USD and Gold – With the dollar bouncing what does that mean for gold?
Jordan Roy-Byrne, Founder of The Daily Gold joins me to share his outlook for the Dollar and gold. We start with the possible bottom the US Dollar has put in and how much higher it could go from here. Then we move to the gold chart to assess the longer term cup and handle pattern.
Ely Gold royalty files NI 43-101 report on Jerritt
2021-06-16 13:08 ET – News Release
Mr. Trey Wasser reports
ELY GOLD REPORTS FIRST MAJESTIC SILVER CORP. FILES NI 43-101 TECHNICAL REPORT ON JERRITT CANYON MINE, ELKO COUNTY, NEVADA
(TML) Treasury Metals Announces Additional Results from Goldlund Exploration Drilling Program including 3.14 g/t Au over 21.5 m; Third Rig Planned
(BWCG) Blackwolf Copper and Gold Intersects 27.0 Meters Averaging 1.1% Copper, 1.9 g/t Gold, 32.8 g/t Silver and 1.0% Zinc or 3.1% Copper-Equivalent from Lookout Deposit at Niblack
As usually,I find results good and the market doesn’t. 🙄
(SMT) (SMTS) Sierra Metals Announces Receipt of Permit Allowing for a 20% Increase of Throughput to 3,600 Tonnes Per Day at Its Yauricocha Mine in Peru
(HSTR) Heliostar Metals Drills 88.3 g/t Gold over 3.05 Metres and 19.3 g/t Gold over 4.57 Metres at Apollo, Unga Project, Alaska
Time for Consolidation and Lower Volatility
June 11, 2021 Jordan Roy-Byrne CMT, MFTA
“Gold endured a 20% correction over eight months. A 15% rebound followed that in two months. It has retraced some, but not a majority of the losses.”
“This action is all part of the handle of a super bullish cup and handle pattern.”
“The handle itself is part of a much larger bullish consolidation, but the market is approaching resistance within the handle.”
“Below we plot GDXJ, GDX, Gold, and Silver…”
https://thedailygold.com/time-for-consolidation-and-lower-volatility/
Bob Moriarty:
bobs video was removed.
The lefties in charge know that telling the truth is a revolutionary act.
The timing, with everything that is wrong with the economy, seems orchestrated.
The precious metals don’t always follow the dollar. Self fulfilling prophesy…again.
No the precious metals are not always correlated with the dollar. The commodity sector is more responsive to moves in the dollar, but gold is more responsive to negative real rates, and the balance between interest rates with the rate of inflation.
Yes: unsolvable debt, never ending treasury bailouts, negative rates that the have to have to survive (congress and the fed or face jail), falling tax receipts, insufficient jobs, insufficient housing starts, out of control inflation, corruption, distortion of truth, on-going pandemic, stalemate in Congress, Law enforcement undermined, media thwarted…on and on… No, this is not precious metals affected by a worthless dollar…this is a corrupt economic system fighting against real money! Enough self-fulfilling prophesies!
+1 Yes to the above-mentioned points David. What a mess…
The Earth is no longer flat!
It’s a good sign that “risky” SILJ was able to rise 1% versus GDX on a day like today.
https://stockcharts.com/h-sc/ui?s=SILJ%3AGDX&p=D&yr=1&mn=0&dy=0&id=p73085779732&a=961488305
Yes, overall the Silver miners have held up relatively well the last 2 days, and the weakness in mining stocks has been more apparent in the Gold stocks, although, even they have held up better than expected during the metals pullback.
Thanks Matthew. I am looming to finish in the green this week.
Always looming. Looming = Looking
Wow, big pullback in PM’s. My portfolio barely yawned
Bonzo
I spoke about this earlier in the day when the massive drop in bullion happened and how the stocks held there strength. I have spoken about the importance here and now and that I think the miners will finally start to outperform the metal. I’m sure one of Matt’s charts will indicate that.
Now let’s be humble lol and respectful towards this Mother Nature and market. I do believe we will break higher sooner rather then later.
