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Welcome!

The market is going all in for risk on assets. We discuss moves in US markets, gold vs Bitcoin trade, and USD weakness

Cory
November 24, 2020

Joel Elconin joins me today for a broad look at the continued rotation into risk on assets. Backed by vaccine news and more certainty on the US election just how long of a trend could this rotation last?

Click here to visit the Benzinga website to listen to the recordings of Joel’s Pre-Market Prep Show.

As I mentioned posting will be light today as my wife is getting eye surgery so I am on nurse duty šŸ˜‰

Discussion
44 Comments
    Nov 24, 2020 24:58 AM

    As long as the Central Banks can have their way with interest rates, things will continue.
    Notice the 10 year interest rate starting to creep up.
    I beg to differ with the statement that the market is a forecasting instrument, this use to be true, but no longer is a consistant predictor of the future.
    Take away the 120 Billion a month the Fed is pumping in and see what happens.

    Nov 24, 2020 24:46 AM

    Cory, Praying all is good, safe and successful with your wife, and a speedy recovery.

      Nov 24, 2020 24:10 AM

      Thank you very much!
      She is dong well now, just resting. It’s a pretty amazing surgery! I’m looking forward to getting mine down when my eyes stabilize.

    Nov 24, 2020 24:54 AM

    Vaccine won’t be ready for general public for few months and we are just starting our flu season and covid virus could ramp up quickly which would get these governor’s to lockdown with tighter restrictions. If we get bad enough to have more travel mandatory 14 quarantine between states watch out stocks will give back all these gains in a heartbeat.
    Caution as winter approaches.

    Nov 24, 2020 24:49 AM

    Whoa…… this is not Paraguay is it? Provable wide spread voter fraud….. Patrick Byrne
    https://www.youtube.com/watch?v=6F5IY98uTKA&feature=youtu.be

      Nov 24, 2020 24:42 PM

      Great Post space…..

    CFS
    Nov 24, 2020 24:54 AM

    Great Bear drills 101.5 m of 4.69 g/t Au at Dixie
    2020-11-24 07:50 ET – News Release
    Mr. Chris Taylor reports
    GREAT BEAR DRILLS 101.50 M OF 4.69 G/T GOLD, INCLUDING 5.25 M OF 41.25 G/T GOLD AT LP FAULT; PROVIDES UPDATE ON SUCCESSFUL MODEL TEST
    Great Bear Resources Ltd. has provided results from its continuing fully financed $21-million exploration program at its 100-per-cent-owned flagship Dixie project, in the Red Lake district of Ontario.

    CFS
    Nov 24, 2020 24:57 AM

    Premier Gold drills 12.7 m of 10.17 g/t Au at Mercedes
    2020-11-24 08:40 ET – News Release
    Mr. Ewan Downie reports
    PREMIER CONTINUES SUCCESSFUL DELINEATION OF HIGHER GRADES AT MERCEDES
    Premier Gold Mines Ltd. has provided information on the continued success of its delineation core drilling program at the company’s 100-per-cent-owned Mercedes mine, located in the state of Sonora, Mexico.

    Nov 24, 2020 24:59 AM

    You can buy .09% of a grayscale litecoin trust for $500 ,or you can buy an actual Litecoin on coinbase for about 90 dollars 11-24-20. People bought Nio when they missed tesla and I think they will buy litecoin when they know they missed bitcoin.

    CFS
    Nov 24, 2020 24:00 PM

    Rover Metals drills 32 m of 13.6 g/t Au at Cabin Lake
    2020-11-24 14:30 ET – News Release
    Mr. Judson Culter reports
    ROVER DRILLS 32 METERS OF CONTINUOUS GOLD AVERAGING 13.6 GRAMS PER TON AT CABIN LAKE PROJECT, NWT CANADA

    Nov 24, 2020 24:02 PM

    AEM absolutely clobbered. Same with so many bellwethers.
    Those who buy here will absolutely make insane amount of money in coming years.

      Nov 24, 2020 24:19 PM

      I agree and did buy several juniors today but the sector looks like it just might head down until next week and thin holiday trading could help that happen.
      It has to be a good sign that the silver miners have held up so well even if they do finally show a little more weakness. Unlike GDX and GDXJ, SILJ has not yet taken out its 10/29 or 9/24 lows (I bet it will take out at least one tomorrow):
      https://stockcharts.com/h-sc/ui?s=SILJ&p=D&yr=1&mn=3&dy=0&id=p18927798888&a=844957070

    Nov 24, 2020 24:23 PM

    Interesting silver action. Is the trapdoor about to open?
    https://stockcharts.com/h-sc/ui?s=%24SILVER&p=D&yr=1&mn=3&dy=0&id=p04900580267&a=449326423

      Nov 24, 2020 24:31 PM

      Yes! Silver miners held up well. I have a position in First Majestic (AG) and was pleasantly surprised to see in green. PAAS also recovered from a morning drop. I think you maybe right, Silver could test the 200 DMA.

