

        https://ceo.ca/@thetechnicaltraders/everything-you-need-to-know-about-silver-and-more

        • On August 8, 2020 at 12:42 pm,
          Excelsior says:

          Silver Nearly Reaches $30/oz, Shades Of 2011 Rally

          by @Goldfinger on 7 Aug 2020

          “Silver rose ~25% in less than 72 hours between early Tuesday morning and Thursday night.”

          “What was once a steady, measured climb higher has turned into a completely vertical parabolic move in recent days. The price action in silver futures yesterday evening was reminiscent of the final days of silver’s ascent to near $50/oz in April 2011.”

          “I should know. I lived and breathed nearly every price tick of the final days of that rally, and then pounced on the short side once the top had been put in place. Volatility is increasing in precious metals, particularly in silver which has seen its average daily trading range increase 3x since mid-July. This is generally not a healthy phenomenon for a market longer term and is often one of the key characteristics of a shorter term topping process.”

          “This is a good time to remind ourselves of the importance of being clear on ones time frames. I have little doubt that silver will trade above $30/oz at some point this year, and it will trade above $50/oz at some point in the next few years. However, we have seen silver rise from below $12/oz in March to nearly $30/oz last night, and the steepness of the recent ascent is undeniably parabolic.”

          “The strength of the silver breakout since July is extremely bullish in the big picture, however, in the shorter term there is a strong odor of greed in the air across the precious metals space – the silver chart is the poster child for this greed.”

          “Can greedy get greedier? Yes, always.”

          “However, if you care about risk vs. reward then you can’t ignore the overstretched euphoric sentiment and parabolic price action.”

          “A correction is close at hand.” — Goldfinger

          https://ceo.ca/@goldfinger/silver-nearly-reaches-30oz-shades-of-2011-rally

          • On August 10, 2020 at 6:21 am,
            Excelsior says:

            A Tale Of Two Precious Metal Bulls

            2020.08.07 – AheadOfTheHerd

            This week gold prices have smashed one record after another, well surpassing the previous high set in 2011, of $1,920 an ounce.

            “At time of writing, spot gold’s last bid was $2,064.10.”

            “The usual suspects are behind the surge, ie., worrisome covid-19 infections, geopolitical concerns especially US-China tensions over trade (President Trump tried to force China-owned TikTok into selling its US operations) and the South China Sea, fears of inflation on the back of unlimited monetary stimulus, and low interest rates worldwide. ”

            “Bullion prices have climbed more than 30% year to date, as investors choose gold as a safe haven amid widespread economic uncertainty created by the pandemic. They believe gold will hold its value better than other assets such as stocks and bonds.”

            “How much higher can gold go? Bank of America raised its 18-month target price to US$3,000 an ounce, due to dovish central bank policies; Goldman Sachs analysts have their eye on $2,300, based on similar concerns over currency debasement. The influential bank believes a weaker dollar will boost the purchasing power of major gold consumers in emerging-market (EM) economies like China and India.”

            “We wanted to know, what could send prices higher?”

            “One factor that hasn’t been given much press, is the demand for physical bullion, ie. gold bars and coins. Does a comparison of physical demand during gold’s 2011 run, to that of the current record-setting surge, tell us anything about future prices?”

            “As a matter of fact, it does…”

            https://aheadoftheherd.com/Newsletter/2020/A-tale-of-two-precious-metal-bulls.htm

    • On August 8, 2020 at 9:12 am,
      Jetty says:

      Yes, thank you Matthew for all that you contribute. Wolfster, ES also mentioned a company with 30 million oz of silver and a MC of just 5 million. There is some speculation on ceo.ca that it may be BCK (Blind Creek).

