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Recapping the major movers this week in currency and cryptocurrency markets

Marc Chandler, Managing Partner at Bannockburn Global ForEx joins me to recap a volatile week in the currency and cryptocurrency markets. We discuss the commodity currencies that started to pullback after outperforming other currencies all of this year. This could be a sign of a short term shift in investor sentiment. We also look at the correction in cryptocurrencies, especially Bitcoin. Lot’s the moves in commodities and Bitcoin can be attributed to comments out of China recently.

Click here to visit Marc’s free blog – Marc To Market.

Discussion
46 Comments
    May 21, 2021 21:56 PM

    EVERYBODY SHOULD LISTEN TO THIS>>>>>>> IMO
    https://www.youtube.com/watch?v=eoh_ya8fAFo

      May 21, 2021 21:42 PM

      Irish…….. received the merchandise …… great looking stuff…. talk to ya later…

    May 21, 2021 21:49 PM

    Gold update!

    Ex I didn’t bother reading the essay sorry I already know what you think. I read one paragraph nothing has changed between us so I rather just ignore you.

    To my followers and many of you who believe everything a gold bug has to say, the speculative small cap and explorers have done diddly squat in this impressive move in gold and silver which tells you the red flags myself, david and Larry have pointed out. It’s unimpressive and you can believe we are going to the moon but if you buy to early you get whipped and to Late behind.

    Miners are headed lower from the action and my charts are confirming the action long term trend lines breaking and many to follow. We are headed also into a three week if not more corrective period breaking a lower trend line and let me tell you the computers will take full advantage of that.

    Gold may not break lower but the miners have a good possibility of doing so.

    Best of luck! Let me know if there is anyone out there that wants me to keep posting if not I will step aside. Thought I would offer a minority thought different then the heard mentality. If you don’t believe me try fining anything that is bearish in gold don’t like it!

    Glen

      May 21, 2021 21:34 PM

      Hey Glen……… In this market, the more brains we have working, the better off everyone will be….Thanks for the hard work….Do not give up the ship…. 🙂

      May 22, 2021 22:16 PM

      Glen:
      I have not done as well as Ex, but I have paid my 5 figure tax bill and made 10% profits after paying. Yes, I could have lost more on top of a tax payment if I pulled the cash out on April 1 but I decided to allow my account to ride. Maybe it was luck and maybe it was a correct decision based on all the evidence at my disposal. My goal was to cover my taxes with short term gain. It was not to prove a certain analyst to be correct. Your input was part of the decision process.

        May 22, 2021 22:27 PM

        Tax was a capital gains add on to what I already owed.

          May 22, 2021 22:41 PM

          David,

          All i know from your post is that you are a wise man!

          Glen

    May 21, 2021 21:51 PM

    Lastly which I forgot to all investors take your goggles old and put up a monthly chart on the miners more specifically the developers and small cap getting murdered! Buying opportunity coming up…

    Best of luck

    Glen

      May 21, 2021 21:57 PM

      Also gdx topped one cent higher then my monthly target lol insane! I strongly believe gdx has topped…

      As doc mentioned June is going to be crushing.. more specifically for the miners..

      Good luck to all don’t say glen didn’t warn you like my right shoulder.

      Glen

        May 21, 2021 21:00 PM

        As mentioned before I’ve raised 20% cash on sidelines like many now copying me.. Chris V suddenly in cash and others lol.

        This is a tricky market and as I’ve stated before gdx has left monthly gaps behind that are ugly so we can collect soon or come back after either way we are collecting it and I’m banking on that sooner then later and it could come with the market crash a s that would be nasty… or crash later but crash in market is coming and our miners will be taken down initially as always.

        Glen

          May 21, 2021 21:23 PM

          Glen, I know of several traders who have raised between 60% and 100% cash and at least one of them was going to start getting back in today. If we get a top here, I’m still confident that it won’t last for long, maybe a week or three max.
          I remain 100% long but now without margin debt.

          As for GDX, I have no concerns (yes, none) about a correction that would cause damage to the weekly and larger charts. We are most likely in the early part of a massive move higher that will be fueled by those who don’t see it.