        Nov 24, 2020 24:35 PM

        First is a good one…..jmo

        Nov 24, 2020 24:57 PM

        I bought more IPT this morning and little did I know it would finish the day 9% off its low. Itā€™s been a long but perfectly bullish-looking consolidation:
        https://stockcharts.com/h-sc/ui?s=IPT.V&p=D&yr=0&mn=7&dy=13&id=p03460281489

          Nov 24, 2020 24:08 PM

          Nice looking reversal candle on IPT
          Majority of gold mining stocks looking extremely oversold. Rubberband is stretched too far on the downside. I think we muddle here for a few days or a week then quick snapback. At least I’m hoping that. Market does what market does but this oversold conditions won’t stay oversold for too long.

          I

          Nov 24, 2020 24:32 PM

          Friendly bet my Sensai?

          Impact will break down from this consolidation. If not the strength is going to propel this bad boy to higher levels like we both discussed in private.
          Iā€™m still expecting a date with lower levels first.

    Nov 24, 2020 24:32 PM

    I believe that gold has got to run much higher beginning tomorrow! DT

      Nov 24, 2020 24:29 PM

      I believe you looked at my template from last week! No one called it but me lol..

      Glen

    cfs
    Nov 24, 2020 24:35 PM

    Alexco Resource begins commissioning of Keno Hill mill

    2020-11-24 17:15 ET – News Release
    Mr. Clynton Nauman reports

    ALEXCO ANNOUNCES COMMISSIONING AND INITIAL CONCENTRATE PRODUCTION AT THE KENO HILL SILVER DISTRICT MILL
    The commissioning of Alexco Resource Corp.’s Keno Hill district mill is commencing as scheduled, with initial production of lead/silver and zinc concentrates under way. The initial ore source for Mill commissioning is the Bellekeno underground mine where drilling, blasting and extraction of ore from long hole stopes continues.
    Clynt Nauman, Chairman and CEO commented, “Initial commissioning of our mill is a significant milestone on our journey toward establishing Alexco as Canada’s only primary silver producer.

    Nov 24, 2020 24:49 PM
    Nov 24, 2020 24:54 PM

    Interesting quarterly fork action 40 years in the making:
    https://stockcharts.com/h-sc/ui?s=%24GOLD&p=Q&yr=50&mn=11&dy=0&id=p08193773977&a=762641779

      Nov 24, 2020 24:46 PM

      Did you have your phone on vibrate?

      Nov 25, 2020 25:18 AM

      Looks like a cup and handle to me, very bullish. Matthew, my 12 pounds of ammo arrived from Oklahoma yesterday. I hope that Fiocchi .357 magnum doesn’t bust my eardrums.
      Do you sleep with earplugs ? I might not have time to put them on in an emergency.

        Nov 25, 2020 25:03 AM

        Good news, Bonzo, In a real emergency of the kind that might require quick thinking and defensive shooting, your “fight or flight” response will probably protect you from hearing loss or even ringing ears. The reasons are complex and not fully understood by me but it probably has something to do with the body instantly shunting blood away capillaries at the body’s surface. Even “buck fever” can have that effect as many experienced hunters can tell you, especially when recalling their first hunts in their youth.

        So if you’re cool, calm and collected, that .357 Mag WILL make your ears ring. But I wouldn’t worry about it if you’ve been good to your ears so far. I’ve had too many unprotected potentially damaging blasts to count and still have very good hearing and no tinnitus.

          Nov 25, 2020 25:29 AM

          Thanks, Matthew. I have been good to my ears as I dated a girl in college who studied audiology and stressed hearing protection. But I have heard of ear drums being broken by a .357 so maybe I should keep some ear plugs by my gun while I sleep. Or maybe I could use the .327 magnum on home invaders and save the .357 for when Antifa and BLM show up in force. The .357 is not hollow point so it might be better for a mob as it might go through 3 or 4 people with each shot.

    Nov 24, 2020 24:50 PM

    Dear ker family,

    Tonight Iā€™m posting because I felt the need because I feel I may becoming across to strong for some and that is not my intention!

    For many years I have enjoyed the ker and I have met amazing people and chartist and technicians all around. I still remember the days when I would lay in the shadow and watch bird and Matt go at it with Jerry, dt, doc and Gary also voicing there opinions. Ex was formerly know as shad boy how your missed!

    In those days bird always had a way of having me second guess myself all the time. It was annoying as fuck. More so when matt kept saying we are in a bull. Bird one his fair share of battles as gold did correct from $1000 and bird had his fun but all the while Matt and Jerry and many others like myself new it was a matter of time before heading higher. That correction was deadly and my losses were big. But I bounced back. I learned through that process that what goes up must go down in very close proximity In relation to percentages with the shares not so much the spot gold price or silver.

