Bitcoin, US Markets, Gold – What’s driving what?
Joel Elconin, Co-Host of the Benzinga Pre-Market Prep Show joins me to breakdown the moves this weekend in Bitcoin. After a wild ride for Bitcoin on the weekend the fear did not creep into US markets. We address what is driving the moves in US markets and gold.
Click here to visit the Benzinga website and listen to the recordings of the Pre-Market Prep Show.
What’s up with gold stocks? Gold goes to $1900 and the stocks sit there.
Yes, the movement in GDX and GDXJ were both up a 1/4 of a percent, and Goex was down an 1/8th of a percent, with the vast majority of gold stocks muted today. Not really the kind of action one wants to see in the mining stocks as Gold is breaking higher and knocking on the $1900 door.
One day doesn’t make a market, and it will come down once again to the weekly close on Friday, which is also the monthly close, to see how the yellow metal fares but overall it May has been a solid month higher in the PMs, just like April was. As a result, I’d expect to see a sideways churn moving into June, with a bit of downside pressure. I’ll be looking to add when those pullback show up, and done a bit of trimming in position sizes over the last 2 weeks.
done = did (I had changed a different initial statement and didn’t fix that part.
You……… done -did it…… 🙂
Haha! Yes, OOTB, I done-did it…
Miners ripping higher in Australia this morning (MZZ 13%), and other explorers up 6+%.
MZZ started trading OTC this week(MZZMF).
It’s encouraging that the Aussie stocks pushed out from the gate in a strong way. Now we just need to see the same thing for the Canadian & US stocks for Wednesday.
Ex, you seem overly cautious, but then you have a track record that has been really consistent. I think gold will hit $1950 before it starts a short term sideways to down move.
DT – That makes sense to me as there is some key resistance for Gold above $1950 in the $1960’s, which is a congestion zone of prior peaks and troughs. It would make sense for gold to reach up for those levels before turning over.
I realize today was only one day, and don’t want to extrapolate out too much from it, but I just didn’t like the lack of buying in the miners or the amount of red today in the miners considering the continued rise in the metals prices. Looking forward to seeing if there is more strength in the miners tomorrow and for the balance of the week. It would be great to see a solid monthly close in gold, silver, and the mining stocks.
Currently in overseas trading Gold is up to $1907, so maybe we’ll see a bit more oomph in the gold stocks in Wednesday’s trading session.
Haven’t you seen MTH today @cmc?
It hat a great day even while they announced a private placement at 14 cents.
Not every day you see such reactions to the upside after a PP.
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Jeff Christian had a debate with Happy Hawaiian (HH) of Wall Street Silver, with Cory of Korelin report today. I watched the interview and this video sums my thoughts.
Those of you who have followed me know that I have covered Jeff Christian’s views on the precious metals markets before.
This interview was not a debate; Jeff hand picked his opponent and the moderator, Cory, with whom he has had a friendly relationship for 10 years. There was no independent debate moderator present. Also, HH was too soft in this interview, in my opinion.
Jeff showed incredible disdain for WallStreet Silver, calling them “low grade people”. Jeff also attacked Alasdair McLeod, and took an elitist stance by protecting the bullion banks, exchanges, and all of the wealthy traders on COMEX.
Jeff also admitted to market manipulation, but tried to push it off to prior to 2010 even though he acknowledges the numerous record finds in the space occurred within the last year.
In general, I believe Jeff is not an objective observer of the precious metals markets, and neither is the CPM group. I think you will find my thoughts on this “debate” very revealing.
#jeffchristian #wallstreetsilver #silversqueeze
I watched the whole debate today, and felt Cory did a good job as the moderator, and Jeff fielded the disjointed questions from the Happy Hawaiian just fine.
There didn’t seem to be a coherent point that the WallStreetSilver questions had anyway, and it seemed to be more about macro Gold topics rather than Silver for the first third of the discussion, rather than specific Silver market questions.
When the Happy Hawaiian finally got to the Silver points, many of them were conjecture and hysteria from the WSS community parsing old comments and taking things out of context to try and fan the manipulation narratives. Jeff took the time to address them as each were brought up, but most of them were nothing burgers. He conceded there was spoofing in Silver like there is in all asset classes and markets, and always has been spoofing, and even stated with technology it has allowed more of this kind of thing.
