Gold, USD, and Market Rotation – Are recent moves all about quarter end window dressing?
Joel Elconin, Co-Host of the Benzinga Pre-Market Prep Show joins me to share his thoughts on some of the key sectors and market moves. We start with the continued correction in gold compared to pretty much every other sector and market over the past 7 months. We also discuss the continued rise in the US Dollar and rotation within markets. As much as high flying tech has sold off the S&P is still close to all time highs.
/GC retesting panic low…Not the sell moment, rather the buy…give it 2 trading weeks…😜
KERFLUSHHHHHHHH!
Down the toilet PMs go.
It’s only the beginning.
Gold going to 1500
Silver going to 20
And they will stay there for a VERY LONG TIME.
The Dems have total control and they’ve rigged the system to make sure it stays that way.
They will make sure commodities don’t rise at all. Their enablers in the tech industry will be showered with everything they want.
Repubs might as well close shop, they will never be in control of anything every again.
Hi Joe….” Anything is possable, & somethings are impossable….irishtony.
Hey Joe, you fit right in here with your KER-FLUSHHHHHHH ! Next Up KER-CRASHHHHHHH! DT
It’s funny that we saw these same kinds of posts from him last month when Gold dipped down to $1673, but then they completely stopped for the proceeding several weeks when Gold rallied up to the $1720’s & $1730s. I guess the PMs only make sounds on the way down, but not when they rally higher?
Now that PMs are under pressure again, the we have the return of ALL CAPs sound effects of doom and gloom. What a value add!
NEM is down 2.8% at the moment but would have to fall a whopping 10% more to reach its low of several weeks ago. The market is sending a message.
https://stockcharts.com/h-sc/ui?s=NEM&p=W&yr=5&mn=0&dy=0&id=p03394016722&a=908782686
very helpful…thanx Matthew
This trade today is not a day trade for me…so i stop looking at 60 minute or less times…I mainly look at day and week charts to try and not miss a longer term trade….As you already know and understand….🔆
Larry, I believe the low is days away or less!
Let me try and understand you Matt! Are saying you believe the final low is days away or less? If so that’s one gutsy call 😬
Glen
Glen, that’s what I’m saying. Days = less than a week. Remember that I told you 2-3 weeks ago that your plunge had to happen soon or it probably wouldn’t. Well, we’re there. The question is, how low will everything go in the time left?
Matt,
I’m going to call you out on your call sorry need to do so. The low is not even close your going to be really surprised. Either I’m way off or you are about one month off on your pattern.
Respectfully
Glen
Gold contract weekly chart is right now a buy the D point of a Gartley buy pattern 1.24% expansion with a .628 pullback and at the 100 ema , all measured from the march 2020 X point and 8/3/2020 top…..Volumes are doing the correct things to characterize bottoming action….
Larry go back to your charts lol! Seriously your telling people to but gold at this moment?
Your off by a few days if not a week.
Sorry
Glen
Better get it while you can… 🙂
Matthew, we may have farther to fall but today I added to my holdings in Dolly Varden, Eskay, New Found Gold, and Lion One. And I’m not finished.
Smart, Bonzo. It’s better to buy before the low when everyone is still terrified than afterward when the fear of missing out has already kicked-in. First and foremost, know thyself!
Bonzo,
I know you only ask doc or Matthew for help but glen is always here as well. When I see something I try my best to help. I believe your buying to early better prices are yet to come look at my record
Glen
Matthew,
Is this time to be averaging down on gold majors or wait for gdx to drop further? Unless this is the start of a bear market in gold, my opinion is to keep buying.
Pyrite, the bull is alive and well but GDX does look like it could easily go a bit lower based simply on the new daily chart MACD sell signal (but some intraday charts suggest at least an intraday bounce, if not more).
If it were me, I’d justify buying some quantity sooner rather than later if I had no position at all or way too little, but I am risk tolerant and naturally prefer to buy weakness rather than strength. I am also confident about the bullish outcome so I’d generally rather risk further downside than to risk being forced to chase a powerful reversal. That’s a disclosure. I know that buying strength can work very well if done correctly (using rules that you stick to).