    My point david and ozibakt and Jerry and everyone else is this… iI donā€™t insult anyone, but I sure donā€™t want anyone personally to live and breath gold because you will set yourself up for failure. We at the ker all know that gold is headed much higher. Matt, Jerry , me dt everyone in here for that matter. But please understand that corrections will come and they will be hard at times up to 61.8 perder of the shares heā€™ll even 50% correction of shares is deadly if you time it really bad. If your as stacker and keep stacking same thing applies. When gold gets hit hard wait for that big move down before buying in.

    Iā€™ve been as open as possible and called some pretty amazing calls in these last few months that even Gary and others threw in the towel and changed there tune more then once. Between Mattā€™s charts and my list and everyone else we, you are very lucky to have ā€œ freeā€ amazing tips that I donā€™t see any other site even close to the calls I have made lately or Mattā€™s charts and predictions.

    Iā€™m not a giant anyone letā€™s make that clear. Listen to my voice david. Gold is heading guaranteed from glen to $3000 first. But your going to get hit from time to time. Timing is so key unless you are Jerry and just stack thatā€™s different. Iā€™m an investor/trader

    Glen

      Nov 24, 2020 24:33 PM

      Appreciate you candor, Glen1

      Nov 24, 2020 24:57 PM

      Glen:
      Keep it coming and I wonā€™t be offended if I am not personally attacked. Your opinion matters. I have been in miners for 20 years this time. Back in the 70s I got in miners and Tricky Dick was successful in blowing them out with Watergate. Everyone is a contributor until they mix up emotion with discussion. My issue is always with corruption and When someone says ā€œget over itā€, I donā€™t. I donā€™t like or tolerate theft, deception, complicity, fraud or any other type of action by people that have a fiduciary responsibility. I complain to politicians and regulators on a regular basis to the point they don’t want to hear it anymore. People on this site do a fabulous job of technical analysis and the banks do also. I expect them to blow out the charts, but I protest when fundamentals donā€™t support it. I an insane as I do the same thing over and over expecting a different result because I keep expecting Politicians and Regulators to do their jobs. The latter is where I am insane as we keep electing Crooks. The alternative issue is, based on the economic condition of this country and the wide corruption at all levels of elected officials, what is the alternative investment. Keep it coming and thanks for everything everyone contributes. Ex will be around because he said so. He is busy relocating. Forgive spelling as my phone window always shrinks and proofing is near impossible without erasing everything. Hopes some of this makes sense and I have a lot of taxes to pay this year but that is a rarity..

      Nov 25, 2020 25:55 AM

      Great comment Glen. Please keep sharing your thoughts!

      Sometimes people can get a little too emotional when they hear gold could correct. I love hearing people share both bullish and bearish outlooks. If you want me to post a more comprehensive outline of your thoughts on gold or anything please email at Fleck@kereport.com and I can dedicate a post to your outlook šŸ™‚

      Nov 25, 2020 25:32 PM

      Keep sharing the insight Glenfidish. I am happy to have you participating on this site. Thanks.

    Nov 24, 2020 24:33 PM

    First knockdown of night. Dollar still down. Debt still exists. Comex delivery contracts still at high level and criminal manipulators nervous.

    Nov 24, 2020 24:43 PM

    What with corruption and all, I’ve never seen America the beautiful looking so soiled

    Nov 24, 2020 24:49 PM

    With the vertical part of gold’s move now completely retraced, the low could happen anywhere between here and that obvious “shelf” of support around 1750. Don’t forget that bull markets tend to see retracements that fail to reach obvious and popular levels.
    https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=8&mn=11&dy=0&id=p68917727519&a=495649167

      Nov 25, 2020 25:40 AM

      David,

      You make 100% sense I just have learned through the years to not play against them but with them and thatā€™s a tool for success in my investments because we all know the overall trend will be up. Eventually we will have are our day when they lose control until then careful attention to peaks and valleys on the shares.

      Matt,

      To answer your question last night regarding impact, I would have like or possibly see a touch or breach of the green monthly moving average. Maybe another take down to .58-.63 and if not another .74-.76 touch and go is good enough for me. Regardless Iā€™m already in but have one more tranche I would really like to use lol. Your absolutely right that the low could be already in.

      I think we go down today and touch that $1781 region I have been barking about and reverse hard. Whatever that number we will reverse sharp and hard completing the head of an inverse head and shoulder formation. This is what Iā€™m seeing. Thursday, Friday and Monday should provide the fuel to break higher and close that monthly green. Slightly over last months close. If we get that we are off to the moon. šŸ˜„

      Cheers pal

    Nov 25, 2020 25:18 AM

    Looks like an algo cap on gold around $1810…at least for the morning.

    Tom
    Nov 25, 2020 25:29 AM

    Long PEMID, recently consolidated stock. SLB to commence pilot plan in January. PEMID lowest cost method of producing lithium in the United States.