Steady as she goes….
Alright!!! …time for a Rally!
Hugely OFF TOPIC: TIME 12:12 pm edt. BIG SHOUT OUT to Roger Waters, WHO faced facebook from just around the corner from Zig Zag’s Otto Zues. Another brick in the wall not for sale. Wait for here comes Johnny. How long? Boss stalled, Cougar up
In overseas trading Gold is down to $1807
Silver is down to $26.84
This may be the move down in the PMs that starts to wash out sentiment again, so I’ll be looking for any reasonable selloffs in quality mining stocks to add to positions on Thursday. As I mentioned a few weeks back, I had trimmed back positions in May looking to capitalize on any weakness we saw in June, and it looks like it is finally starting to arrive. I’m not going to blow out all my cash tomorrow, but will layer in another small tranche in a number of companies to beef up positions, and keep another round of dry powder to fire off in case gold does get down into the $1700s.
Good luck to everyone on Thursday, and I’m looking forward to going shopping if weak hands start to capitulate in the miners here in mid-June.
Yep, with Gold now in the $1770’s this is a good fishing line sell-off day to be on the bid. I’ve done over a dozen trades so far today, and am likely going to do a half dozen more buys. I also sold or trimmed a few of the clean energy stocks and battery stocks to rotate some funds over to the Uranium stocks as they are having a big draw down today as well.
I think I posted here when I sold WPM on May 19.
I’ve started buying again – adding some yesterday and prolly more today, June 17
The 15-year weekly chart of WPM/GDX ratio shows WPM outperforming GDX by 474% I realize there’s some one-stock-risk associated with buying WPM instead of GDX, but I believe the risk is minimal.
Note royalty companies : https://tinyurl.com/apjx59rc
(Marathon and Emerita are bucking the trend so far!)
Thankyou BDC
Gold : https://postimg.cc/jwf5fD1f
Two steps to Chapman F possible.
Red Hash : 78.6% ‘Move of Move’.
Saturation : https://tinyurl.com/4nnha2vd
Took a beating on my Kinross Gold yesterday.
Took a lickin but I’ll keep on tickin.
GDX call today may be a good day trade.
700%+ on 17 May : https://postimg.cc/Thrqb9Bt
Hey Terry. Meant to comment when you mentioned making nice returns on options writing…have to agree there’s some great opportunities there. I was doing it with banks after the March meltdown and have been doing the same with my EV play Chargepoint….hadn’t looked at premiums lately for producers but I will again. Thanks
I was personally hoping for more of a grind down than a cascade plunge in gold. This does not bode well in the near term as damage has been inflicted. The bulls were tired afterall. Lets hope the quick plunge doesnt erode too much confidence longer term.
That’s interesting because I was hoping for exactly this action because this is how moves down end decisively. To be clear, I wanted this but did not “expect” it.
I’ve done about 20 trades this morning so far.
+1
The blood bath phase as Gary would call it is here.. Like mentioned before the bottom should be in anytime soon. Today, tomorrow or Monday but it’s coming no doubt 100% sure..
Glen spoke about three key levels
$1764 was the first and a final level that I personally do not want to see breached. Give or take some night day $1750-$1760…but that $1764 is bottom for me or we have trouble.
Next levels week sookena out was $1775-$1802 of which the drop last night bounced off $1803 and retreated to my latest revision of $1823 which I thought could hold but did not.
Make it clear again and as stated yesterday these days are for buying. However the miners are showing strength since yesterday and if they don’t move much today then many of the miners have already completed there lows and select few work drop a bit. I’m 5% cash left and will not buy on this dip. If gold goes to new lows then we will see but I don’t see that happening. If we turn which o believe so I will add from intermediate correction up higher.
I’m glad this correction came it’s why I wanted from long ago and kept saying we need mes this and the setup would be really really good “ if” gold holds and we turn up soon. Just a few weeks ago many were excited we are going higher but I mentioned the miners were not moving I’m glad I waited never chase let the market come to you.