          Here’s a monthly GDX chart for you to inspect closely. I see a giant bull flag and no trace of a bearish head and shoulders top.
          https://stockcharts.com/h-sc/ui?s=GDX&p=M&yr=15&mn=0&dy=0&id=p17026855804&a=957512171

            May 22, 2021 22:09 PM

            Matthew I’m in 109% agreement with you here and your three week scenario may knock some shares down as these idiots aka ways do but I’m expecting explosive stuff as you heading into next year.

            May 22, 2021 22:28 PM

            So that monthly chart didn’t do it for you, I see. 🤦‍♂️🙂👍

            May 22, 2021 22:34 PM

            Matt the monthly chart is nice all I’m saying is I believe jume will be red or half red and I plan to buy..

            May 22, 2021 22:26 PM

            Glen, I knew your outlook which is why I posted a chart (among many others) that should make you rethink your outlook. None of the action so far supports your expectations.

            May 22, 2021 22:35 PM

            Yes Matt because we are looking at that chart differently and that’s fine but there is no way in heaven that gold run much further without the big move down and then small cap/discovery companies are showing this already we have some that have broke there trends and others will follow. It is my belief many players that are short and commuters will bring it back like they always do. I’m ok if your theory works out I can jump on but if I’m patient enough I’m convicted I will get my reward.

        May 21, 2021 21:03 PM

        Of course these crashes will be buying opportunity of lifetime! Always have $20% or more in cash

        May 21, 2021 21:04 PM

        Matthew offence taken brother! Jerry you the man miss you amigo! Hope you had some shots with Irish in his birthday lol.. haha

          May 21, 2021 21:38 PM

          Hey Glen…… thanks appreciate the kind words……

        May 21, 2021 21:04 PM

        I meant no offence taken matt

        May 21, 2021 21:10 PM

        Matthew thanks for the charts the other day!

        Aside from above I personally want to thank Matthew and ex for there impressive work and detail on the miners. Again ex I have no beef with anyone and i know you bring vamue to the ker as we all do. Some may perceive you to be the best others Matthew is king and minority will always be glen I like the title for now 🙂

        Matthew your knowledge of the miners you have shared with me is second to non and the fact ex confirms them is a bonus and I’ve narrowed my buys to three companies of which I won’t share sorry.. I’m in the process of purchasing.

        For many of you out there I have had dialogue with Matt for years in regards to this and ex has confirmed he also likes these companies.

        I mentioned in needed more exposure to silver and I’m ready to allocate to them. 20% of my cash is going there.

        The three companies are solid in cash
        0 in debt well almost zero
        Landscape enormous
        Numerous project going in funded by others
        Book value is higher in two of three stocks

        Share float ridiculously low! Work hard asks questions and find the value and reward should follow..

        Glen

          May 21, 2021 21:41 PM

          Ditto………. on… “Work hard asks questions and find the value and reward should follow.”

            May 21, 2021 21:13 PM

            Thanks Jerry 💪🙏

            Your always the capo of the ker and Matt the capo of the charts lol…

            Irish send a holler lol…

          May 21, 2021 21:48 PM

          Thanks Glen. Good luck to you in the 3 new mining stocks you are going to be positioning in. I’m always rooting for everyone’s prosperity and success in these turbulent markets.

            May 21, 2021 21:14 PM

            Ex, I’ve been dead in the H20 on Triumph, Precipate, Riverside & Newrange for quite some time. Any of these you’d be adding to down here? As always, appreciate your input.

            May 22, 2021 22:01 AM

            Hi Buzz. I still hold Precipitate (but am not adding until D.R. offers more clarity on the surrounding big boys projects), I’ve never owned Riverside (although I like the focus of their CEO and feel they have good potential longer term as a prospect generator creating their own royalties by JVing out their projects to others), and I personally sold out of Triump and Newrange a while back, but have considered getting back in those if I do well in other trades, to see if they spring back to life in the 2nd half of this year.

            Preciptiate has been rather dead in the water as you say, but that is mostly due to things moving slow with permitting and social license & community protests in the Dominican Republic, with a few different larger companies still pending/waiting and then this lagging effect trickling down into the explorers like PRG. Their projects and targets are as compelling as they’ve always been, but the issue has been the holding back of Barrick and Goldquest projects, as the community has rallied against their development, and this has caused investors to enter a wait and see mode with Precipitate as well. Once Barrick and Goldquest get the go ahead, PRG will likely spring to life as well suddenly, and nobody knows when that will happen, which is why I’ve held on, but am not adding until there is more clarity.

