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Jordan Roy-Bryne Reviews Price Targets in Gold, Silver, GDX, and GDXJ

Jordan Roy-Byrne, Editor & Publisher of The Daily Gold, joins us for some macro thoughts on the precious metals, and his takeaway from the recent bounce in gold, silver, and the precious metals mining stocks.  We review what resistance levels Jordan is looking to see Gold and Silver clear, for  more of a sustained run higher. Next we discuss why he feels Silver could outperform Gold in the short-term, being more aligned with the commodity sector. Jordan provides price levels he’s watching in the US dollar, along with overhead resistance levels to be aware of in GDX and GDXJ

Click here to visit Jordan’s site – The Daily Gold.

Discussion
59 Comments
    Oct 21, 2021 21:31 PM

    3 Most Important Things for Junior Gold Stocks
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    October 08, 2021 Jordan Roy-Byrne CMT, MFTA
    .
    The first factor is “fundamental quality.”
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    The second thing is “odds of success.”
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    Last but not least is “upside potential.”
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    https://thedailygold.com/3-most-important-things-for-junior-gold-stocks/

    Oct 21, 2021 21:06 PM

    This guy’s become a permabear. Can’t say it both ways. From last few weeks: “Gold going much lower, juniors are leading indicators.” Now: “Relief rally, very oversold levels.”

    PoG looks strong despite what’s happening with USD and 10 year. On verge of big breakouts. SmackDown getting shallower.

      Oct 21, 2021 21:39 PM

      JJ Walters, I agree.

      Oct 21, 2021 21:26 PM

      Only to those who haven’t listened closely to what Jordan has stated. He’s repeatedly mentioned he is very bullish longer term, and see’s a big rally in 2022 and 2023 that is more sustainable…. which is hardly the comments of a ‘permabear.”
      .
      Jordan has been right to have been bearish on the sector for the last year and half, as it has basically been in a sideways to down consolidation, and the PM mining stocks have been abysmal for most of the companies in the space since August of 2020. Jordan still owns 11 PM mining stocks in his portfolio, which again, would make no sense if he was a “permabear.”

        Oct 21, 2021 21:52 PM

        If you listened to the guy lately you would have missed out on a 30% rally in many juniors. Playing it safe. Well no shite if it crosses 1830 it’s bullish and drops 1675 it’s bearish. Something is unfolding right now with gold showing tremendous strength despite strong usd and rising yields. He’s got it twisted. Taper and rate hikes will crush Dow and Spy and send PMs much higher. Where are the kahonas? Make a clear call. My call is 1900 by mid November

          Oct 22, 2021 22:48 AM

          That’s a ridiculous comment, as multiple technicians have pointed out that the triple bottom at $1675 is the clear support zone, and while many are focused on $1800 resistance, the better technicians have pointed out that a close above $1830-$1840 is the more important resistance level to clear on a closing basis to get any momentum going, and thus are the next levels to watch, and rightly so. The right approach is taking each support and resistance level as they happen, not trying to make ballsy calls for the sake of ego.
          .
          After the $1830-$1840 resistance is cleared, then $1900 is next resistance, then $1921, then $1962-$1966, then $2089. It’s one step out a time, for resistance levels. By the way, Jordan has pointed out that $1900 is more significant on the monthly and quarterly charts multiple times now in interviews, so thanks for the amazing “kahonas” for daring to point out an obvious level to watch that others have noted a number of times now. Amazing.
          .
          You go on to state: “He’s got it twisted…. rate hikes will crush Dow and Spy and send PMs much higher.”
          .
          Again, what is twisted is your listening skills. Jordan has mentioned repeatedly in a half dozen interviews that he felt that the rate hikes would be bullish for the PMs. He’s stated repeatedly that after the Fed starts to hike rates is one of the 2 scenarios where he feels the PMs could break out, with the other being a pullback in the general markets like the Dow and SPY. It may help if you paid a little better attention to what someone has repeatedly stated, before throwing stones at the guest that has the kahonas to come on regularly and share his outlook and targets, but then repeat what that guest has already shared as a significant resistance, as if it was some new earth-shattering idea. Thanks for playing though.

    Oct 21, 2021 21:09 PM

    Aussie U miners can’t be stopped, all up Fri. AM except for Deep Yellow. Fertilizer also looking good, FTZ.AX up 12%.