Best of luck to all
Glen
Nice Call……….. I am taking two aspirins and call you in the morning Dr. Glen… lol
Lol Jerry for what it’s worth turned the computer off and walked away..
My guess is the bullion banks don’t have the physical in an inflationary environment. They need ours.
Bank stocks all up pre-market. Who controls prices? Exactly what non-action by the Fed triggered the abnormal across-the-board hit. Basel III ? Inflation? Debt Levels? Liquidity? Greed? Corruption? Lack of Regulation? Partisanship? Self-Interest? Fiduciary Responsibility? All The Above.
If all or some of the above, where should the price of gold go?
45 Degree walk down in paper price of physical gold shows electronic intervention in market paper price. A free market does not perform in a straight line. Rigged markets do.
The Pump of the Fed is overblown on CEO. “Jaw Boning” is not “action”. Another red flag.
ceo = cnbc
Yes David and how they do it is criminal..
Bot JNUG @ 91.62
Stop Ask 90.89
Make that bid 90.89
Need Silver to join the turn!
II Corp: Retreat to R&R.
I Corp ready for deployment.
Kampfgruppen in reserve.
Raised to break even — stopped out.
I’d like to to know what some you think the lowest scenario could go this drop as to not invalidate the double bottom.
$1764 is mine however can we have a scenario we’re we drop pas that without breaking to new lows and closing those monthly gaps in gdx I spoke about mucho tiempo about?
Any thoughts other technicians
Came right down to $1776 bucks by of the $1775 lol.. if that breaks boys all I have left is that $1764 maybe little less.. I smelllll criminality and a turn
78.6 retrace? Unless we hold here tight ship…$1764-17766 🤞
Possibly 1728. Late summer. 78.6%
They can drive the price down to discourage investment in Precious Metals, but purchases by Sovereign States and managed money will trigger supply/demand issues possibly beyond physical availability. They have a conflict in result if precious metal prices are pushed down too far. We will see.
Look for opportunities.
weekly /GC possible targets below…..1713=.618 & 1677=TD9 breakout level retest…..
Great to see everyone’s opinion.. a trend I’m watching has us stay around here and mini pop tomorrow and Monday low. Tuesday the turn. But that ain’t a crystal ball
Best of luck to all
Bought again NFGFF @ $8.00
Bought IRVRF @ $1.42; EXK @ $6.65; FSM @ $6
Full position unexpectedly today again – last tranche NFGFF @ $7.72
Osisko Mining drills 2.1 m of 184 g/t Au at Windfall
2021-06-17 08:44 ET – News Release
Mr. John Burzynski reports
OSISKO CONTINUES TO ADD HIGH-GRADE AT LYNX
Osisko Mining Inc. has provided new analytical results from the continuing drill program at its 100-per-cent-owned Windfall gold project located in the Abitibi greenstone belt, Urban township, Eeyou Istchee James Bay, Quebec.
Endurance drills 15.24 m of 14.08 g/t Au at Reliance
2021-06-17 07:44 ET – News Release
Mr. Robert Boyd reports
ENDURANCE REPORTS DRILL ASSAY OF 14.08 GPT GOLD OVER 15.24 METRES AT THE EAGLE ZONE
Endurance Gold Corp. has provided the final assay results for the remaining 30 of the 35 reverse circulation (RC) holes drilled in 2021 at its Reliance gold property in Southern British Columbia.
Rockridge drills 14.02 m of 2.34% CuEq at Knife Lake
2021-06-17 07:12 ET – News Release
Also News Release (C-EPL) Eagle Plains Resources Ltd
Mr. Jonathan Wiesblatt of Rockridge Resources reports
ROCKRIDGE INTERSECTS 1.95% CU, 0.11 G/T AU, 7.41 G/T AG, 0.53% ZN AND 0.02% CO (2.34% CUEQ) OVER 14.02M AT KNIFE LAKE COPPER PROJECT, SASKATCHEWAN
Roxgold drills eight m of 39 g/t Au at Seguela
2021-06-17 06:15 ET – News Release
Mr. John Dorward reports
ROXGOLD INTERCEPTS 39 G/T OVER 8M AT NEW GABBRO NORTH PROSPECT AND EXTENDS SUNBIRD WITH 15.1 G/T OVER 12M AT SEGUELA PROJECT
Roxgold Inc. has released initial results from the newly discovered Gabbro North prospect, further results from stepout and infill drilling at the recently discovered Sunbird deposit, and additional high-grade results from depth extension drilling at the high-grade Koula deposit, at the Seguela gold project located in Ivory Coast.
