Here are some key prices levels to watch for gold, silver and GDX
Steve Penny, Publisher of the SilverChartist Report kicks off today’s editorials with a close look at the charts for gold, silver, and GDX. After recently taking out initial resistance there are some key levels to watch to confirm an uptrend.
Click here to learn more about Steve’s SilverChartist Report.
I believe Steve P. mentioned wanting to see Gold take out it’s 200 day SMA, since it is so widely followed by institutional investors and keyed in by algo trading. That makes sense to confirm the uptrend, but he sounded constructive on the fact that Gold has already broken out above the compression triangle that had formed, so that was at least a constructive early indicator for the bullish thesis.
It is getting real quiet around here I think some of the traders are waiting for gold to breach $1800. Last week David went on a motivational sabbatical to The Himalayan Mountains and he will not peak out his tent flaps until gold goes up to at least $1825. Gold fever can drive some people to do things they normally wouldn’t dream of. LOL! DT
And others are waiting for gold to drop to 1550 or less. 🤦♂️
Good to get Steve Penny’s thoughts on the markets and his technical targets for both Gold & Silver. I really like how he approaches the risk/rewards setups in many of the individual Silver/Gold/Uranium stocks that he follows, and think he does an excellent job at portfolio management. It’s nice to have had the SilverChartist on the KER pretty regularly lately.
(SLVR)(SLVTF) Silver Tiger Intersects Multi-Kilogram Silver Mineralization in Drill Holes 219 and 217 Located 250 and 1,025 Meters South of Discovery Hole 202
20 Apr 2021
> Hole ET 21-219: 0.5 meters grading 4,668.5 g/t silver equivalent from 190.3 meters to 190.8 meters, consisting of 4,375.0 g/t silver, 0.49 g/t gold, 0.88% copper, 2.0% lead and 3.57% zinc within 11.8 meters grading 325.0 g/t silver equivalent from 179.0 meters to 190.8 meters, consisting of 288.3 g/t silver, 0.29 g/t gold, 0.05% copper, 0.11% lead and 0.20% zinc.
> Hole ET-21-217: 0.5 meters grading 2,693.6 g/t silver equivalent from 109.0 meters to 109.5 meters consisting of 2,595.0 g/t silver, 0.66 g/t gold, 0.41% copper, 0.26% lead and 0.05% zinc within 7.3 meters grading 221.2 g/t silver equivalent from 103.7 meters to 111.0 meters, consisting of 210.5 g/t silver, 0.08 g/t gold, 0.04% copper, 0.03% lead and 0.01% zinc
https://ceo.ca/@accesswire/silver-tiger-intersects-multi-kilogram-silver-mineralization
Hi Ex, I saw those drill results but the stocks are just sitting dormant, it’s kind of eerie waiting for the next shoe to drop up or down, I believe we are headed higher soon. DT
Agreed DT. There are plenty of companies that have been putting out good to great news to muted reactions lately for just the reasons you mentioned. It seems resource investors are at a point of indecision and waiting to see which way things break, but overall there has been a mild uptrend in the larger miners and royalty companies over the last month or so, and it is encouraging that the miners turned up before the metals did.
As for Silver Tiger, I remain very impressed with their series of drill results put out last year and this year in many press releases, and feel that they, along with Vizsla, may really be onto monster district plays like we haven’t seen since the epic run Silvercrest has gone on the last few years.