For those positioning for an intermediate term move, getting a good price is important but nailing the low is not. Prices are now very good in the gold/silver miners even if they are about to get much better.
GDX is at/near an interesting confluence of long term supports:
https://stockcharts.com/h-sc/ui?s=GDX&p=W&yr=5&mn=11&dy=0&id=p21569470891&a=930499338
On March 30, 2021 at 9:59 am,
b says:
The issue I have believing the “tight silver supply” is we have been hearing that for years.
Not to say silver wont be in demand for the great energy conversion.
There are other metals more rare than silver needed for it, I forget the names, but those metals, those are the real “tight supplies”, their rarity could limit a transition to new energy sources.
I seem to forget alot now.
The names will be out there is ya look for ’em tho.
— — —End— — —
B, prices are set at the margin and silver prices are set by investment demand just like gold. That’s why no other metal moves with such a tight correlation to gold. You should have realized you were missing something after you shared similar comments a year and nine days ago when silver was around $12:
https://stockcharts.com/h-sc/ui?s=%24SILVER&p=D&yr=1&mn=1&dy=0&id=p81319321933&a=930338494
There is no silver shortage and there never has been as far as I know.
Silver may be in the wrong place or in the wrong size bars etc, but no shortages.
Most “shortages” are mints not producing enough, other issues than lack of silver.
My point was not about silver tho, it was about the other metals.
Yes, silver will increase in price with demand, but the other metels will have far better price gains.
I’m probly crazy but one place one of them is found is in chimneys, I seem to recall something about that.
Sounds crazy, maybe I’m nuts.
B, the monetary metals CAN’T have shortages in the way that copper can since they are hoarded and not “used up” in building things (yes, silver gets used up but its above ground supply is massive and second only to that of gold). However, the monetary metals CAN experience de facto shortages when price is such that few are willing to sell while demand is rising or even flat. That does happen and more often than you think.
I get what ur talking about Mat.
The way I have seen it in the last 15-20 years is that all demand has been met.
Not 1 cell phone was not produced due to lack of silver, etc.
Monitary? silver retail investors, sure, a dealer may sell out on occasion, but thats not a shortage, thats a sold out retailer.
I think you are making my point as well, silver hoarded is let “loose” when the price is right, again, not a shortage, just a price adjustment.
Im sure you recognize my point, as with gold, there is always enuff for the gold standard, its price that counts not really tons.
That’s right, hoarded silver can flood the market when the price is right but, perversely, it usually does so way before the price is as right as it is going to get due to normalcy bias. For example, a lot of people will sell their old silver and silverware when we see $45-$50 per ounce again for only the third time in 40+years and they will ultimately be very sorry they did. In any market, most people are buyers at the very top and they’re selling other assets for the chance to participate. It sounds nuts because it is. The madness of crowds and popular delusions will always be with us for a variety of reasons that are neatly explained by human nature.
All depends on where you bought silver. It’s a trading vehicle and not suited for long-term investors. It’s very high risk and a far from stable asset.
Silver has been at 50 dollars I believe a few times and look at where it’s trading now so it all depends on where you purchased silver. Just think at the highs in 1980 and you’re still suffering 40 years later. In the meantime, inflation is been roaring and everything else is gone up silver has been nothing but a disaster.
No cigar here Matthew.
I agree HG
I own silver but I agree, what did doc say? $50 by 2025?
And the currency is depreciating. But, it will move when the crowds want it.
When ever that will be.
I don’t like cigars anyway. However, silver has been nothing but good to me since I am not clueless like yourself.
Fyi, it’s generally not a good idea to buy any market during a massive parabolic move. If you buy wrong in any market, you’re going to suffer. DUHHH… Smart people see such experiences as valuable learning opportunities but simple people like you prefer to see them as insurmountable problems to be bitched about for the rest of their pitiful lives.
There’s nothing here to see Matthew because if you would have purchased the stock market at all time highs you would be in a lot of prosperity and the same goes for real estate.