Firefox drills 1.35 m of 93.88 g/t Au at Mustajarvi
2021-06-17 06:04 ET – News Release
Mr. Carl Lofberg reports
FIREFOX GOLD DRILLS 93.88 G/T GOLD OVER 1.35 METRES AT MUSTAJARVI PROJECT, FINLAND
In November 2008 crash when Obama was first elected, CDE went for $3-4. By the time Santa arrived a month later it had more than doubled. I got some cash and hoping the same thing happens this time.
SILJ fell to a Schiff fork support as well as the “S1” pivot support before catching a bid this morning…
https://stockcharts.com/h-sc/ui?s=SILJ&p=D&yr=0&mn=11&dy=0&id=p03138669210&a=960886383
Thanks for the chart..
I think the most damage has already been Inflicted. And yes some miners could move down slightly more but the overall damage has been done. I believe the weekly candle will finish around here or slightly higher. $1864 is still a possibility but I’m not to concerned.
I think we’ll I really believe next weeks weekly candle will shock many and yes it will be green. $1880 end of next weekly candle is what I see. Again no crystal ball but this action smells exactly like what it is.. hang tight
Glen
Picked up a few more Emerita @.7742. Waiting for more drop…
Picked up a few more Emerita at .745
GDX:DIA fell to a steep speed line support…
https://stockcharts.com/h-sc/ui?s=GDX%3ADIA&p=W&yr=3&mn=7&dy=0&id=p94967577096&a=963421030
KTN is sitting on S2 pivot support (these particular pivots are Fibonacci-based)…
https://stockcharts.com/h-sc/ui?s=KTN.V&p=D&yr=1&mn=2&dy=0&id=p70569584881
Nice đź‘Ť
Correction from my previous post was $1764 vs $1864
Approaching $1764 7-8 bucks away
This is one long red candle
On June 17, 2021 at 8:40 am,
OOTB Jerry says:
Nice Call……….. I am taking two aspirins and call you in the morning Dr. Glen… lol
Reply to this comment
For those who can access a four hour chart:
https://stockcharts.com/h-sc/ui?s=GDX&p=240&yr=0&mn=4&dy=0&id=p18526734140&a=974209713
GDX is sitting just above its May 3rd gap.
Would also be nice if the afternoon we ride sharply up
That might have to wait until tomorrow.
Good point Matthew
What are your thoughts of getting that last gdx gap filled at about 32 and change can we do it quick and swiftly is it possible by tomorrow or say Monday?
I don’t think it will get filled and am betting that the low is today or tomorrow morning.
Thanks
Same the low feels very very close
I would like to see gold finish the week above 1790.
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=0&mn=11&dy=0&id=p39828898677&a=974688188
Same here nice chart
Those are some abnormal looking charts. Thanks Matthew.
at this point and considering volume and very bearish candles…my downside target moves to the bullish tas profile on the monthly chart at 1706…I have to call it that way…per my method…sorry…https://tos.mx/SEQ4XiJ
Larry, volume spikes mark lows just as often as highs ugly candles are common at/near lows.
https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=0&mn=11&dy=0&id=p62441764220&a=974737239
Even the GDX:GLD weekly candle at the Feb low was ugly – and similar to the current one…
https://stockcharts.com/h-sc/ui?s=GDX%3AGLD&p=W&yr=3&mn=3&dy=0&id=p51881711887&a=940285185
agree 100%…i just do not like the yping and so leave off embellishing stuff…..this could be the low…i will have to pay up if it is…i would at least need my 30 minute OUL crossed w conviction…
Hi Matt/Glenn/Ex,I have some dry powder I’ve been saving for a rainy day!
