Comments on the pullback in gold and the USD – What to watch for internationally as key drivers
A very happy Thanksgiving to everyone down in the US. Hopefully you were all able to see some family or friends.
This weekend’s show I focus a lot of the breakdown in gold this week. I also shed some light on the correction in the USD and what it will take for gold and possibly the Dollar to bottom.
Please keep the emails coming. I love hearing from all of you. My email is Fleck@kereport.com.
- Segment 1 and 2 – Marc Chandler, Managing Partner at Bannockburn Global Forex kicks off the show with a detailed look into the gold and USD pullback. He outlines how the recent economic data is not supporting these moves especially when you compare the US to Europe.
- Segment 3 – Jayant Bhandari joins us to share his insights on how the trade war between China and Australia is impacting a range of commodities. We also look at the precious metals stocks moving through the end of the year.
- Segment 4 – Ivan Bebek, Chairman of Tier One Metals and CEO of Sombrero provides a full overview of the work going on in both these new companies. We also get a timeline on when these companies will be listed.
Exclusive Company Interviews This Week
- O3 Mining – High-Grade Results from drilling at Marban – More information and followup strategy
- KORE Mining – More information on the proposed spin-out of the FG Gold and Gold Creek Properties
- Nova Royalty – More information on the acquisition of the Antofagasta’s Twin Metals Project Royalty and overview of the more advanced assets
- Newcore Gold – Following up on the drill results from Nyam and overview of the 58,000 meter drill program
The only other mention of TMAC is this post in May by Ex.
Good stuff, in that report of EX……….back in May…..
Thanks for posting….I think it serves as a good review…..jmo
Why is the stock market melting up during a global pandemic driven collapse?
Because there are two economies one is being expended by the fake pandemic and one is being destroyed by the pandemic. Every day is black Friday at Amazon and Walmart. Google, Apple, Microsoft, IBM, big pharma and most large cap companies on the stock exchange have all had an unprecedented expansion. Fueled by the consumption of the Small Business and middleclass market share. The illusion is that these large cap companies in the stock market are American Companies. They are not. They are Globalist companies. CCP is the gold standard, the perfect model of the globalist economy. This means that these Globalist companies are actually Chinese companies. They are anti-nation state anti-American companies. They are hostile foreign companies. They have bought and paid for our government. China is open for business. The globalist corporate largest market and manufacturing plants are expanding in China. It is the US that is shut down with unconstitutional draconian shutdowns and ridiculous regulation imposed by the UN and WHO. Which are also Chi-Com run. The stimulus is being used to expand Chinese communist companies with American taxpayer funds. This is the art of war at its Zenith.
GREAT COMMENT RON
We are the Bitcoin. You will be coined. Resistance is fuel tile (accent intended).
Bye, Bye, Bitcoin! Hugo Salinas Price-http://www.plata.com.mx/enUS/More/402?idioma=2
Good article………..good point in the article…..TPTB….
i have to agree. BTC is nothing more than fancy toilet paper. like “FIAT” it is said to be money (emperors new clothes) but the truth will prevail!
Gold daily: https://postimg.cc/MMDq0WNp
The 27.2%* expansion lower, from August high 2075.32 to September low 1848.82 is 1787.21, just below Friday’s close.
If this breaks, the target zone becomes 1739.08 (the 1:1 extension D of the above AB, with C being 1965.58) to 1732.06 (new method) which coincide with an important uptrend line.
*Square Root of 1.618 = 1.272.
Dollar Index target: 91.41
Great update from Ivan Bebel. Thanks
Bebek – correction
Pure Gold Mining has three great investors, Anglo Gold Ashanti, Newmont, and Eric Sprott, but I believe Kirkland Lake is interested in them. Kirkland Lake has just freed up some of their capital from Novo Resources. When Pure Gold pours it’s first gold around December 25th, (In Red Lake) all eyes will be on this prize. Just watch! DT
Gold finished the week above an important fork support:
There is nothing positive about the weekly and monthly gold chart. The daily will get a bounce or two, but the mid term for gold is toast.