Anyway, those are the facts and if you enjoy these high risk assets of very low probability of ever seeing any gains that’s up to the individual. If your timing is very precise but very few get the timing down and I would say lucky if it was 2%. So you’re playing the lottery.
Just wait till all these bubble assets and all that leverage comes crashing down that day is coming I don’t know when exactly I wouldn’t want to be in these precious metals in any significant way.
BS. those who bought the Nasdaq bubble know you’re full of excrement. Many lost well over 90% and the “conservative” ones who played the whole sector still lost 70-80% and had to wait for 13+ years to break even — NOMINALLY. When priced in real money, those conservative “investors” lost well over 90% and STILL NEED A DOUBLE just to break even.
The qqq, those are high-risk stocks the NASDAQ. We’re not talking about high flying stocks Matthew. Conservative equities and real estate has done exceptionally well and there’s no comparison to precious metals silver has collapsed gold is barely hanging on to anything so you need to go back to the drawing board.
The Nasdaq’s top holdings are considered safe by a lot of big investors but have it your way.
Are you aware that the Dow still needs to rise 120% just to return to its year-2000 high versus gold? In other words, are you aware that the Dow is still down 55% versus real money since 2000? At the 2008 low, the Dow was down 86% vs gold.
The fiat “funny money” system serves to hide huge declines from people like you and it does a shockingly good job.
Matthew, You’re just cherry picking a time. Okay then I’ll do the same thing.
Try 1980. Gold 800 and silver 50 The DJIA at 1000. DJIA 31000 today.
No matter how you draw your conclusions in general precious metals have been a complete utter failure as far as investments unless your timing was perfect. Not so with conservative stocks and real estate. Those are still the facts and they’re not my opinions.
It’s hardly cherry picking when anyone should have been able to see that stocks were in a bubble and gold was marking a 20 year low (and that low was two years in the making so it was easy to recognize).
You’ve proved that you are indeed special by insisting that one’s timing needed to be perfect. You could have bought gold and the miners well after the $250 low for gold and still made a fortune just as you could have done the same for the current cycle. You obviously did not have to buy gold and the miners when gold was at 1045 to do well.
You bring foolishness to this board just as that buffoon “Heavy Hitter” did a few years ago.
Matthew, you said made a fortunate depends on when you sold and selling is even more important than when you buy. So you don’t know what you’re talking about your very unprofessional because you’re drawing these conclusions that are based on 2020 hindsight investing.
Matthew, and I’m sure you knew the perfect time to sell and get out and buy at the very bottom those two things are a complete fraud and only liars buy at the exact bottom and sell the exact top. How would you have known and then 2008 came as well so you’re just using these fraudulent projections that don’t mean anything.
Anyone that held precious metals over the long term and their timing wasn’t really good they have done very poorly and those are the facts live with them Matthew.
Please, don’t pretend you know the exact timing because that couldn’t be further from the truth and it’s fraudulent misrepresentation that’s what you’re putting forth here nothing but lies. Mining companies have did nothing but collapse in value over the last 30 years. This is crazy talk regarding these investments and precious metals it’s been a disaster.
Cory needs to ban this ridiculous “Holy Grail” again. Heavy Hitter? Holy Grail? No delusions of grandeur here! 😂😂😂
I have NEVER claimed that I time anything perfectly you imbecile. You’re a complete jackass if not an idiot.
Matthew, all your projections are based on 20/20 hindsight investing in specific times frames it’s like catching a falling knife. That’s your success story in precious metals because your timing has to be really good. You can’t hang on to Junior miners very long they’re trading vehicles. Anybody invested in Gold mining companies over the last 30 years they’ve actually collapsed in value. I don’t know what you’re talking about and all this poisonous venom that’s coming out is completely inappropriate. How malicious. Unbelievable. There’s no excuse for that vicious behavior whatsoever.
Central banking has been a disaster. Politicians have been a disaster. PMs been great over time. Criminals are a disaster also.