            Both Triumph and Newrange seemed to struggle to communicate their value proposition to investors, and both produced merely OK drill results in their last campaigns, amongst a backdrop of hundreds and hundreds of junior exploration stocks, so I positioned in other companies currently getting more traction.

            With Triumph they have a large resource defined already (depending on how they stich together the prior resources into one 2-5 million ounces of gold/copper between indicated and inferred), which should put a target on their backs as a project large enough for another company to take and run with. I’ve not been impressed with how they communicate their drilling results to the market, or even the format of their press releases, and so they don’t get traction when they do hit. Also, their recent results have only been marginal and didn’t create any investor interest, so they are not creating as much value as the money they are burning, and I like to see companies get a better valuation for the money they spend in the ground.

            Again, with Copper doing so well this year and Gold still really well bid, Triumph could have communicated the size of their resources much more effectively to the market, they need an overhaul on their website and corporate presentation, and they need better headlines on their pressers if they are going to get the market’s attention. They also need a larger drill program that moves the ball down the field on their development projects, so they can update their resource estimate and put out a more compelling economic study after that. I still like it, and feel they may eventually get acquired by a more competent company, but it’s been stagnant for a while and they need money, better marketing, and a larger exploration program to move inferred ounces to indicated and to map out to investors their value proposition as a developer.

            With Newrange, I’m a fan of Bob Archer and their exploration team, but they’ve had a few sub-par exploration programs. Exploration and discovery is a tough business, and it often takes a few exploration programs to finally vector in on the better mineralization. I believe they will eventually do this, but over the last 2 years they’ve not impressed the market. Having said that…. Newrange is in the midst of a new drilling program at Pamlico and awaiting drill assays, so if those hit it could bring new life into the stock. From that standpoint, positioning now in front of that exploration campaign makes sense, as it could get a nice pop if they hit (just like with any exploration stock). Of the 4 you mentioned, I’m most likely to add Newrange back into the fold in the near-term to position in front of the Pamlico exploration.

          May 21, 2021 21:31 PM

          Thanks for your thoughts Glen. Once you’ve loaded your 3 buys, then share. Best to you with your investments.

            May 22, 2021 22:12 AM

            I’m guessing one of them is Kootenay. He had also expressed interest in Bear Creek in the past. Not sure why the secrecy though, they are just stocks, and it isn’t like if he mentions which ones they are it will matter much to the share price, especially if he’s expecting the PMs to pull back, as most stocks will get sold.

            May 22, 2021 22:19 PM

            I think so too Ex. I’m already loaded on that one from a while back. As many of us already are.
            It’d be one I’d recommend that Glennie grab ahold of.

            May 22, 2021 22:49 PM

            Canuck,

            Thank you for always showing plenty of respect for me the feeling is mutual and I wish you the best! I believe now that purchasing selective miners can be rewarding as some have topped others are bottoming and rotational clock is happening.

            The issue we have here that Matt is not understanding me is gold has made a big run and miners have not followed the small cap even mid cap mid percentages only to give it away the following day expressed by me, david and I believe Larry. Actually Larry has disappeared. This is not good in my books.

            Gary savage has mentioned a daily cycle low is due. Does anyone know what that means? 20-35 days of a correction meaning a big one.. All I have said is, the “ fact that the speculative” small cap has not moved much and a correction here this is signaling down possibly… I much rather wait for that…gdx monthly will get filled any fool knows that.

            If any of you out here think the monthly in gdx which you the way is a triple monthly gap won’t get filled, good luck! Call me out after I will gladly bend over.

            We are going to go much higher but first miners down to there lows.. out it this way I’m so confident impact will hit .46-.48!that if it doesn’t I will praise Matt and if it does he shines my shoes? Agreed lol

            Glen

            May 22, 2021 22:51 PM

            Canuck stop busting my chops lol…

            Matt no worries here a placed a friendly wager with you. Let’s be friendly.

            Glen

            May 22, 2021 22:52 PM

            Matthew,

            I think you have me wrong, I’m not dismissing what you are saying just think your early to the Lety with the miners. How about we wait and see before cutting each others throat?

            May 22, 2021 22:58 PM

            Ex,

            Just want to make it clear that bear creek is not on my list in regards to safe haven and solid company.. I thought you understood in between the lines, basically it would be in my speculative portfolio but I don’t carry such.