      • On August 10, 2020 at 4:39 pm,
        Matthew says:

        You’re welcome, Jetty, and thank you. I don’t know how I missed your comment until now. 🤦‍♂️

    • On August 8, 2020 at 3:44 pm,
      Matthew says:

      Wolfster, I stick with the charts because they have a way of accounting for moves that will be attributed to future news that is unknowable in advance. Charles Nenner spoke about this phenomenon years ago and was/is absolutely right. Some news is obviously different and can turn a negative price chart completely around but such news is the exception.

      • On August 8, 2020 at 5:03 pm,
        Wolfster says:

        Thanks for the opinions gentlemen…..Matthew I can’t argue with any one who owns over 1M shares. 😉

  7. On August 8, 2020 at 8:25 am,
    b says:

    Goodbye, greenback! As they abandon dollar in trade

    Moscow and Beijing’s ditching of the US dollar could result in the creation of a “financial alliance,” according to a top Russian analyst. Alexey Maslov believes the partnership is approaching a “breakthrough moment.”

    In 2015, the share of the American currency in bilateral transactions between Russia and China was at 90 percent, and now sits at just 46 percent. The gap has been filled by trade in euro (30 percent) and the national currencies of the two countries (24 percent). The share of euro, rubles, and yuan is at an all-time high.

    The reserve currency is changing, gold in american dollars is going to go thru the roof.
    This could be another reason gold will be in a long bull market.

    Peter Schiff could be right, getting out of american dollars might be wise.

    • On August 8, 2020 at 8:59 am,
      Dick Tracy says:

      b, check and double check on The US losing it’s status as The World’s Reserve currency. Along with the loss of their financial status will be their ability to maintain such a huge military presence, which has done much harm worldwide. DT

  8. On August 8, 2020 at 9:54 am,
    b says:

    DT, I hope for that.

    The U.S. is threatening the entire planet.
    The Russians have said they intend to assume any missile fired in their direction is nuclear and will respond in kind.
    The americans have increased missiles on the Russian boarders.
    There is no telling if they are nukes or not.

    What I find perplexing, is if we know the U.S. dollar is losing value big time, why do people want it as returns on their investments?

    I think Schiff is right, get out of U.S. markets.

  9. On August 8, 2020 at 10:01 am,
    Glenfidish says:

    Hello to the ker!

    Thanks for the weekend blog al..

    Update..first warning bell I’m giving to everyone.. trade at your own will this is not advice but just my thoughts on what I will be doing.. indicators showing 70/80 percent topping pattern in the daily of which I’m seeing from my eyes one more move up before the short term top and roll over. Where the gold price is at that moment who knows? Could be $2080–$2119..slightly higher..

    I’m expecting a top this week coming possibly by Thursday! You heard it here first. If this plays out, I will be unloading my short term miners and switching to bear for approximately 8-11 days.. September should be explosive.

    There should not be a big drop like Gary days but good to be an alert.

    There you have it..

    Cheers to all and be safe

    • On August 8, 2020 at 10:12 am,
      Excelsior says:

      Thanks for sounding the warning bell Glenfidish, and that outlook seems very reasonable.

      May your trading next week be very prosperous.

      • On August 8, 2020 at 10:17 am,
        Excelsior says:

        Glenfidish, which positions for you are your “short-term” miners and which ones are the “long-term” miners?

        I’m guessing your (CVB) Compass Gold is more of a “long-term” miner for you, as it really hasn’t done much of anything the last 4 months, due to rainy season, but their exploration work will be picking up over the next few months. I have a small position, and haven’t really touched it since it has flat-lined, and am awaiting them to start putting out news updates on their exploration work later in the year.

        • On August 8, 2020 at 10:26 am,
          Excelsior says:

          Are Scorpio Gold and Brixton more “short-term” miners or “long-term” miners for you, and will you be trimming those back this next week?

          • On August 8, 2020 at 10:50 am,
            Excelsior says:

            Which other stocks are you going to hold for the longer term, and which ones are you going to be selling or trimming backs soon?