      Oct 22, 2021 22:29 AM

      Know of any good phosphate plays to go with the fertilizer play???😏

        Oct 22, 2021 22:24 AM

        I’m pretty sure Matt Geiger knows of a good one, as do those in his MJG fund. 😉

        Oct 22, 2021 22:56 AM

        Look at CMX.AX

    Oct 21, 2021 21:19 PM

    Update on Emerita: Yesterday it got about a 10% hit. It has made a 6 month or so large run from .20 cents to a high of about $2.40 earlier this week. Something the General Markets don’t do is correct about 60% like Emerita did after a couple of month run earlier in this 6 month period ending in Late Sept. then it had a really good run from Sept 28 until Oct 20. Today it recovered 60% of the 10% loss of yesterday, which is encouraging.
    We are talking about good Junior investments. My experience has been that the most success is in those that show exceptional promise:
    Examples are: Great Bear, Silvercrest, Vizsla, Kirkland Lake…
    In the case of Emerita, everything those mentioned above have, is known up front in Emerita with the possibility of doubling resource from the award of Aznalcollar, a former producing mine. Plus new properties purchased, plus drilling known areas deeper, plus funding, plus management, etc. Now Great Bear has non stop drilling success as did Silvercrest as has Vizsla, Kirkland Lake picked up another miner who had a known resource, high in grade and volume. Vizsla has an option for a mill and early production.

    My point: Look for the exceptional ones and see how it develops. Look for those that maybe started with a known resource or united with one. The biggest winners I have had are the ones often that we think we missed. I think Great Bear can still get a pop as they haven’t finished drilling or completed a 43-101 and have never ending drill results. Emerita has hardly done anything in proving their known resource…and they could be only starting.
    In the meantime, there are ones like New Found Gold, Eloro, Volcanic, Highgold that are having hits that are above the average that could be in those categories, where others “may” get eventual hits of significance but haven’t yet. Point: Look for the exceptional as very few become economically fit for mining. Don’t be afraid to move around. There is nothing sacred about having bought something. If something better comes along, switch. If you are wrong, switch back. Take profits and limit losses.
    FWIW only. FOMO is not always wrong.

      Oct 21, 2021 21:27 PM

      Great post David and many going points raised about by quality when it shows up (like the more recent drill hits you mentioned from Eloro, Emerita, Volcanic Gold, and HighGold) or sticking with and pressing one’s bets with the exploration stories that proved they were going to keep continually hitting with the drill bit like Silvercrest, Great Bear, New Found Gold, Vizsla Silver, etc… [I’d add Skeena and Silver Tiger to that list of continuous good drill results].

    Oct 21, 2021 21:33 PM

    Insightful post Lakedweller2. I’m all-in on Emerita. Found this DocJones guy to be very interesting. Turns out he has more substance than any one i’ve ever found on the internet or elsewhere for that matter.

      Oct 21, 2021 21:30 PM

      Agreed blazesb. Doc Jones is quite an interesting character, and does some major deep dives into companies when he gets animated by one. In addition to Emerita, he was the one that tipped me off to Volcanic Gold, and there is an energy company we’ll be bringing on the show soon that he’s been covering.

        Oct 22, 2021 22:15 AM

        speaking of Emerita Resources…. another solid drill result reported today:
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        ___________________________________________________________________________________________________________
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        (EMO) Emerita Intersects 8.2 Meters Grading 2.5% Copper, 17.3% Zinc, 8.7% Lead, 223.5g/t Silver, 0.5g/t Gold in Initial Step-Out Drill Hole at La Infanta Drill Program
        – 22 Oct 2021
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        https://ceo.ca/@nasdaq/emerita-intersects-82-meters-grading-25-copper

    Oct 21, 2021 21:18 PM

    Gold is behaving different lately and the miners have been showing some strength. My sense and the charts are saying let’s go up and collect liquidity. We have had breakouts already and I’m sure the market wants up here. $1806/$1807 followed by that $1830/$1835 region which i mentioned is crucial. We do that and the we can validate some big things ahead.

    Either tomorrow or next week is my thinking and I will stick to the original and only call I made sometime back that October will be a monthly green candle.

    Glen

      Oct 21, 2021 21:33 PM

      Thanks Glenfidish, and your outlooks sounds constructive for the PM sector. Having a green monthly candle in October sounds pretty good.

