The near term fundamental drivers for the metals to watch for
Craig Hemke wraps up today’s editorials with a comparison of price action in gold and gold stocks currently to the end of last year. A similar pattern is forming in gold but the stocks are under performing the metal to a great degree than last year. I also have Craig outline the key fundamentals that will drive the PM prices next year.
Symbol for Heritage is HERTF.
I do not own any at the moment,but I’m looking towards Spring 2021.
WARNING: The company is not currently profitable.
The silver stocks continue to outperform the gold stocks (a good sign for both):
https://stockcharts.com/h-sc/ui?s=SILJ&p=D&yr=0&mn=7&dy=0&id=p04116520915&a=842092075
Thanks for the charts Matthew. Brixton finally did hit the 30 WMA. Will it go lower?
If it goes lower, I will keep buying (I bought today and yesterday). I like that it is now available below its volume-weighted average price since the March low:
http://schrts.co/hBPsdcxA
Then there’s this fork support:
https://stockcharts.com/h-sc/ui?s=BBB.V&p=D&yr=2&mn=7&dy=0&id=p34838176502&a=710499275
.26 (Cdn) would be a great buy:
https://stockcharts.com/h-sc/ui?s=BBB.V&p=D&yr=1&mn=1&dy=0&id=p20105754156&a=777823275
This weekly chart fork is very similar to the one above even though it started 2.5 years earlier. That probably adds significance to the nearby support area:
https://stockcharts.com/h-sc/ui?s=BBB.V&p=W&yr=4&mn=11&dy=0&id=p02856366992&a=635402369
Here’s one in between those two that shows support around .245 which is closer to Friedland’s .235 recent financing. I doubt it gets there but you never know…
https://stockcharts.com/h-sc/ui?s=BBB.V&p=W&yr=5&mn=1&dy=0&id=p96612665062&a=777826699
I bought more IPT today at .91 but it might go lower:
https://stockcharts.com/h-sc/ui?s=IPT.V&p=D&yr=1&mn=5&dy=0&id=p60026534330&a=762542740
Thanks.
I have actually not been buying ISVLF. I bought some at the low at the start of the correction which was the start of a trangle consolidation on the monthly. If it breaks down from that trangle, it seems like it could get ugly as it has not corrected nearly as much as the other silvers. Of course, that could be a sign of strength too.
I think you’re right on both counts. It has shown great strength but that could turn into great weakness quickly if it breaks down and catches-up (down) with its peers.
I also bought during the deeper pullback to the .70s (cdn) but sold part of those shares when it recently hit 1.12. Now I have those shares back and was happy to buy them 15-20 cents cheaper. If it goes lower soon (without the sector completely falling apart), I’ll buy more.
I for one do not want to see Glen’s targets happen because that would almost certainly cause another lost month or more. This “needs” to be it. A brief and slight lower low for the miners might be ok, but even a daily close anywhere near Larry’s 34 GDX would not be good at all for at least the short term.
Yeah I have sold some of the shares I bought too. Just waiting to see how the triangle resolves and then I’ll decide what to do with ISVLF. Thanks for your comments as always.
That impulsive move 2 weeks ago told us to buy the subsequent pullback.
https://stockcharts.com/h-sc/ui?s=SILJ&p=D&yr=1&mn=6&dy=0&id=p71285833194&a=718724433
I’ve never been so patient but looking like it will be worth the wait.
The juniors should really do well and the silver juniors will probably beat everything else.
Well I’m right there with you on that one….I’m in impact and Kootenay for that ride especially….always appreciate your charts on them
I also bought more Kootenay today and will buy a lot more if it hits .31
https://stockcharts.com/h-sc/ui?s=KTN.V&p=W&yr=5&mn=3&dy=0&id=p34317266272&a=670512427
I will buy more at .325 too 😉
https://stockcharts.com/h-sc/ui?s=KTN.V&p=W&yr=5&mn=7&dy=0&id=p62504920817&a=608101183
Of course it’s possible that .35 will hold.
https://stockcharts.com/h-sc/ui?s=KTN.V&p=W&yr=4&mn=11&dy=0&id=p84970075068&a=684654235
I’m jealous. I’m too busy these days to play the shorter term moves. Just have to buy and hold for the bigger long term move
GDX:SPY speed line backtest:
https://stockcharts.com/h-sc/ui?s=GDX%3ASPY&p=W&yr=5&mn=6&dy=0&id=p17352456894&a=726869771
Nice Matthew.
Bought a little AEM today. Its looking very bruised on daily charts. I’m ready to shelve in 7 figures when time comes. But only interested in trading miners.
If AEM is going lower, I doubt it will be by much:
https://stockcharts.com/h-sc/ui?s=AEM&p=W&yr=6&mn=6&dy=0&id=p50645944583&a=722582722
It crushed its daily Pivot supports but maybe it now will take a tiny dip below the 200 day MA (currently at 65.92) as GDX did.
https://stockcharts.com/h-sc/ui?s=AEM&p=D&yr=1&mn=1&dy=0&id=p30219528113&a=725511549
Thanks Matthew. I agree, 200 DMA support holding well and there is a possibility of undercut next week. Most conservative price target for Agnico is around $80. I’m a buyer here.
NOMAD ROYALTY COMPANY COMPLETES ACQUISITION OF CORAL GOLD
Montreal, QC and Vancouver, BC – November 19, 2020
Off Topic:
I don’t know where this comment belongs.
Here’s a company that has suffered, but which might do well from pot law change in Colorado:
https://www.youtube.com/watch?v=yVwuQBqSTuk