        • On August 8, 2020 at 4:50 pm,
          Canuckski says:

          Same question as Ex has Glen… what are you considering to be ‘short term’ miners?

          • On August 8, 2020 at 5:09 pm,
            Matthew says:

            I can’t speak for Glen but ETFs would count as “short term” for me since they are liquid enough to trade in and out of easily. In addition, they are sector plays so being completely out doesn’t carry the potential opportunity cost that an individual junior explorer would.

        • On August 9, 2020 at 7:02 am,
          Glenfidish says:

          HI ex,

          Sorry for the delay I’ve been a it busy with family events.
          I will try to be as clear as possible.

          My long term prtfolio of 9 miners of which many of you know including compass will not be touched at all..As I’ve taken into account my outlook, matts, jerrys, yours absolutely everyone on here and peter schiff which ive followed for years etc. Yes including armstrongs long term perspective. So im safe there.

          My short term portfolio which consist of 4 miners in play, are for intermediate trading “not daily” as you and matt do. Im not a pro like that.

          Im seeing a topping formation as of next week possible as latest as thursday but that can all change when that time comes. Im seeing an explosive move up for impact as of monday or tuesday as well as all miners across the board. This move should propel us to $2080-$2119 and possibly higher.

          If my miners hit my targets of which matt knows a few i will without hesitation pull the trigger and sell all of them or possibly 2/3 of them and go “bear” for 9-11 days is what im seeing.

          hope this helps and full disclosure i don’t own any bbb..My largest position continues to Iamgold as a large cap..Impact and one other make up the second largest.

          glen

          Also thanks to jerry and ex and tracy and al wolf many others for your kind words the other day for my two cents contributions.

          • On August 9, 2020 at 8:22 am,
            Excelsior says:

            Glenfidish – Thanks for the feedback on your strategy and outlook. So you have 9 long term mining positions, and then 4 more shorter term miners that you’re doing intermediate trading with. (13 total then?) Or are you saying out of the 9 that 4 of them are for intermediate trading? (which would be about half of them)

            That is interesting that you’d sell the whole positions or 2/3 of the position in those 4 intermediate ones for trading and go full on bear for that 9-11 days. I’ve done that with a few Silver & Gold stocks recently, but in most positions I just reduced them by 20-50%.

            Well, it does seem like this is going to be a pivotal week in the miners, and I plan on being active and attentive to the moves to see if we get blow off top and surge higher as they catch up to the metals prices, or if the correction so many are expecting accelerates off the pullbacks we started seeing last week.

            Good trading!

          • On August 9, 2020 at 8:27 am,
            Excelsior says:

            BTW – I like your comment: ” I’m seeing an explosive move up for impact as of monday or tuesday as well as all miners across the board.”

            I just added back to my Impact position on Friday at lower prices than I had trimmed back at previously, so bring it on…. 🙂

          • On August 9, 2020 at 8:37 am,
            Excelsior says:

            The action in both the Silver and Gold miners at the end of last week was not very encouraging, so I’m looking on Monday & Tuesday to see if we get any follow through selling pressure and if so I plan on adding a little more to a few positions.

            If we got a fishing line selloff for any reason, there are actually a few quality names I’ve been watching to position back into but want to see a tear-jerker move lower before buying them.

            If we do see a big explosive up move on Monday and Tuesday though, I’ll likely lighten the load again in some of the ones I just added back to. This potential path seems like the most fun of course.

    • On August 8, 2020 at 10:48 am,
      Dick Tracy says:

      Glen, you are quite right to advise about caution, financial conditions are anything but favorable. Forecasting these days is very hard to do, for myself I never know whether gold will enter into a sensational phase or rollover. The masses don’t see the importance of gold, so I will be waiting to see how your prediction plays out. DT

      • On August 8, 2020 at 11:02 am,
        b says:

        Personally I feel trading is dangerous now.

        Obviously “expert” traders could profit but most people take the chance of not getting back in soon enough and have to buy back at higher prices.