Any Juniors you folks would recommend @ this point?(gold or silver)
Thx in advance!
Among the juniors, I added quite a bit of Brixton Metals, Impact Silver and Kootenay Silver today.
I also Matthew… bbb… ktn also ssv..skyg and xtm
In addition to the ones listed today, I had loaded into Galleon when it was around .10. Had actually bit heavy quite some time before that at .around .03 -.04.
While not juniors… one of my largest holdings now is actually CDE and next is Alexco. Lucked into that one around $1.40.
I would think Matthew would be talking about JAG a bit more lately.
Although a bit rich, I think getting into MAG wouldn’t hurt if you’re not in it at this time. I’m not sure if it’s going to trip from here though.
I’ve not heard much about Yamana or PureGold from the family here lately either (maybe so, but then I’ve missed it), but those are old fav’s of Doc and I’d guess he is nibbling with the more recent drop.
I’ve kept a heavy hand in the royalties as well.
I think we’ll see another dip and wobble tomorrow with a push up on Monday.
Poko,
Exactly what Matt said and look at the monthly on Scorpio.. Scorpio looks like it’s going to print some big ass candle in July
Silver has now made it to the 40 week MA which happens to be roughly equal to the 233 day MA. Both are at 25.78 as of yesterday’s close. The following chart will update this evening:
https://stockcharts.com/h-sc/ui?s=%24SILVER&p=W&yr=6&mn=7&dy=0&id=p66254053902&a=426943004
time to buy gold right now for day trade…RSI divergences on all charts below 30 minutes…261.8 fib expansion of ABC down…i am not recommending this….
Interest Rate Pong: https://postimg.cc/HrCpGt37
Thanks Matt!
News any day now from Galleon!!
I just got filled on some Galleon too. Bring on the news!
Thx Glenn!
I will definitely look @ Scorpio.
Yes thx.Glen.I will also.
Hey Matt,I just bought a little Galleon myself!!
2+ now
Very nice, Poko! 🥂
Going to bring the boys on including Jerry, Irish, Matt ( sorry had to include you), wolf, David, Larry, dt ( I know we have beef lol), Canuck, ozi, Ann, doc, Alex who said don’t waste your time on him and everyone else on the family ker..
Ex don’t take this as a negative but take it as negative but constructive thought. Now that you were part of the management team or working with Corey and Al I would think you’d like to know some of the viewers and posters that have been around for a while and their point of you? So my thinking is this…. When a threat is on fire I actually believe that’s a great thing as ratings and volume increase so I’m trying to understand the concept of killing a hot thread now Jerry you can jump in with over 100 posters and bumping it down. Again I don’t want to argue or debate we have past history. But I’m truly thinking from a broad perspective and a grander scaleThat when something is hot you ride it and I feel the curtains to kill it just a thought maybe something you can look at without coming back at me with negativity I’m just a poster. I personally hate when something is going really well I like to ride it more so when you have the big boys in here posting.
Glen
Corey these are my thoughts I hope you read this because it is interesting I think when somethings going pretty good other stuff can be left for another day
Glen,
I have been in and out today…….
concerning,
“I’m trying to understand the concept of killing a hot thread “….you say…
I would agree, with …. when it is hot, let it run.
Ex Sorry lol I said don’t take it as a negative but a positive is what I meant to say you know me by now driving while texting well voice texting
Just as the bible says……… Iron sharpening Iron….. each person gains and makes the other just a little sharper……. 🙂
You=view
Lol
Wow,…..I just looked at silver today….. Wack Job
2021-06-16 13:13 ET – News Release
Mr. Frank Basa reports
CANADA SILVER COBALT HITS BONANZA-GRADE SILVER AT 53,739 G/TONNE WITH GOLD EQUIVALENT OF 23.31 OZ/TON