    Oct 22, 2021 22:04 AM

    Russia Continues Buying Gold as Commerzbank Remains Bullish On Precious Metals
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    Justinas Baltrusaitis – Finbold – October 21, 2021
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    “The Russian central bank is on a gold buying spree amid bullish projection by German universal bank Commerzbank for the precious metal.”
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    “Data indicates that the bank accumulated an additional 3.1 tons (100,000 ounces) of gold in September after adding a similar amount in July, RT reports.”
    .
    “The accumulation is the first since April 2020. As of October 1st, 2021, the bank had 73.9 million ounces (2,298.547 tons). The September addition means that the country’s foreign exchange reserves accounted for 20.95%.”
    .
    https://finbold.com/russia-continues-buying-gold-as-commerzbank-remains-bullish-on-precious-metal/

    Oct 22, 2021 22:09 AM

    Ira Epstein’s Metals Video (10/21/2021)
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    #TechnicalAnalysis – Gold, Silver, Copper, Platinum
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    https://youtu.be/YUtjo4QGKCA

    Oct 22, 2021 22:10 AM

    (ELVT) (NHVCD) Elevation Gold Announces 36% Increase to Measured and Indicated Resources at the Moss Mine, Arizona in New Technical Report
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    21 Oct 2021
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    https://ceo.ca/@newswire/elevation-gold-announces-36-increase-to-measured-and

    Oct 22, 2021 22:18 AM

    (DNN) (DML) Denison Announces Sale of (GXU) Goviex Shares and Warrants for up to $41.6 Million
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    21 Oct 2021
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    https://ceo.ca/@newswire/denison-announces-sale-of-goviex-shares-and-warrants

      Oct 22, 2021 22:22 AM

      A great transaction by Denison here to wrap up their GoviEx chapter. First they spun out their African assets to GoviEx a few years back, allowing them to focus on their Athabasca Basin exploration and development projects; but all while keeping a big stake in GXU shares.
      .
      Now, after a meteoric rise in the Uranium equities, it was a great time for Denison to pull profits on that that strategic position and sells those shares for a nice win. Job well done!

    Oct 22, 2021 22:36 AM

    Maybe my listening skills are awful as well but after having followed everything that’s been out recently about kodiak I’m unsure about the news flow going forward aka when the next drill results should be out. (Roughly obviously as the labs are out of their control and being backed up is the theme these days). If I could suggest making that a standard question of all company interviews going forward. Knowing rough timelines for future news flow would be ideal as right now I’m unsure for how long kodiak will be drifting lower.

      Oct 22, 2021 22:50 AM

      I hear ya Wolfster, and can report that after talking to dozens and dozens of companies, the vast majority actually have no idea when they’ll get their assays back from the labs. This is about as backed up as I’ve seen it ever, with many companies still waiting on results drilled and sent to the labs back in June. It is quite possible we’ll still be getting the Summer drill results for many companies all through the late Fall and even the Winter into Q1.
      .
      We ask companies all the time when they expect more drill results and they honestly have no idea and it’s the hurry up and wait scenario. Many of the problems are due to overwhelming demand with so many massive drill programs going on and the whole exploration sector cashed up and drilling, combined with staffing shortages and unavailability of adequate skilled workers.
      .
      Erik Wetterling made this point last week about the bizarre seasonality we are going to see this year in the exploration stocks where the historically boring period of the year for newsflow, is actually going to be cram-packed with drill assay news, and may keep things popping in the months to come.
      .
      > Here is a link to that interview with The Hedgeless Horseman last week, and the portion about huge delay in drill assay results starts at the 4:45 minute mark:
      .
      _________________________________________________________________________________________________________

      Erik Wetterling – Waiting On Drill Assay Results Has Created An Odd Seasonality In Precious Metals Exploration Stocks
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      Korelin Economics Report – October 15, 2021
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      http://www.kereport.com/2021/10/15/erik-wetterling-waiting-on-drill-assay-results-has-created-an-odd-seasonality-in-precious-metals-exploration-stocks/

        Oct 22, 2021 22:10 AM

        As for Kodiak Copper, we just had Claudia on the show this week and at the 5:15 minute mark and for the next few minutes we ask about their drilling, and she outlines their on-going drilling at the Gate Zone, at the gap area between the Gate and Man zones, and then the drill rig that they’ve just moved over to the Dillard target to start drilling that. There will be plenty of exploration newsflow coming for KDK.
        .
        ____________________________________________________________________________________________________________
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        Kodiak Copper – Gate Zone drill results yielding 105m of 0.76% CuEq within 504m of 0.47% CuEq at the MPD Project in BC
        October 19, 2021
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        http://www.kereport.com/2021/10/19/kodiak-copper-gate-zone-drill-results-yielding-105m-of-0-76-cueq-within-504m-of-0-47-cueq-at-the-mpd-project-in-bc/

          Oct 22, 2021 22:28 AM

          Yes. As I acknowledged the lab issue is at the heart of the problem for even rough estimates….with regards to kodiak, I am aware of all the drilling plans I’m just trying to decipher a potential bottom for this drag downwards to pick up more shares as I cash out of uranium and orezone in the near future.