        Doing nothing will pay off, a person could close their eyes,not look at the market for a year and when they do would find large increases in their portfolio.

        Wish I was a better trader, or convinced of 1 stock that would multiply a few thousand times.
        Im not so this time I am too spread out to make huge dollars, oh well, I bet I beat interest from bank accounts. 😉

        • On August 8, 2020 at 11:17 am,
          Dick Tracy says:

          It’s funny you should say that, my online brokerage gave me two weeks of free trades, last week, my first week, I was trading much more than usual. The psychology behind free trades will certainly lead to more risky moves amongst traders, and I am sure the brokerage houses are aware of this and might be trying to keep the stock market levitated. However they are playing with dynamite and it could easily backfire. DT

        • On August 8, 2020 at 11:20 am,
          Bill says:

          Top calling is much harder then bottom cause the get super spiky.
          I’m nervous as hell as lots of people calling for huge numbers in silver….Usually very dangerous.

          • On August 8, 2020 at 11:25 am,
            Dick Tracy says:

            For sure, mass psychology is always behind market moves, Top and Bottom. DT

        • On August 9, 2020 at 7:55 am,
          Glenfidish says:

          b your point is well understood..I have enough leverage and timing is not the easiest of things but i you put the work in and be prepared for the game plan entry and exit strategy. You need to believe in your craft at whatever it is.

          My longs as i mentioned above are intact..

        • On August 9, 2020 at 1:09 pm,
          Canuckski says:

          b, I shared your sentiment on wishing we could hang onto one stock which would go crazily upward to provide for an early retirement on a beach in the Caribbean. 🙂

    • On August 8, 2020 at 6:54 pm,
      Matthew says:

      Glen, I still think we have a good shot at moving significantly higher before we get your 8-11 days down (or more). As I mentioned recently, this pullback could get scary but I think it will be over by Tuesday or Wednesday morning and possibly sooner.

      All I’ve seen from the experts over the last couple of weeks is top-calling and the retail crowd that follows the experts has been receptive to their calls and therefore worried.
      Sentiment indicators do not tend to work well in powerful trends and this time has been no exception.

      • On August 9, 2020 at 7:51 am,
        Glenfidish says:

        HI Matt,

        Always respect your thoughts! Yes from my end im looking at price action and miners. Looks to me there is a possibility impact has bottomed and is ready to explode higher as soon as monday or tuesday..

        I will definitely keep a close eye..

  10. On August 8, 2020 at 10:03 am,
    Glenfidish says:

    As Gary would say I deserve the right to change my play before hand, however I’m giving it a high percentage that this is what will happen.

    • On August 8, 2020 at 12:58 pm,
      OOTB Jerry says:

      🙂

  11. On August 8, 2020 at 10:12 am,
    cfs says:
  12. On August 8, 2020 at 11:48 am,
    David says:

    I think one of the biggest concerns will be the Potus wanting to artificially support the general markets for political purposes. It makes everything difficult to predict when reality is suspended for extended periods.

    • On August 8, 2020 at 2:43 pm,
      OOTB Jerry says:

      Reply to this comment
      On August 8, 2020 at 2:22 pm,
      irishtony says:
      WELL-WELL_WELL…..Trump has only gone & done it…….Dem heads exploding all over the place……..Hand clap for Trump….From me…………………….
      https://www.zerohedge.com/markets/watch-live-trump-make-announcement-major-news-conference

      Reply to this comment

      • On August 8, 2020 at 4:55 pm,
        David says:

        There was some “fact check” issues that substantially altered what was discussed. However. …normally truth not an issue..

        • On August 8, 2020 at 5:12 pm,
          OOTB Jerry says:

          fact check….. who owns the fact check…. 🙂

          • On August 8, 2020 at 5:17 pm,
            David says:

            Jamie Dimon?

          • On August 8, 2020 at 5:28 pm,
            Excelsior says:

            Who’s going to fact check the fact checkers?