Central banking has not been a disaster not any significant way up until now and when the disaster comes precious metals are not going to benefit because all this leverage is going to come crashing down and take the prices down to precious metals to levels you’ve never even thought of.
Precious metals haven’t proved anything only that they’re not an inflation hedge they’ve actually collapsed especially when it comes to everything but gold. Even gold has done very poorly depends on where you purchased it but it’s been a real disaster as well nothing really great about that. Real estate and stocks if you purchase them at high levels your still doing very well not with precious metals though. You’ve lost your rear end.
hmmm…
Buying low ??? You haven’t seen anything yet. Once all this leverage comes undone in all these bubble assets precious metals will be at low levels that would be considered inconceivably ridiculous. Good luck with Junior mining companies as well they’ll just disintegrate you’ll never hear about them again. Especially those explorers bids will dry up overnight out of business.
Yep, these juniors will vanish and their assets will be picked up by the majors like Newmont, Barrick and Anglo Ashanti.
If the past year has taught us anything it’s that only big companies matter and the Dems are in control now and forever.
It’ll be like Thanos snapping his fingers… small companies like these juniors will evaporate into nothing. But the people who run them will continue to drag things along so they can maintain their lifestyles.
Just watch the insider trading on Canadian Insider. They’ll start dumping their shares, and by the time it shows up there it’ll be to late for the retail bagholders.
The problem with Joe: is not, hey Joe, where you going with that gun in your hand. Joe has a problem with intelligence. He is so smart he becomes rich. To celebrate, he boards a plane to Monaco, and somehow the plane crashes down. Then what happens for all the rest of eternity???
Everyone’s being played. By the likes of coin bullion dealers, rear coin pumpers dealers and the likes of precious metals marketing firms like Sprott. Guess we’re all their money is. They’re wealth is in real estate and the stock market. I know them all and Rick Rule that’s his little sidekick is precious metals however all his money and wealth is in Berkshire Hathaway shares.
There’s a few exceptions but very rarely they’re wealth is not even by far in any of the things they sell and pitched to everyone else. I know, I’ve been around the industry for 40 years.
No one cares about precious metals that’s what everyone doesn’t understand and very rarely do you see the market entertain significant profits. Timing has to be precise with great precision because it could be waiting around years and nothing ever happens. All the unfulfilled dreams that come true is right here.
If they were to announce right now that they were going to tax precious metals 90% you wouldn’t hear anyone complain except for very few people and so the headwinds are strong and nobody understands that so you need to pay attention whats really taking place under this fabric of a totally corrupted industry.
HG,
I think you are correct about PMs going much lower. I think a lot of the explorers and juniors are going to go out of business. But all of that is necessary in a washout. Once the big wash is complete, there will be some great bargains with good producers. Until the bottom is in, I trade other stuff. The bottom isn’t even close.
If no one cares about PMs why has price of gold risen from 200 to 1700 per ounce? Or silver from 4 to 25? Get a grip man. Stop being so emotional.
Ryan, that’s if you time the market perfectly and nobody can accomplish that however in stocks and real estate everyone’s making money even at the higher purchases it’s no problem.
The only one that times the market at exact bottom and exact tops are liars.
Precious metals are high risk assets do your due diligence. The public has no love for them at all they could care less. They need a lot of people purchasing precious metals for them to move and the big money doesn’t want them.
More BS. Timing the market “perfectly” is not required at all. That’s your way of explaining your performance because the truth is too painful.
Show me the numbers Matthew. Your fraudulent projections are failures. Anything you would have bought at the highs in precious metals has been a complete disaster even gold at $800 in 1980 today it’s only doubled 40 years later you’re losing your rear end it’s a complete joke and everything you’re saying is fraud.
Not so in real estate and general equities market s&p 500. Buying anything at the very highs is done very well in the last 30 years there’s no comparison apparently you can’t add or subtract.
HG, are you special?
Matthew, that’s irrelevant has nothing to do with the facts. To answer your question, no, I’m far from special I’m just living my life out in the truth and its served me very well. Couldn’t be happier.