          Nice to have edit feature….forgot to add since it’s that time of year for tax loss selling and it may get oversold

            Oct 22, 2021 22:38 AM

            Good question, but nobody knows. With Copper prices staying lofty, then more good drill news from some of the other porphyry centers being tested should be met with a better response from investors. .
            .
            Also, as mentioned on that blog from the 19th, I saw some people over at ceo.ca and Twitter dissing on the recent results from Kodiak, but those commentators seemed to have little concept of what constituted economic grade/length of copper drill results in B.C.
            .
            Some uniformed investors are simply comparing these results to what Solaris and Filo drilled (which were bonanza grade intercepts and also in a totally different jurisdiction with different costs and site access considerations) instead of what is actually economic grade/width for their project in British Columbia.
            .
            As Claudia mentioned in the interview, the grade they are getting is about 2-3 times as high as their neighbors (that are in production and profitable), and these were wide intercepts of 100-500 meters. That is plenty fine for mining in that area, and many retail commentators have the wrong understanding of what actually are solid economic drill hits for copper. Most companies in production did not put out results like Solaris or Filo either, so that kind of extreme expectation from the market is misplaced.
            .
            As for rotating some money out of the loftier Uranium sector and companies that have run well like Orezone, that could be a good strategy. I’m keeping fishing poles in each pond – Kodiak, Orezone, and the Uranium stocks, but already harvested some gains in the U-stocks in mid September during the wild surge, back into more beat up PM miners.

    Oct 22, 2021 22:44 AM

    BANG: Why The Gold Miners Could Soon Make FANG Look Tame, Part Deux
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    Jesse Felder – October 20, 2021
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    “A few years ago, I suggested the gold miners, which I referred to as the BANG stocks (Barrick, Agnico Eagle and Newmont/Goldcorp), could soon make the FANG stocks (Facebook, Amazon, Netflix and Google/Alphabet) look tame. Over the next couple of years, that trade worked pretty well. Over the past year, though, investors have once again abandoned BANG in favor of FANG. As a result, the major gold mining companies have become very cheap again.”
    .
    “Another way to view the pervasive pessimism towards the group is to simply plot the relative performance of the gold mining stocks along with the gold price. With the latter soaring over the past five years you would think that the former would be outperforming and yet the miners’ performance has been absolutely pathetic compared to the S&P 500.”
    .
    “Part of this is due to the stellar performance of the broad stock market, led by the likes of FANG, but this gap could be closed by an equity bear market (driven by an earnings recession next year). It is also likely due to the fact that investors believe the bull market in gold is now over. But if you believe, as I do, that gold prices are only in the middle of a new longer-term bull market (as the history of prior bull markets for the precious metal would suggest) then gold miner shares are just far too cheap at today’s prices.”
    .
    https://thefelderreport.com/2021/10/20/bang-why-the-gold-miners-could-soon-make-fang-look-tame-part-deux/

    Oct 22, 2021 22:46 AM

    Thanks for the morning chat during breakfast I appreciated it…..a lot more than my wife did. 😎

      Oct 22, 2021 22:50 AM

      Haha! Well much appreciated buddy, and may your trading be prosperous. Ever Upward!

    Oct 22, 2021 22:15 AM

    Haha great discussion wolf and ex!

    Thanks for read..very I retesting time ahead!

    Take a look at this monthly long term fork. I have been using this for sometime. So far perfecto 🙂

    https://schrts.co/sjbwyQjr

      Oct 22, 2021 22:22 AM

      Thanks Glenfidish. Yes, and interesting time ahead indeed.
      .
      I’m not a paying stockcharts member, so unfortunately I couldn’t see the fork annotation or the monthly chart. It just showed up as daily chart without annotation on my end, but would love it if you could use the print screen feature or snipping tool to post a copy of the USA chart. Cheers!

    Oct 22, 2021 22:10 AM

    Hi ex,

    I can’t seem to figure that out. Not sure if you mean print functions tools on the ker or with me. Maybe Matt can try.

    Anyhoo cheers bud looking good today for a change 🙂

      Oct 22, 2021 22:13 AM

      Hi Glenfidish. Yeah, if you do a print screen feature with the annotation on it then you can repost a link to that as a static image, so others can view it that aren’t stock house subscribers. There is also a “Snipping Tool” on most computers as an accessory tool, that crop an image right off any webpage and be saved as a jpeg file that can then be shared. Just a thought so that more people could see the fork you were referencing.