            Who’s going to guard the guards?

          • On August 8, 2020 at 5:32 pm,
            OOTB Jerry says:

            LOL……..

          • On August 9, 2020 at 7:21 am,
            David says:

            My only point was that we are finally getting a run on the PMs after years, and it is possibly going to be affected by politics…again. This possibility is not knew but has been affecting the PMs forever. I would rather be at a high when interference and manipulation wasn’t reaching a peak. I’d rather they play in someone else’s street for awhile.

          • On August 9, 2020 at 7:22 am,
            David says:

            Knew = new

          • On August 9, 2020 at 8:30 am,
            Excelsior says:

            I see the political theater in the US and globally as only underpinning the need for PMs, and their huge stimulus bills are just the icing on the cake. The main driver for the PMs remains the uncertainty in the huge debt loads of so many nations, as well as the low to negative interest rate environment and negative real rates everywhere.

          • On August 9, 2020 at 10:14 am,
            David says:

            I agree completely with your analysis as to what “should” drive the PMs all things being equal. What I don’t like is how algos can alter markets with impunity and the Regulators in the US have been neutralized for at least 20 to 30 years. The last real effort to regulate was the Savings and Loan crisis in the 80s where 2000 or so Bankers went to jail or at least were prosecuted criminally.

            It seems with the devlopment of computer control of the markets we have gotten computer interference and manipulation of markets, while simultaneous deregulation (Glass Steagall for one…only a start) and suppression of the Attorney General’s Office at the Federal level by rotating Wall Street executives through the Administrative Branch.

            I agree totally that the failing of the fiat currencies and out of control debt levels should drive the PM prices higher…except for algos 3 months prior to an election where Party Affiliation means more than governance. Yes, technicals can tell us where history is taking us. Algos can screw up the moment and the charts.

          • On August 9, 2020 at 10:39 am,
            Excelsior says:

            Yes the computer trading, Big Data, AI, and tech has definitely changed the trading patterns in the markets. We are really in an odd spot in the general markets, currencies & cryptocurrencies, bonds, precious metals, and commodities. Wild times!

      • On August 8, 2020 at 5:26 pm,
        Excelsior says:

        I’m glad at least he moved forward the stalemate on the unemployment insurance and settled on $400 per week, PPP loans to businesses, and cut the payroll taxes for businesses.

        The radical liberals had pork in the bill for releasing fellons, giving illegal aliens stimulus checks, bailouts for poorly run democrat states that just let rioters further destroy downtowns already afflicted by insane lockouts, and mandatory mail in ballots and vote harvesting, just to name a few things.

        I’m sure he’ll get sued for bypassing Congress, but at least he’s getting something done and turning the page .

        • On August 8, 2020 at 5:36 pm,
          OOTB Jerry says:

          Smart move………he had to do something…… Peosi and Chucky…..are one group of sickies…….that $1.1 Trillion, they tried to hide….to give to the demo ran cities and states, is a total bail out for the mismanagement of demo states and cities….

          • On August 8, 2020 at 5:38 pm,
            OOTB Jerry says:

            The poor are not going to see one dime of that $1.1 TRillion, unless they are in govt.

          • On August 8, 2020 at 6:00 pm,
            Excelsior says:

            Agreed OOTB. Also their democratic nanny-states wouldn’t be in such disarray if they didn’t have such terrible tax policies for businesses, which stifles employment, sucks the workers dry, and they only added to the injury when they put in place stranglehold lockdowns, resisted the reopening efforts, and the let rioters run around like wild savages torching, destroying, and ruining business districts and so many small business owners entire livelihoods, as well as all their workers that no longer have jobs. I’m glad the turned down the bailout money to governors and mayors that have just ruined amazing American population centers. Maybe the people will move to areas that are more accommodating, and not bring their terrible history of voting for socialist policies with them, or they’ll just ruin the next states they go to.