Furthermore, we shouldn’t be taking any of this personally it’s just discovering the facts that’s what debates are all about. Why do you think we have courtrooms. It’s called fact and discovery.
HEY HOLY…………You are in the WORLD HERE………You speak with forked tongue.
You are totally out of control.
Jerry, I’m not a permanent resident here like you Jerry. You’ll see, harvest is plenty. That’s how I roll. Workers are few.
Belittling is YOUR STRONG POINT…. lol
Jerry, no that’s what you do call people derogatory insulting names to many people although you’re nice to the ones that are nice back to you that’s about all …no scruples. . Do it many times you also talk evil of dignitaries and politicians. All the time for years you’re a reprobate.
I was waiting for a longer letter…….with your mumbo jumbo….twist and turn
version. … Thanks for the short version.
HOLY………..You are suppose to say…..I LOVE YOU BROTHER…..
Sorry Jerry, apparently you never got the message. 📝😕
I got the message a day later, after tempers were abated…..
I buy gold regularly and will continue.
Real estate has been awesome tho
People have begun to think its the end of gold, I disagree, I think it will continue to do what it always has.
No idea if the gov will take it tho.
But anything we do has risk. Thats life.
Right on. These scared sheep will scatter like roaches when the next move gets going. Then they will come creeping back as if they never got anything wrong.
I think it’s wrong to call them roatches lol.. They make valid points.
I have know agenda Matt. I’m all ears
I want to make sure you all know I’m not married to any call by 100%
I learned that way back then. Heard bird and Matt go at rut forever and guess what? They were both wiring in many occasions which means not one person including myself is perfect he’ll no lol..
We are headed lower don’t be scared out of your positions.
The biggest fraud is being convinced that all is good all the while the shares are getting destroyed. Don’t be me 14 years ago.
I’m having my best 3 years ever and positioned to make a killing. I will personally tell you when I switch from short to long I’m gold. Not yet!
Glen
Glen, don’t confuse big price declines with big strength. GDX has dropped as much as 33% since last summer yet the bears have shown very little strength so far. This is nothing like the correction that ended in the summer of 2018 and even it was not “bear market strong” like the plunge of 2013 was.
Wow someone dig up the comments when gold was at 1150 before the monster rally. I’m sure the same drivel was spewed about 800 gold back then.
Sure equities in general are high risk high return but the fact of investing is that the lower the price the higher the risk and higher the expected return. If you buy assets when they’re in favor and at premiums you can expect low future returns. That’s the way markets and risk work. So please stay in Tesla and Bitcoin and see how those work out from here.
Many of the best mining stocks in the world are at great valuations. Look at Barrick – trading sub 20 but has significantly deleveraged balance sheet and as some of the lowest cost producing assets in the world. People toss it aside because they chase momentum but that’s not how to make money over time.
Ryan and Matthew were discussing purchasing these assets at their very highs and precious metals have been a complete disaster where stocks and real estate I’m discussing the s&p 500 and conservative real estate has done phenomenally well at the highs if you purchase them.
This is the conversation and the discussion. You taking it out of context and it’s all misconstrued. Precious metals have done poorly over the long term I’m not discussing trading I’m just guessing purchasing these assets at their very highs versus real estate and s&p 500 conservative stocks.
Nooo, YOU were discussing buying assets at their “very highs.” Why do you insist on concerning yourself with the actions of the dumbest money of all?
You decided to make it about buying highs because I told you that perfect timing isn’t necessary. It shouldn’t take much sense to understand that my assertion is a fact.
Matthew, it is necessary look at the price of silver right now if you would have bought gold 1980 at 800 you’re not doing very well at all not so with conservative real estate and s&p 500 stocks if you were to purchase them to high you’re still doing quite well. Not so with silver please stop being so biased towards precious metals because that just goes to show you how you insist on these assets being so great and people have lost their rear ends over the long term. If your timing was off you’ve been losing not so with real estate and stocks that’s the point I’m trying to make.