    Oct 22, 2021 22:12 AM

    Glenfidish
    17 hours ago
    Gold is behaving different lately and the miners have been showing some strength. My sense and the charts are saying let’s go up and collect liquidity. We have had breakouts already and I’m sure the market wants up here. $1806/$1807 followed by that $1830/$1835 region which i mentioned is crucial. We do that and the we can validate some big things ahead.
    Either tomorrow or next week is my thinking and I will stick to the original and only call I made sometime back that October will be a monthly green candle.
    Glen

    This call was made in real terms/live process before the facts:)

    Can I get a hoot hoot 😃

    Liquidity here we come. As mentioned miners should start to outperform. Let’s clear the next hurdles one step at a time. Remember folks when everyone bearish take the other side it’s a proven method.

    Oct 22, 2021 22:15 AM

    Yesterday Group Ten Metals SYL-PGE-V announced inaugural N143-01 Mineral Resource for Stillwater West, The market YAWNED, investors got out of bed looked at the news release scratched themselves, YAWNED and then went back to sleep, nobody cares, nobody even mentioned it here. Poor Group Ten, it is an oasis sitting in the middle of The Gobi desert. OH WELL here it is YAWN!

    https://money.tmx.com/en/quote/PGE/news/7474189701349063/Group_Ten_Metals_Announces_Inaugural_NI_43101_Mineral_Resource_Estimate_for_the_Stillwater_West_PGENiCuCo_Au_Projec

      Oct 22, 2021 22:26 AM

      Good point Urban Dweller. I was slammed most of yesterday and there is so much news coming out across the sector it has been hard to tabs on everything, and I didn’t see their news until just this morning. The reaction thus far was muted, but it was a solid maiden resource update, especially with PGMs and Battery Metals contained, and it may be the market doesn’t know how to interpret it being reported in Nickel Equivalent metrics.
      .
      __________________________________________________________________________________________________________
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      (PGE) (PGEZF) Group Ten Metals Announces Inaugural NI 43-101 Mineral Resource Estimate for the Stillwater West PGE-Ni-Cu-Co + Au Project, Montana, USA
      – Oct 21, 2021
      .
      Inferred mineral resources total 2.4 million ounces palladium, platinum, rhodium, and gold plus 1.1 billion pounds of nickel, copper and cobalt in a constrained model totaling 157 million tonnes at an average grade of 0.45% total nickel equivalent (“NiEq”) (equal to 1.20 g/t palladium equivalent, or “PdEq”) using a 0.20% NiEq cut-off grade.”
      .
      https://grouptenmetals.com/news/2021/group-ten-metals-announces-inaugural-ni-43-101-mineral-resource-estimate-for-the-stillwater-west-pge-ni-cu-co-au-project/

    Oct 22, 2021 22:32 AM

    “Friday” step out drill news released by Emerita. All good and they continue to expand potential resource.

      Oct 22, 2021 22:30 AM

      I hope we get some other “EMOs” along the way for this bull market.

        Oct 22, 2021 22:19 AM

        Agreed. This sector needs a few more great discoveries. I’d say the one Simon and team just made over at Volcanic Gold is a new one, as is the one that HighGold just hit into the boiling zone, and I-80 gold just had a few good hits at their Granite Creek open pit. There are some other companies like Great Bear or Silvercrest or Vizsla or Silver Tiger, etc… that have continued to put out a solid stream of very well mineralized drill holes.

          Oct 22, 2021 22:25 AM

          I am ‘all in’ already but have been watching most of your picks. I may be selling some real estate soon and will have more capital and will be looking at some larger cap stocks like Vizsla etc.

            Oct 22, 2021 22:08 PM

            Sounds good Dan. There are other companies I still think are doing great exploration work, but those were just some best in class companies that have continued to hit with the drill bit and had above average success rates.

          Oct 22, 2021 22:35 AM

          I like the chart of Silver Tiger, SLVR.

          https://stockcharts.com/h-sc/ui?s=SLVR.V

            Oct 22, 2021 22:13 PM

            Yes, Silver Tiger has been a good one for swing-trading the volatility in the Silver miners, and they’ve had a slew of eye-popping silver grades come back from their drill campaign this year and last year. It’s actually pulled back with most of the sector over the last few months (Aug-Oct) allowing for a better entry point than where it was trading at in April-May-June.
            .
            https://schrts.co/BdCImkhU

      Oct 22, 2021 22:26 AM

      “Open Pit and underground”…

    Oct 22, 2021 22:20 AM

    Added to Silver Tiger. Waiting on Group Ten and their 43-101 news to sink in.

      Oct 22, 2021 22:15 PM

      Thanks for that US Dollar chart BDC. Yes, Monday does beckon, and it will be interesting to see if it can break out of the trading range it’s been stuck in for some time and finally either break down or break out.