There is no sugarcoating it.
Nothing? Not even the fact that gold remains above the 50 week MA? How about the 11 weeks of support at the 1750 area? From a contrarian perspective, it just might be positive that sentiment is now as bad as it was at the March low and that gold is now even more oversold by some measures. As for the monthly, there is still no MACD sell signal and with the quarterly and yearly charts in great shape, you should be careful about assuming the worst is inevitable. This isn’t 2016. Not even close.
Remember when you thought gold was UGLY at 1346? Your confidence marked a good time to buy as gold was $100 higher in two weeks…
I’ve said many times, that the miners are my main interest these days and they look great compared to gold. In fact, priced in gold, GDX is at price, volume and moving average support than spans 4 years…
Although as discussed with Matt there could be some very short movement down in gold from here possibly to the $1750 ish are give or take, that $1781 call I made which was hit on a lot $1776 and futures $1770 represented a long term resistance area that I and we “ Matt” had looked at far in advance. The weekly and monthly show me what Matt is seeing. What I’m seeing now is the panic and the very bearish camp yourself coming out and voicing. This is is exactly what marks bottoms and I’m not trying to be an ass. The intermediate cycle is either complete or very very close to completion.
Remember I mentioned what back before Gary savage that this cycle in total duration would possibly run 9 months give or take. The timing couldn’t be better.
I hope you have been a buyer as of late.
If gold does bottom right here, that’s great. I’m not attached to it going up or down. Like any asset, buy when it’s time and sell when it’s time.
Giving an honest look at the weekly ADX, Ichimoku cloud, MACD and PMO says the odds of more downside babies the bulls. The ADX just went into bear territory and can continue. The slow sto and RSI can remain oversold for quite a while.
This decline does not look like it’s over at all. It could stop in January, but the lows might surprise some folks. The momentum looks to be real strong to the downside.
I’m definitely not a buyer here. So maybe that’s the time to buy?😉
The indicators look ripe for the move back up. Can it go down a bit more yes but nothing crazy. Remember that we are in a bull and bulls don’t invite everyone in at bottoms. They leave them behind.
good chart Matthew…next swing low is possibly tradable….
I’m guessing you play the impulse legs exclusively (or some other show of strength) but one could also buy now and use a new low as a sell stop. That’s not always ideal but looks good here given the setup. We’ve had three big price drops in a textbook corrective pattern along with the intraday charts suggesting at least a bounce.
For those who want a closer look:
Silver also finished the week above an important fork support as well as the important 30 week MA:
Im sure glad i sold most of my stocks near the highs. Now some chopped in half.
Ive been buying the last few weeks. Many stood up well againts the latest gold siver knockdown and thats encourging.
And YES RON BANG on I think…CCP are ugly folks and if the Huawei executive we have has done nothing wrong then go to the US and prove it…fricken criminals.
Covid premium has come out of gold.
I don’t understand your comment, Bill. Please explain and thank you.
I believe perceived risk in the market and driver of gold prior from Covid has come out due to these vaccine announcements….Things went into reverse Gold being sold off and money flowing into the major indexes. Now likely over done.
I was buying some US stocks and they have done very well. I took a big position in VFF.TO up 100% in 4 weeks.
Golds was the best sector till summer and has been the worst since.
Can’t be a gold nut everyday 🙂
Wise word “gold is just another commodity” yup trade that crap.
Go to worldviewweekend.com and listen to the interview with Lt. Gen. Michael Flynn starting at minute 3. Hooray for Flynn! Hope everyone got plenty of turkey as we are about to embark on a great crusade to defend our republic.
Great article….bonzo………..thanks for posting…..and Flynn IS SPOT ON……
If USA goes Canada goes in the crapper too. We are near there as Trudeau is a globalist commie. I’m not even a little bit wrong.
