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Gold and Silver Technicals – A comparison to historical corrections and how the stocks react

Cory
September 23, 2020

Jordan Roy-Byrne wraps up today’s editorials by sharing his insights on the charts and key technical levels for gold and silver. We compare the current correction to past corrections within precious metal bull markets. Gold stock movements on the back of these corrections are also addressed.

Click here to visit Jordan’s site – The Daily Gold.

Discussion
74 Comments
    Sep 23, 2020 23:09 PM

    OK, that’s enough. I have had about a 20% correction in my miners and don’t need anymore phony Paper contracts issued to knock down the physical. Let’s get back to our bull market and send them back to the highly questionable General Markets to play their theft games.

    Sep 23, 2020 23:12 PM

    Ok, so let me see if I got this straight: the government fines JP Morgan 1 billion for spoofing the PM’S. JPM must liquidate a billion in bullion, all at once of course, so that they can later legitimately cover their shorts and pay the fine in good faith.

      Sep 24, 2020 24:22 AM

      Sad joke on all investors and savers,

      Sep 24, 2020 24:21 AM

      The SEC, CFTC and Justice Dept are all neutralized by political appointees. Criminal action blocked against Wall Street. Been allowed to happen over 20-30 years in all Administrations.

        Sep 24, 2020 24:23 AM

        ditto……….been saying that forever,,,,all just a sad joke

          Sep 24, 2020 24:30 AM

          If we could audit the Fed, we would probably see an under-the-table bailout to JPM of a billion crom the Fed, a payment to the Treasury of a billion from JPM and zero impact on everyone but investors.

            Sep 24, 2020 24:07 AM

            We do not need to audit the Fed……it is real simple………..THE TREASURY HAS BEEN LOOTED….$26 TRILLION…….9/11 is all you need to know, along with the constitution provide for the treasury to coin it’s own money,,,,,,,,,,Central BANKS are ALL FRAUD…..
            Pentagon missing $40 TRILLION to $90 TRILLION,,,,,,

          Sep 24, 2020 24:56 AM

          Here is the thing. In a civil action, all fines go to the government in one form or another. In a criminal case, there is recognition that “victims” must be made whole. When they fraudulently manipulate markets, it could be said that every individual in the world is due repayment for the alteration in “free and fair” markets as someone personally benefitted from the fraud. Or, it could be said that everyone invested in the individual stocks were affected, or everyone in the sector, or everyone in that countries markets, or in the case of physical metals which are traded world-wide, at a minimum: everyone that traded specifically in the item manipulated or at a maximum: everyone investing in physical metals and their derivatives and/or all investing in all markets with the expectation they are not corrupt. The bottom line is that the banks and individuals manipulating markets can’t afford restitution to all those that have been affected. Therefore, all caught in the manipulation should be required to bankrupt and be dissolved and the humans go to jail. As this would be an absolute future deterrent to future bad acts, but also would shut the door on the biggest theft scheme in the history of the world, and would affect campaign contributions and good ol boy bailouts, …the TPTB have labeled banks too big to fail and chose civil fines of little consequence. Let the Criminality Procede.

            Sep 24, 2020 24:11 AM

            I have no disagreement with your thinking………..Everyone in the know , already knows it is a BIG CON JOB……..the sheeple go along with it, by being STUPID,

        Sep 24, 2020 24:55 AM

        Audit = Jail

          Sep 24, 2020 24:59 AM

          You Bet,,,,,,,,most should be in JAIL,,,,Congress included

            Sep 24, 2020 24:01 AM

            Sheeple are not smart enough to figure it out,,,,,been down this trail so much , it is HOPELESS

    BDC
    Sep 24, 2020 24:38 AM
    Sep 24, 2020 24:15 AM

    I wonder how many Americans have margin accounts, I will guess and say 10 million. Anyway, it looks like the market for precious metals is radiating some sunshine and cheer this morning. Have a good day one and all, I know I will. DT

    Sep 24, 2020 24:53 AM

    Dt,

    Did you read my post last night on the other blog? Ex had some nice words exchanged. By the way ex great summary and i know that you are 100% ok when it comes to margins. Dt is just saying in general as we both know. Makes sense.

    Anyhoo dt, my red candle for this month has a low of $1846 lol.. we came down to about $1848.. green for next few days before settling around that number for month end. Pretty good call if you ask me 😉

      Sep 24, 2020 24:15 AM

      Hi Glen, I read your post yesterday, nice call by the way. Prophecy at its best is one of the most hazardous occupations. We have some pretty accurate people here when it comes to reading graphs, cycles, and deciphering information. You, Matthew, and Ex, keep us well informed and up to date. The National Bellas Hess or Big Bull Market in precious metals is alive and well. DT

        Sep 24, 2020 24:59 AM

        Dt,

        And you my friend have a wealth of knowledge when it comes to the mining companies. I have a very close eye on Santa Cruz one of many you have mentioned in the last month. Thank you for bringing this to light.