However the H.H. kept trying to imply that the issues and fines were more of a problem than they are in reality. Despite the numbers of transactions the H.H. kept going back to, he was not hearing that most of those were committed by a dozen or people at JP Morgan, and other banks had a few rogue traders doing it. That is a far cry from some overarching sinister plan by the cabal that the WSS community has been banging on about for a while now.
Jeff did degrade the the WSS community some, but they collectively are not the sharpest group, are prone to believing narratives and memes more than doing deep dives into facts, and have relentlessly gone after Jeff to disparage his character in corny videos, video game memes, and unfounded conspiracies from everything from how the CPM group generates money, to whether Jeff is wearing wigs.
I even logged in to the WSS Reddit thread to see the reactions and very few were discussing the actual points raised or data Jeff provided and again were continuing to trash his hair and character instead. At one point in the debate Jeff grabbed his hair pulling on it and said “It’s real hair people!!”. That didn’t stop the WSS folks to continue on with the wig conspiracy though, just like the reality that there is plenty of Silver available stop them from thinking they can squeeze the Silver markets if a few thousand “apes” all buy some silver coins and small bars. They continue to miss the point that even if a mint runs short of the rounds to produce coins in high demand, that isn’t the same thing as investor demand mopping up all supply.
Jeff made the point twice that the existing holders of the ETF 1000 ounce bars would provide plenty of supply for any orchestrated demand shock from retail investors. He also agreed that if the investing volume increased a great deal by another 100 million ounces that Silver prices would rise, and pointed out that this was what the CPM group expected anyway.
If anything the discussion dragged on too long and neither side provided any earthshattering revelations.
“Over all sinister plan”……..is the USgovt and Fed… 🙂
I couldnt find the debate, do you happen to have a link?
Just what I posted above…..
ok, I’ll catch it when it becomes available.
Here is a link to the CPM debate with Jeff Christian and the Happy Hawaiian, with Cory as the moderator:
thx ex.
TLT’s inverse head and shoulders breakout puts more wind at gold’s back…
https://stockcharts.com/h-sc/ui?s=TLT&p=D&yr=0&mn=9&dy=0&id=p15937647190&a=959892340
TLT also broke out of a speed line and pitchfork:
https://stockcharts.com/h-sc/ui?s=TLT&p=D&yr=1&mn=5&dy=0&id=p89883096201&a=957273145
This chart will make more sense if the whole 10 years is visible but I’m not sure that it is for non subscribers:
https://stockcharts.com/h-sc/ui?s=%24GDM&p=W&yr=10&mn=0&dy=0&id=p14608191781&a=958615380
Benzinga lost me when he gave up on gold…but now he’s my contrarian indicator
This article might interest anyone looking at Centerra.
The long-running stand-off over the Kumtor Mine, operated by Toronto-based Centerra Gold, has spilled over into outright conflict.
https://www.rt.com/russia/524754-kyrgyzstan-canada-gold-war/
Speaking of no market manipulation, there was a nonexistent premarket paper contract hit on Gold but somehow dropped the price within a couple of minutes. Despite not existing, the price of Gold dropped simultaneously and mysteriously. Possible premarket red candles may appear premarket without explanation or cause. 🙂
Real News: it has been reported that Regulators do not exist. This has been verified by Regulators. 🙂
A paper contract manipulative hit on Gold did not happen at about 12:30 CST. Simultaneously, physical Gold did not drop $7. Heavy hedging activity must of happened to protect mining companies long term investments, twice today. My miners dropped accidently at the same time as the metal in the ground was found to be unavailable for removal during todays market. Weakness despite the unpayable debt was recognized by retail investors. Stop it guys.
Vizsla with good news gets hit at open. I added.
Vizsla: looks like there are some sale of regular shares to buy half warrants. Good news involves results of Electromagnetic Survey results and some fund raising. they also are planning to expand drilling.
Hey Cory. Congrats on your interview on Palisade Radio. https://palisadesradio.ca/
Excellent interview, Cory.
BTC is volatile, always has been, always will be. It will base before significant rises again.
China is trying to introduce a digital Yuan…….IT HAS TO DISCOURAGE CHINESE TRADERS away from BTC. Expect a lengthy basing in BTC before it has major rises.
We are entering a MAJOR inflationary period. Bonds will decline slowly, as dollar goes down also. (It is only a pathetic Euro that makes the dollar not look terrible.)