HG, you’d do well to pay attention to Ryan because he just gave you an important fact for free: “Many of the best mining stocks in the world are at great valuations.”
I did the same a month ago when I said NEM and other large gold miners were a buy.
Matthew, mining companies are notorious for mismanaging their money and they’re pulling assets out of the ground and their costs keep going up it’s a no win situation that’s why the prices of these mining companies have collapsed over the last 30 years not all of them but it’s been a complete disaster so I’ve been in this business for 40 years. Also they need to keep finding reserves as well at higher prices. Most mining companies are complete trash.
I’m stepping away from this conversation for the day because the mining companies have already proved themselves they’re mismanaged and the precious metals are very volatile assets are far from conservative and very high risk and anyone that’s bought them if they’re timing wasn’t really good they are losing a lot of money. Not so with RE and stocks that was the only point I was trying to communicate and this is fact. These are not my opinions.
For now, I’m out of the loop with comments for the rest of the day. It’s been a good discussion and we just have to be civil about it but the facts are the facts.
I’m just saying I think the pessimism in PMs is misguided as we are likely closer to a bottom than a top. I also think the general market and things like Bitcoin at these prices will prove to return nothing or have negative returns over the coming years, likely with a year or two of very significant losses. We will see though.
Gold update!
Short and sweet.. Still way to many bullish caps on with all due respect. Some of you are going to get it handed to you and I’m sorry for being so straight. Doc Must turning in his head as his last comments were clear how bulls don’t understand ultra bulls.
The targets for example I have for impact silver, Braxton iamgold “ which I hold” etc is going to be Insane. You don’t buy technical damage you wait for everyone to be bearish and that is not the tone.
Still short 100% gold
Glen
Ryan, I agree. The pessimism is misguided because it is based on price action alone. Very few of the bears pay any attention to the underlying strength/momentum that is measurable in a number of ways.
The correction since August has been nothing but big-picture bullish. Just compare it to the correction that followed the top in August of 2016:
https://stockcharts.com/h-sc/ui?s=%24XAU&p=W&yr=11&mn=11&dy=0&id=p24218219736&a=618520531
Interesting commentary tonight. I believe if one had bought gold over the years, that person has maintained their purchasing power quite nicely. If you don’t take interest income into the equation from having a stock market position, gold has vastly outperformed the conventional markets since Nixon went off the gold standard. Silver is a different story since it functions as an industrial metal. I’ve started purchasing Krugerrands back in the 1970s for close to $40/ounce and I continue to sporadically purchase gold ever since on pull backs. I will also purchase gold on this pullback (eventually). Mining stocks are a whole different ballgame. It pays by cost averaging into them when a run is over. Then, when they have a run, it pays to take profits in a number of them especially the exploration companies not yet close to mine development. The ludicrous move higher by some exploration companies that come in with great results that aren’t close to development is a gift that should be accepted and sold. Only occasionally do you get the ultimate move where these all PM stocks go to the moon. If you keep a core position and sell off a lot of the high flyers you still have the possibility of not missing the ultimate parabolic move of all these stocks.
+1 doc
Shares are a different animal and people are going to learn the hard way listening to the wrong info it just sucks! Been there and have heard it all.. 14 years now I get it my 3 years ever…
Can’t wait for the big bargain coming doc going to go all in… This is going to be the biggest bull ever and this is and will go down doc and Cory and Jerry and ex as the biggest correction in gold history! Why? We hit an all time high and surpassed it by a mile.. The handle is the longest it will ever be passing 2008 handle by over 1 month maybe longer.
You want real news
Glen
Ditto Glen….
I am in hiding…. :)… Holy wore me out… lol
Doc,
I’m really sorry you have to hear my banter and pessimistic point of view. If I told you we are about one month or so away from the ultimate low in gold and that jan-March would produce the breakout of the ultimate high would that make you feel better? I believe 2022 feb/March breaks the ultimate high somewhere in there is the hidden pivot! And the highs are much higher then when we previously discussed example $2300/2400 I think first stop is much higher.