“Philosopher Bertrand Russell suggested that ‘Men are born ignorant, not stupid. They are made stupid by education.’ And, it was Albert Einstein who explained, ‘Insanity: doing the same thing over and over again and expecting different results.’ So which is it – stupidity, ignorance or insanity – that explains the behavior of my fellow Americans who call for greater government involvement in our lives?”
— Walter E. Williams
I’m sure Walter knows that at least two of the three applies.
That Bertrand Russell quote deserves to be singled out because it is so blatantly true: “Men are born ignorant, not stupid. They are made stupid by education.”
You nailed it Mathew…the education systems is designed to keep all ignorant
Most of the right and ALL of the left have been neutralized by propaganda because all governments understand the following…
“The most dangerous man to any government is the man who is able to think things out for himself, without regard to the prevailing superstitions and taboos.” — H.L. Mencken
thanks Matthew…those sort of behaviors are being poetically/tragically revealed as an absolute truth in this current period…that guy was super smart and savvy and his actual insiders knowledge helped the clarity…Thank you for introducing him to me….He will soon be in my own library….It is almost like awaiting for a scary horror movie to arrive….I feel palpable dread in entering his world….But I must keep my eyes open just like a horror film😨
Thanks for the link bonzo!!
Every time Bill shows up the gold price drops, I’m convinced he is manipulating the POG. The air around Bill is always fogged with uncertainty! LOL! DT
Its been dropping since Aug when I said right here I’m taking money off the table. Was there uncertainty in that?
I think mid Dec will start to rise….I’ve pretty much reloaded now.
I’ve been busy on my commercial property and just renewed 3 commercial leases for some major smack. Bought a new SR250 Case for plowing snow! Hate the stuff on my property. I can’t sit in front of a computer everyday…that’s dreadful.
Spot Gold is back to 1781.70. DT
If gold loses the 1780s, the 1730s could easily be next…
Looks like the 1780s have been lost.
I consider it a tentative loss until it happens during CME open outcry starting at 08:20 ET.
Before speed line support at about 1732, there’s the 233 day MA at 1768 and fork support at 1750. Whatever the bears are able to muster, I think tomorrow will mark at least a short term low if not an intermediate one (which I think is probable).
Boys don’t fret! The intermediate cycle is going to put a final low soon. Today or tomorrow is a good bet.. I actually think this weeks candle will go up as high as $1920/1930 before closing red. We are forming the head. That’s what I’m seeing. And also hearing to many bearish calls now. Sentiment has changed bearish..
Yup, I did say I think an intermediate low is probable tomorrow. Gold hasn’t been so oversold since March.
I bought a bit of NSRPF this morning. I realize Novo could consolidate some more after Friday’s big drop, but it hit a target I had been watching so I bought some. So many charts are looking interesting. Lion One which has been correcting since mid July looks really good and is at the bottom of the fork I drew. Gold Standard looks like it might have put in a morning star formation today.
That’s excellent! Always a great feeling when the stock comes to you and one does not chase. Thanks for sharing.
Charles, I think you caught the low for NSRPF. Notice that the really big gap and plunge happened after breaking and closing below fork support…
Matthew – Thanks for the charts. That is awesome on the daily.
My short term projection: JPM is still developing their 6th Felony Case for manipulating markets.
JPM………will have several more…….just a token payment, with the people’s money….
The law must go…for maximum corruption
I think the law,…..has done left the chicken coup…..
Bobs prediction of the bond market, Its was suppose to blow up 10 years ago.
And down gold down $140 lol
Maybe 20…. what’s a decade among thieves…
Wow silver down 3% sucks I was hoping for a bottom….
I tried to buy some phyz…..last week…..$3 over spot….I said forget it…..
Glad I waited…..lol…..
Silver needs to play catch up…..needs to break the $49….mark, which it will do, when , who knows….
I said several months ago…..silver was not interesting till it broke $22….we will see.