        Glen

          Sep 24, 2020 24:47 AM

          Thanks for the kind words DT and Glenfidish. Keep up the good work guys!

      Sep 24, 2020 24:14 AM

      Glen is the man……….. good call is correct,,,,,, 🙂

        Sep 24, 2020 24:24 AM

        Jerry thanks for kind words.. can’t say enough that you are the voice of reason and always keep everyone guided and focused on the overall price objective of gold…

        The day you change your tune will be a day I would worry lol..

        Cheers pal

          Sep 24, 2020 24:00 PM

          Good one Glen………Gold is solid, and I will let you know for sure…..Of course I hope I am not the last to know,,,,, lol 🙂

    Sep 24, 2020 24:02 AM

    Silver is currently just above the fork support seen here (chart will show today’s action this evening):
    https://stockcharts.com/h-sc/ui?s=%24SILVER&p=D&yr=1&mn=5&dy=0&id=p97147944275&a=751756191

    cfs
    Sep 24, 2020 24:06 AM

    West Red Lake drills six m of 5.91 g/t Au at Rowan

    2020-09-24 10:36 ET – News Release

    Mr. John Kontak reports

    WEST RED LAKE GOLD DRILLING FURTHER EXPANDS NT GOLD ZONES; POSITIVE RESULTS INCLUDE 5.91 GPT GOLD OVER 6.0 METRES

    West Red Lake Gold Mines Inc. has expanded gold mineralization at the NT zone with several high-grade gold intercepts, including 5.91 grams per tonne gold over 6.0 metres, during exploration drilling on the Rowan mine property in the prolific Red Lake gold district of Northwestern Ontario. The Company continues to intersect extensive gold mineralization at the NT Zone with ongoing expansion drilling. [Play Audio News Release]

    Drill Highlights Include:

    7.92 gpt Au over 3.0 m including 14.71 gpt over 1.50 m
    3.41 gpt Au over 13.5 m including 5.91 gpt over 6.0 m
    3.96 gpt Au over 4.50 m including 7.31 gpt over 1.50 m
    7.34 gpt Au over 1.50 m2.76 gpt Au over 4.50 m
    1.92 gpt Au over 6.0 m including 4.67 gpt over 1.50 m
    1.68 gpt Au over 9.0 m

      Sep 24, 2020 24:11 AM

      West Red Lake: thanks for the post CFS. I doubled my West Red Lake holding as the price tanked.

        Sep 24, 2020 24:13 AM

        I bought Gooldon back today as had sold to add to others that had dropped in the last week.

          Sep 24, 2020 24:44 PM

          I’m curious to see what Goldon finds during the balance of their exploration program this year. They are definitely in the shadows of giants and in the right neighborhood.

            Sep 24, 2020 24:18 PM

            Yes…sampling gave some hope.

    Sep 24, 2020 24:07 AM

    SILJ continues to strengthen versus silver and is up 4.25% vs SLV this morning. A decoupling from the metals would be ideal for our miners but even if that doesn’t happen, I am still confident that great leverage will return for the next advance.
    https://stockcharts.com/h-sc/ui?s=SILJ%3ASLV&p=D&yr=0&mn=9&dy=0&id=p72812019173

      Sep 24, 2020 24:24 AM

      Ditto +1

      Sep 24, 2020 24:56 AM

      That’s an encouraging sign regarding SILJ gaining on Silver. I’m ready for the leverage to return in the miners, and agree that if not in the near future, then on the next major advance I’d expect the miners to react more to the rising metals prices than they did in the parabolic move from June to August.

      Sep 24, 2020 24:35 PM

      Thanks for the chart Matthew.

    cfs
    Sep 24, 2020 24:09 AM

    Westhaven drills 7.78 m of 14.84 g/t Au, 39.4 g/t Ag

    2020-09-24 10:08 ET – News Release

    Mr. Gareth Thomas reports

    WESTHAVEN DRILLS 7.78 METRES OF 14.84 G/T GOLD AND 39.40 G/T SILVER AT THE NEWLY DISCOVERED FRANZ ZONE AT SHOVELNOSE

    Westhaven Gold Corp. has released drill results from its first hole

      Sep 24, 2020 24:58 PM

      Those are some good drill hits from Westhaven, and the stock reacted positively today, going up 25%. As a relatively new shareholder, I’m thrilled to see this position go off to the races. 🙂

        Sep 24, 2020 24:03 PM

        3rd time owning. Bought back recently.