            Glen

            May 22, 2021 22:04 PM

            Bbb is solid!

            May 22, 2021 22:04 PM

            Santa Cruz is solid!

            May 22, 2021 22:05 PM

            Many companies out there solid but I shared one 🙂

            Glen

            May 22, 2021 22:26 PM

            Glen, you’re too much sometimes. Any fool knows that “GDX monthly” will fill its gap?
            I thought you knew better than to make such a foolish claim.

            Re: “The issue we have here that Matt is not understanding me is gold has made a big run and miners have not followed …”
            I hate to tell you this but GDX has moved up 19% versus gold since February and silver, SILJ and GOEX never even had a monthly MACD sell signal versus gold during this correction. That means the small stuff has held up better than the senior gold miners overall even though they are lagging in turning around, which of course is not unusual.

            There is nothing weird or ominous going on; you just need to realize that no intermediate cycle (or any cycle) is just like the one that came before it because each occupies a different part of bigger cycles.

            It doesn’t matter if you dismiss what I am saying, I’m “calling you out” because you’re dismissing what the charts are saying and that is a big mistake.

            HUI, XAU, GDX, GDXJ, SIL, SILJ, and ASA all closed the week above their expanding weekly Bollinger Bands and that is a show of strength just like the new 8.5 year high and high weekly close for the XAU.

            Yes, we could have a short term top any time now but the pullback that follows won’t be anything like the catastrophe that you’re convinced is coming.

            May 22, 2021 22:41 PM

            Hey Glen, you might as well guarantee the filling of that IPT gap at .145-.155 from 2016.
            😉

          May 22, 2021 22:50 AM

          Wow.. Thanks for the stock picks.Typical Glen style

            May 22, 2021 22:15 PM

            I’m just that way. Guys.. Nothing personal.

            Ok here goes one and ex just for your info kootney was fourth miss the cut by a minimal. But it’s definitely a top 5!

            Here is one of the three I will share nothing new here guys we have discussed many time impact silver.. I don’t like we’re it’s trading and my buy points are lower hence why I don’t want to say now Matthew is coming after me lol.. I see at a minimal a date with .48

            Glen

            May 22, 2021 22:18 PM

            I’m a betting man and this is not advice but bear creek didn’t make my list because of there latest news release by ceo stating they only have enough money to fund there projects only for this year which means probably more dilution. Regardless when this gold breaks all time highs everybting is going up and bear creek has the possibility of returning 12x your money in short period.

            Glen

            May 22, 2021 22:24 PM

            On a longer term ker selective I will be talking in a few days on the massive megaphone pattern on the monthly in gold more specifically and the dow Jones. I think it’s time to raise this up again and what we maybe seeing in forms of patterns. I mentioned around the time of my right shoulder break to Jerry and here on the ker I felt the timeline to possibly break all time highs could be around April/may 2022 and still feel that way.

            I will go more in depth in regards to a downi now favor next year April/May top.. This extension could put dow around 49,000 or North if it spikes fast

            May 22, 2021 22:31 PM

            Excuse my usual spelling!

            Gold to break all time highs around April/May and dow to top around the same time. Would give gold the fuel to shoot to $2300 and change before a serious correction and back up.. At some point gold will break above that megaphone on the tap tap and third try see you later that’s when we will move and dow will move opposite..

            1/2 ratio is what we are looking for also no one has the sacra number but playing around if dow is to lose 78.6 fib trace from let’s use 40,000 your looking at dow at 8,000 could be higher why gold could be anywhere between $3,000-$10,000 hard to tell..

            I also believe gold tops a year or two ahead of the too in treasury bond rates…

            Glen

            May 22, 2021 22:32 PM

            Glen, I’m going after your dangerous approach to the charts; specifically, your repeated dismissals of clearly bullish developments, strength readings, and outright buy signals.

            May 22, 2021 22:42 PM

            Glen thanks for sharing your thoughts on which stocks made the list and which ones didn’t. Bear Creek hasn’t made my list every, but I do like Kootenay as a well-run silver optionality play. It wouldn’t be in my top 3 or top 5 either, but I agree with you regarding Impact Silver, and it is also one of my top 5 silver stocks . Good choice.

            May 22, 2021 22:21 PM

            BBB might be one as well.