          • On August 8, 2020 at 6:23 pm,
            OOTB Jerry says:

            I would say a lot more …….on the housing issue……but,….I am going to say it…..

        • On August 8, 2020 at 8:07 pm,
          Buzz says:

          That decisive move should win Trump the election. Voters had enough pork from Obama & aren’t buying the idiot agenda

  13. On August 8, 2020 at 1:57 pm,
    Ron says:

    thanks Corey great show. I agree the markets will top when we get the vaccine??

    • On August 8, 2020 at 2:25 pm,
      Ron says:

      not many buyers left at that point

  14. On August 8, 2020 at 5:07 pm,
    Dick Tracy says:

    Washington cut off Huawei’s use of technology and chips, watch for Beijing to counter with tightening of rare earths. DT
    https://www.thestar.com/business/2020/08/08/huawei-says-smartphone-chips-running-out-under-us-sanctions.html

    • On August 8, 2020 at 6:26 pm,
      Excelsior says:

      DT – That is a good point, and I’ve been meaning to spend some time looking back into old Rare Earth company lists and assess where they are at present, as I’ve lost track of most of them. You may be on to something there…

      • On August 8, 2020 at 6:28 pm,
        Excelsior says:

        Just off the top of my head, I remember that (UUUU) (EFR) Energy Fuels put out a few pressers that they were going to start processing Rare Earth materials at their processing plant to help the domestic US strategic initiatives. Between the potential of both a Uranium and Rare Earth boom in the next few years, I feel very good holding onto my Energy Fuels position.

        • On August 8, 2020 at 6:37 pm,
          Wolfster says:

          Top of my head after a few drinks are Ucore and Niocore

          • On August 8, 2020 at 7:18 pm,
            Excelsior says:

            Yes, Ucore is one of the solid ones, and some others I remember are Lynas (producer), Arafura (have a trial plant and decade of work in Australia), NeoPerformance Materials (used to run Molycorp), Leading Edge Materials (has Tasman’s old massive European deposit Norra Karr) , Matamec (advanced explorer working on processing solutions), Alkane Resources (gold producer with a huge REE deposit), Medallion Resources, Greenland Minerals, etc… I have a list somewhere with like 100 names on it that I’ll need to find and look over.

          • On August 10, 2020 at 8:39 am,
            GrowingTrees says:

            Still own the REMX index Rare Earth

        • On August 8, 2020 at 7:25 pm,
          Dick Tracy says:

          Ex, I like Leading Edge Minerals, they also have a graphite plant, cobalt and lithium properties as well as Norra Karr which you mentioned.

          • On August 8, 2020 at 7:35 pm,
            Dick Tracy says:

            Leading Edge Materials not Minerals SYL: LEM https://leadingedgematerials.com/

          • On August 8, 2020 at 8:39 pm,
            Excelsior says:

            Yes, I actually owned them about 2 years back for a stint. I could tell things were going to take way longer than I wanted to see for meaningful progress on their Graphite, Lithium or Rare Earth projects, so I moved on. I’m still keenly interested though, as I was an owner of Tasman during the Rare Earth boom, and Norra Karr was one of the best deposits found during that cycle.

          • On August 8, 2020 at 8:40 pm,
            Excelsior says:

            Also, that prior-producing Graphite plant may actually come in handy soon as I’ve been seeing more interest in that sector as well.

        • On August 10, 2020 at 8:36 am,
          GrowingTrees says:

          Already with you there EX

          • On August 10, 2020 at 8:42 am,
            GrowingTrees says:

            about the UUUU comment… double dip resources

          • On August 10, 2020 at 1:32 pm,
            Excelsior says:

            GrowingTrees it’s actuslly a triple-dip, because they are processing Uranium & Vanadium and expanding to process Rare Earth elements.