In additions to today’s drill results released with the high grade intercepts, (0.5 meters grading 4,668.5 g/t silver equivalent) & (0.5 meters grading 2,693.6 g/t silver equivalent); here are a few more pressers of note from Silver Tiger showing a pattern of successful exploration results:
> Apr 6, 2021: Silver Tiger Intersects 5.6 meters Grading 1,010.3 g/t AgEq Within 14.2 meters of 519.5 g/t AgEq in the Benjamin Vein
> Mar 23, 2021: Silver Tiger Intersects 1.6 meters Grading 1,355.4 g/t AgEq in the Sooy Vein and 2.3 meters of 870.7 g/t AgEq in the Sooy Footwall Zone in Hole ET-21-213
> Mar 9, 2021: Silver Tiger Intersects 2.95 Meters Grading 1,941.1 g/t AgEq within 9.3 meters of 638.4 g/t AgEq in the Sooy Vein
> Feb 2, 2021: Silver Tiger Intersects 11.75 meters Grading 667.9 g/t AgEq within 22.2 meters of 381.9 g/t AgEq in new Discovery
> Jan 21, 2021: Silver Tiger Makes New Discovery of the Benjamin Vein Intersecting 1,310 g/t AgEq Over 3.0 Meters Within 5.5 Meters Grading 732 g/t AgEq
> Nov 17, 2020: Silver Tiger Intersects 2,049 g/t AgEq over 0.5 Meters on the Protectora Vein and 1,121 g/t AgEq OVER 0.7 Meters on the Caleigh Vein at El Tigre
What is Bonzo buying today? My NFGFF is doing so well I decided to take on more risk and bought some more ELRRF@3. Anyone else own it besides HH and BM?
Bonzo, I decided today since I’m in a good mood to support your position in NSRPF and nibbled on some more down around $1.83—-I’m wanting it to move now down to the area of $1.75 and then I’ll get more serious. Also nibbled on some BCM and PGM which have been taken to the slaughter house. If May and June respond to gold and silver like I think they will I’ll get more serious with my purchases. As mentioned I believe May could be a nasty month for the conventional markets and if it is the PMs will probably have trouble making a major move higher. So far this week there has not been a impressive followup week for the PMs. Some of the stocks have performed better and that should negate some pain if the PMs reverse next month in May. Most of the chart damage has been done for a lot of the PM stocks. It appears we will be settling into trading ranges for the vast majority of stocks.
Doc, I hope our NSRPF will go much higher one day. Too bad you never bought NFGFF, but NSRPF owns 15 million shares of NFG so you own some. Our ESKYF and NULGF should be exciting this year.
Bonzo, thank you for the info on the ownership of NFG by NSRPF—-that had escaped my mind for awhile—I’ve been waiting on NULGF for some time and I hope Quinton doesn’t disappoint investors on that one too.
Doc, if you own 100,000 shares of Novo then you also own about 6500 shares of NFG.
>>…but NSRPF owns 15 million shares of NFG so you own some.<<
Yes and no. It's very possible those shares have been pledged as additional collateral for the Sprott loan on the mine. Depending upon the loan agreement, it could be written that Sprott has first recourse to those shares to satisfy a loan default. Was it Bob M. that wrote about a $12 million initial operating loss on mine operations?
Doc – I agree with you about how much (PGM) Pure Gold has sold off in this PM correction. I had sold 2/3 of my position back on Dec 11th last year, near their first gold pour, expecting the typical sell-off after they moved into the ramp-up, and associated challenges, most mines face moving into commercial production. However, I “nibbled” a bit yesterday on PGM, and will be looking to add more if we see continued weakness (especially if we see what you are expecting as far as more downside into May)
Ex, bear Creek has also been decimated and I believe it has further to fall and should settle somewhere down around $1.50+ before bottoming.
Interesting observation Doc. I haven’t owned Bear Creek before, but it may be worth watching as an optionality play on higher gold prices. My main optionality plays like that for Silver on ounces in the ground to get rerated higher are Kootenay, Discovery Metals, Dolly Varden, and I have owned Southern Silver off and on again during this metals cycle.
Most of my Silver mining exposure is actually in the producers, the advanced developers with a pathway to near-term production, or the torqued up exploration plays, so I only have a few that are mostly ounces in the ground optionality plays.
correction: that first sentence should have said “optionality play on higher Silver prices”
Patience. “Get right, sit tight.”
Steve like to know your thoughts on inflation and what you think the next catalyst will be for gold to break out and make new highs?
Thanks