Glen
Jerry forgive me I said doc lol instead of Jerry 😬🙏
My bad
Hey Glen……..no problem…..I am in for the long haul…..Like I said many years ago….
J. THE LONG…. lol 🙂
Some people forget this is a WORK PLACE…..where people come to make a LIVING….
Kind of like PAUL made his living making tents……
Ann, charts, dt, Canuck, wolf, Dan from Calgary “ thanks for your kind post the other day”
B, bonzo, Cory, al, holy, bull, Larry and david and bbc or sorry saturated 🙂 Jerry
We are headed lower this technician has been calling it like no other. You can choose to fight my direction and go with other side or you can choose to not lose money!
Glen
Glen, showing your work might give people some confidence in what you’re doing. I for one would never act on the words of a “guru” no matter how good his record might be.
Btw, Larry has proven that he knows what he’s doing and doesn’t post market calls often because the setups he’s looking for don’t happen often.
Matt I take offence to what you say but I’m not sunrises! My audience here knows my record and I have been open transparency not pumping.
You pumped Brixtom, impact and they are falling knives. Your killing investors portfolio who follow you.
Again folks buy what you wish there is way more pain to come are not close to the all time low but close to a short term low. Still 5-7 days..
Glen
Mother nature is going to put you over her knee and give you a spanking, it’s just a matter of time. I know you’ll remember this when she does.
Doc,
I understand you still believe shares have yet to fall is this correct or am I officially the only one left in ker with chart water who believes this? This would prove my point in regards to bearish sentiment.. still way to many bulls.
Matt be nice cmon. Let’s not insult each other I have respect for you. If you ever want to spank me, I will trade you a spank for a ride on your motor bike fair enough 🙂
Goodnght guys
Glen, you’ve earned a spanking. Brixton hasn’t made a new low in 2.5 months and you call it a falling knife? As for IPT, do you recall me saying it won’t go lower at any time during the last several months? I’ve shared some of my trading but I have not called a low. In fact, I have traded in and out of about one-third of my IPT shares several times during this correction. So be accurate with your claims; don’t turn into a Holy Grail.
Fred from IPT was interviewed by Cory on one of today’s editorials. I remain very impressed by their massive land position, and multiple drill targets and exploration prospectivity. They also bought 2 drill rigs so they can be more in control of the drilling from underground at their mines, and on surface, which is a smart plan.
The difference between me, Matt and other technicians is in the patterns we follow. They are old me and doc seem to be on the same one..
Glen
I meant we are off on patterns.. Matt is off the thinking there is no strength in this decline all the while impact silver went from 1.20 to .69 dropping like a knife. I explained to Matt my buy for impact long ago is way lower. Even iamgold everything is headed lower and this shows no strength? Who are we kidding, Scorpio, new gold, barrick everything is headed down.
My pattern remains intact and I don’t care what anyone says if we head to my number you guys won’t be thanking Matt you will be thanking me when I said for example Ann wait before you spend.
Glen
I feel like I am at a “Short Sellers” convention.
Really how so? I’m the only one short lol.. a convention requires many who are all bull currently
Glen just sayin 😬
Very few professional short sellers would risk shorting manipulated markets that are fundamentally unsound. The risk is too great.
I understand the risk and you make valid points why i stressed many times you better know what you are doing..i think ive earned it 🙂
thanks
NY close. Metals(active): https://tinyurl.com/h3sa9xb7
Ive been away for awhile but nothing seems to have changed in the last few weeks. And that is; PMs are weak. In light of todays fresh sell-off, the weakness continues. This however could be a positive development if gold holds near its near term low of $1673 and forms a double bottom. The grind lower is frustrating and I must admit has gone on longer than I initially anticipated back in January. I think Doc was one of the few back then calling for this weakness to playout throughout the first half of this year so kudos to you Doc. Hopefully we are near a mid to long term bottom.
Cheer up guys. Things could be worse !
your trader sold the day of the retest of the Intermediate low or with-in a week of it….
https://tos.mx/LoY3kNh