          • On August 10, 2020 at 2:04 pm,
            GrowingTrees says:

            lol

  15. On August 8, 2020 at 6:33 pm,
    cfs says:
    • On August 8, 2020 at 8:43 pm,
      Excelsior says:
    • On August 10, 2020 at 8:44 am,
      Eric Benjamin says:

      What do people think about Bo Polny?

    • On August 10, 2020 at 9:14 am,
      GrowingTrees says:

      What are thoughts about this guy?

  16. On August 9, 2020 at 9:08 am,
    Excelsior says:

    (EXN) (EXLLF) Excellon Expands Footprint of Oakley

    August 6, 2020

    “Excellon Resources Inc. is pleased to provide an update on the Oakley Project, Idaho, on which the Company has granted Centerra Inc. an option to earn up a 70% by, among other things, spending up to US$7 million in exploration expenditures on the project prior to May 2026.”

    http://www.excellonresources.com/news/details/index.php?content_id=263

    • On August 9, 2020 at 10:49 am,
      Excelsior says:

      (AXU) Alexco Receives Final Water Use License for Keno Hill, Provides Operations and Corporate Update

      “With the recent announcement of the Company’s decision to move to production at Keno Hill, site activities have rapidly ramped up and are progressing according to plan. ”

      “Underground activities are currently focused on rehab and services at the Bellekeno mine, which will be the first mine to deliver ore to the mill in Q4, 2020. Underground development at Flame & Moth will begin in August, and Bermingham in September once surface facilities including the water treatment plant are commissioned. Initial delivery of the new underground mining fleet including loaders, trucks, jumbos, and bolters has begun and all major underground equipment units are on schedule for delivery consistent with the underground development schedule.”

      https://www.alexcoresource.com/news/2020/alexco-receives-final-water-use-license-for-keno-hill-provides-operations-and-corporate-update/

  17. On August 9, 2020 at 12:31 pm,
    Excelsior says:

    (GORO) Gold Resource Corporation Reports Second Quarter Results

    by @nasdaq on 4 Aug 2020

    Q2 2020 HIGHLIGHTS

    – $21.1 million net sales;
    – $13.3 million cash balance at June 30, 2020, an increase from the December 31, 2019 balance of $11.1 million;
    – Working capital of $33.6 million, an increase of 48% from December 31, 2019;
    – Maintained a strong balance sheet during Mexico operations suspension;
    – Consolidated production of 7,649 gold ounces and 191,232 silver ounces;
    – Successful restart of Mexican operations following nearly two-month suspension;
    – Acquisition of the Golden Mile project in Nevada, an advanced exploration property in the highly prospective Walker Lane Trend;
    – Isabella Pearl gold production increase of 41% over Q1 2020;
    – $4.7 million gold and silver bullion inventory; and
    – $0.01 per share dividend distribution for quarter.

    https://ceo.ca/@nasdaq/gold-resource-corporation-reports-second-quarter-results

  18. On August 9, 2020 at 6:04 pm,
    Ozibatla says:

    It would seem now is a good time for a correction in the metals. Short term overbought plus abit of greed out there would suggest a logical pull back. Perhaps a move back towards the old time high for gold would be a good correction in the order of 5-10%.

    • On August 9, 2020 at 7:13 pm,
      Dick Tracy says:

      I don’t think gold or the metals need to correct at all, The US dollar needs to go to zero to reflect it’s intrinsic value. The US dollar is overprinted, it’s the biggest Ponzi scam The World has ever seen. DT

    • On August 9, 2020 at 9:06 pm,
      Matthew says:

      There’s a lot of cashed-up top-callers, too, so any pullback here will probably be brief.

      • On August 9, 2020 at 10:17 pm,
        Ozibatla says:

        Yep I agree Matthew.

  19. On August 9, 2020 at 8:42 pm,
    Ozibatla says:

    I agree DT but we all know that markets dont follow fundamentals, especially when the foundations from which they were built upon are also a ponzi scheme