I think you got it wrong lol. Every time Bill arrives it tends to mark a bottom and reversal same with chartser. I’m not good at pulling out old post like ex and Matt but I remember clearly months back bills “boys” he follows made a call and he posted he was going on bear etf..Next day he got it handed to him and even my pal Jerry said bill are you ok. Bell I even reached out to him. The marked the rise for gold for consecutive months..
Then we heard nothing from bill and suddenly fold tops and reverses and bill comes in on the following day saying he had sold everything. Now you know me I’m a real time person not after the facts. Sorry bill your record is 😬
Glen, I have a box of leather medals above my desk for speculators like Bill who show up when the market has bottomed, places his orders and buys only to find that the market still has further to fall, I think Bill deserves one of those medals for foresight. LOL! DT
Hi Glen again, gold is coming back to your support zone of $1781, I think you will get the gold medal for your prediction. DT
When SILJ:GLD finally gets decisively above the following anchored VWAP (thick red line), the bears won’t know what hit’em…
The link is not working for me. Anyone else? Iam a paid member of stock charts
Works for me – not a subscriber. Windows 10 on Edge.
Glen, stockchartsACP doesn’t work on mobile devices yet. Have you tried the link on your computer?
Works for me…….
It works on my iMac. I never use wi fi or cell phones.
That’s very kind of you regarding medals. Yes it sure looks like that $1780/$1781 area is a magnet. Would not be shocked if we did go as low as $1735/1745 region. That number is now in my head but if not we are done soon.
Glen………everything is OK…….Gold going back up , and you can take that to the bank…
When ….who knows…..You and Matt are the chart guys…..but, the money printing will continue….and that is a fact….Hyperinflation , stagflation….either way prices are going up and gold is going up…..
1971…..gold $35, silver $1.00…………Nothing has changed…..except the seats of the Puppets….
Well, the satanists have twisted reality and distorted everything we thought we knew about economics. There will be no hyperinflation. Stagflation, yes.
Ranting Andy Hoffmann has just proclaimed the death of gold. Says, all you goldbugs will be selling their PMs and PM stocks and buying bitcoin. Because the whole world, including all the central banks, will embrace bitcoin as THE MONEY (or new reserve currency)wich will be going to at least a million bucks. Ranting Andy says central banks will be dumping gold en masse and buying bitcoin. He sees gigantic outfow of money from PMs into bitcoin. According to him we barely have minutes to get rid of our PMs before gold collapses and bitcoin goes to da moon
Andy and Dent should start a dating service for idiots……..
Both have been wrong and will continue to be WRONG…..
If oil goes to $65………….gold is going up….
Andy, ……is exactly doing what he knows…..ranting…….
Central banks would, like for everyone to dump their gold, and shut off their bitcon wallet….
Spot on Jerry. The satanists do not want us to own any gold. They’d be absolutely thrilled to see us dump it and rush into bitcoin. The satanists control all major crypto coins.
Thanks….Norreareal 1968…….and you are 100% correct….
oops wrong spot…..political….sorry…
This is to come……….Bank on fire in Paris…..
really not political, but, ……think about it…..
And when will US protesters figure out what the French already have: that burning and looting stores owned by fellow hard-working citizens only exacerbates the inequality. On the other hand, to really make a statement, a couple of Molotov cocktails aimed at the Marriner Eccles building just may attract some attention.
I buy CEF physical trast as it can go discount to market when their runing scared.
When things heat up it goes for a premium.
EDR and others are holding up well here. Thats encouraging..
Thanks for the info Bill……….
sorry TRUST and you can take physical delivery…you prolly know it..
A cheaper way to get in.
Bill thanks again……
Just a thought….
Did Powell’s Kraken put Biden in the Krankenhaus for a boot?
Biden probably had a fall but they blame it on his dog as they did in 2015.
Kraken is the 305th Army Intelligence battalion .
Some great info…..on the political section….concerning …the above….
TMAC (TMR.TO) mentioned by Jayant,