          Sep 24, 2020 24:24 PM

          Goldfinger posted a nice inverse head and shoulder chart recently over at ceo.ca:

          @Goldfinger – “$WHN Big Picture: ”

          http://cdn.ceo.ca/1fmpp1u-WHN.V_Daily_9.24.2020.png

            Sep 24, 2020 24:42 PM

            Some other interesting comments on Westhaven today:

            @JamesKwantes – “If Westhaven continues to hit at Franz, this is a glimpse at the outcome when REAL volume and capital starts to come. 100 million shares out now but this is very tightly held. Shark into swimming pool, whiskey bottle into shot glass, pick your metaphor.”

            @JamesKwantes – “The outcrop area was logged a few years back, has never been explored. During some drilling downtime, Peter sent a geologist to do some prospecting in the area. Found the high-grade rock sample.”

            _____________________________________

            @AlGreene – “$WHN is another major win for my Premium Subscribers. It was originally covered in the Weekend Report on August 23rd and recommended for accumulation at below .70. Never fails to bounce from oversold conditions. Today’s close: $1.19.”

            http://cdn.ceo.ca/1fmpvdh-Screen%20Shot%202020-09-24%20at%204.09.43%20PM.png

            ______________________________________

            @Westcoasterwalker – “Well I added to my position in the last dip and bought the last at .68 and .71 and was thinking ..Smart and sold at 1.05 Hmmm? Still have my core position and that will need a lot more to wrestle out of my hands. Great day for us longs and the WHN team. There has to be a monster feeder system to impregnate the areas found so far. Hang on to your hats or more importantly hang on to your shares!”

    cfs
    Sep 24, 2020 24:15 AM

    2020-09-24 09:02 ET – News Release

    Mr. Marshall Koval reports

    LUMINEX INTERCEPTS 17 METRES OF 3.8 G/T GOLD AND 9 METRES OF 6.5G/T GOLD AT SOLEDAD BAJA

    CFS
    Sep 24, 2020 24:17 AM

    Integra drills 6.25 m of 16.73 g/t AuEq at DeLamar

    2020-09-24 06:49 ET – News Release

    Mr. George Salamis reports

    INTEGRA RESOURCES INTERSECTS 16.73 G/T AUEQ OVER 6.25 M WITHIN 2.82 G/T AUEQ OVER 87.48 M AT FLORIDA MOUNTAIN

    Sep 24, 2020 24:07 AM

    The indicators (MACD, stochastics, etc) are now weekly bearish but that doesn’t mean we can’t already have the low in place.
    GDM:
    https://stockcharts.com/h-sc/ui?s=%24GDM&p=W&yr=6&mn=11&dy=0&id=p03237472548&a=731189324

      Sep 24, 2020 24:03 AM

      Beautiful picture……………. 🙂

      Sep 24, 2020 24:10 AM

      1913 was also the year everyone’s wages were nationalized. Since then, “free” people are told how much of “their” income they can keep.

        Sep 24, 2020 24:13 AM

        Best not to have INCOME…… 🙂

          Sep 24, 2020 24:08 PM

          Yes, why generate an income when looting whatever you need (liquor, jewelry, clothes, appliances, electronics) is now socially acceptable.

            Sep 24, 2020 24:19 PM

            The american way……they learned it from the top…. Nancy, Biden, McCain, Bush, Chaney are real good examples ,,,,along with 90% of the congress and cabinet

            Sep 24, 2020 24:59 PM

            A solid point OOTB!

            Sep 24, 2020 24:04 PM

            🙂

    Sep 24, 2020 24:42 AM

    Documentary about GOLD | The Story of Man’s 6000 Year Obsession

    Apr 28, 2020 – Plot11 #VIDEO

    “From mining and exploration, to an exclusive look deep inside a top-security Swiss bank-vault, this is the epic, untold story of gold’s 6000 year history. With help from leading industry insiders, Grant Williams uncovers how gold became central to the modern global finance system.”

    “Grant Williams presents the definitive analysis of gold, in a brand new two-part Real Vision documentary, to understand why gold became money and has outlasted every alternative currency for thousands of years. Featuring an incredible collection of experts and market analysts, Episode One charts the history of the yellow metal and shows us why gold has retained its unique place at the center of the global financial system.”

    https://youtu.be/rXrA58CSGbk

    Sep 24, 2020 24:45 AM

    Jerry / Matthew…..Here is another beautiful picture……..
    https://howmuch.net/articles/timeline-us-debt-history