Jordan Roy Byrne – Despite Strong Quarterly Close In Gold, The Technicals Point To An Ongoing Corrective Period
Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to discuss his technical outlook on gold and the gold mining stocks. We start off reviewing the strong quarterly close that we’ll see in the yellow metal tomorrow, but that the weakness in the March monthly candle, where gold gave back most of its gains during the course of the month, and further confirmed by the setup on the daily chart, that all indications are for an ongoing corrective period for the short to medium-term.
We then transition over to the strength in the mining stocks in the first quarter, and that Jordan is more constructive on the action in GDX and GDXJ where they did not go back down to fill their break out gaps, and didn’t have nearly as many bearish candles as gold has had. He sees the current consolidation in the mining stocks as likely forming a bullish flag or pennant, and that they have the potential to continue outperforming the metals.
Click here to visit The Daily Gold website and keep up to date on Jordan’s technical outlook.
Dollar Index : Trading Range Floor : (Will it hold?)
https://saturationtiming.blogspot.com/2022/03/dollar-index.html
BDC – Good chart and a key question on the greenback. If the support breaks in the US Dollar index, it could fall back short-term to the mid 96s.
Still I’m finding it harder to give much credence to either the “strength” or “weakness” in the DXY, when it is simply a measure in relation to other equally troublesome fiat currencies that are all being devalued simultaneously, and all being eroded by inflationary pressures.
What people should be considering is not how strong the dollar is in relation to other currencies, but rather what is happening to their purchasing power with a dollar. Is that purchasing power getting stronger or weaker?
That answer is easy to illustrate when measured agaist real money (gold). Gold has been going up for years in value versus every currency in the planet… or conversely all currencies are losing purchasing power over time, mostly due to the expansion of money supply which is the source of inflation.
What is MOST unlikely?
HOW could it happen?
.
To me, “What?” is Deflation, and “How?” could be that the WHOLE THING (Covid, Ukraine et al) is a series flexible operations vectored to bring about a One World Currency, which would lead to price control deflation. All hypothetical, of course. In this the Dollar might even be retained!
Yeah, the One World Currency idea is actually more likelly than many are considering. It is the goal of many globalist elites, and it will come to pass via a currency crisis first, then an overreaction from the masses, and then insert the Global Coin “solution.”
Many are very linear thinkers and assume it has to be a different single currency, ie… the digital Yuan, that would need to replace the US Dollar as the reserve currency, and so when they look around at the Euro, Yen, Pound, Yuan, Ruble, Real, Peso, etc.. they don’t see a viable replacement, and thus discard the whole idea. However, what is generally proposed by the Great Reset cabals would be more akin to a digital wallet with a SDR basket of currencies (including the dollar) and commodities like oil and gold, that backstop the One World Currency. It is not as far-fetched as some would like to believe when dismissing it. All in due time…
Ira Epstein’s Metals Video (03/30/2022)
#TechnicalAnalysis #Gold #Silver #Copper #Platinum
I don’t need a correction. I am still down over 20% over the last 4 months. I will leave it to the phony paper markets to handle the correction. My Juniors need to go up during these periods of excessive debt, negative interest rates, out of control inflation, War, corruption in markets and miscellaneous other factors. Leave me out of corrections.
Lakedweller, gold and silver were up earlier but IPT and SCZ down 4% each. I’m annoyed too
Seems like they would check with us concerning their mistakes in judgement.
Yeah, I wasn’t that happy to hear Jordan outlining the case for a continuation of the correction in the gold price for the next 2 months. However, if you listened to the part about the mining stocks, we did discuss the divergence in the mining stocks from the metals recently and how bullish it was that they have held up well and hung onto most of their gains achieved in the last 6 weeks. Jordan also referenced the period in 2009 where even though the metals still corrected a bit further, that the mining stocks positively diverged and moved even higher, so we can’t rule that out or at least the idea of them forming a bullish flag pattern as mentioned.
Overall, I’m still pretty constructive on the resource stocks and also the PMs medium to longer term. My account has rebounded very nicely so far in 2022 and is only 11% away from where it was at it’s all time high in June of 2021. As previously mentioned, that is likely because I have more exposure to the producers and larger developers in the PMs, as well as in other commodities. If we do see more pressure in the mining stocks, then I completely agree with Jordan R.B and Dave E. from yesterday that this pullback we may see will be one of the last really good opportunities to load up on quality juniors before they start ratcheting higher, so it will be a good time on big down days to fire off some dry powder.
I pretty much am going to ignore the correction stuff. Mine stay in the alternating pattern. Except for Emerita, all the rest of my stocks added up to – $1,000 today. A few had a good day and most didn’t.
Nothing new for over a year. I have added about 6 or 8 new stocks and they fell into the rotation.
Lots of news in the Aussie U patch Thursday.
Paladin 200M AUD issuance @ 0.72AUD to fund restart of African business.
Vimy/Deep Yellow joining up in 500M AUD deal.
Thanks for that Uranium news from down under, and that is pretty significant that Paladin is going to get their mines restarted. I was invested in them in the last cycle, and it was a significant tell when they finally put their mines on care and maintenance in the tough years of the sector more recently.
> It’s also interesting to see another merger in the U stocks, and we should still see more of that as things continue to pick up steam. The last merger we saw in the space was with Azaraga and enCore, which I really liked as an Azaraga shareholder (and now enCore shareholder).
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Vimy (VMY.AX), Deep Yellow (DYL.AX) Agree To Merger Terms
Anthony Macdonald, Sarah Thompson and Kanika Sood – Financial Review – Mar 31, 2022
“Listed uranium explorer Vimy Resources has agreed to an all-scrip bid by John Borshoff’s Deep Yellow’s after months of back and forth.”
https://www.afr.com/street-talk/vimy-resources-deep-yellow-agree-to-merger-terms-20220330-p5a9d0
Uranium Market Minute – Episode 98: Institutional Flows Have Only Just Begun
Uranium Insider – March 25, 2022
Denison has become one of my biggest holdings, at the moment it is the biggest.
Yep, good pick Dan. Denison is one of my Uranium stock holdings, as well as Energy Fuels, Ur-Energy, UEC, NexGen, enCore, and Uranium Energy Corp. I’m considering picking up a few explorers since those are all small producers or developers, but so far, they’ve performed fantastically over the last 2 years.
Personally, I’ve done a lot of swing-trading in the U stocks over the last 6 months, to pick up some base hits on the dips and rips, but finally have my positions up in size to where they were late last September where I trimmed back 85% of them and then have been rebuilding. Because of the recent rise in prices (again) they are now about 11% of my overall portfolio weighting, and I’m pretty happy with where things are. Still I may add in 2-3 more exploration focused names over time.
India To Start Building 10 Nuclear Power Plants In ‘Fleet Mode’ From Next Year
By Ev Richard – Mar 27, 2022
https://vervetimes.com/india-to-start-building-10-nuclear-power-plants-in-fleet-mode-from-next-year/
Energy Crisis: Belgians Get Behind Nuclear Power
Ugo Realfonzo – The Brussels Times – Monday, 28 March 2022
https://www.brusselstimes.com/213213/energy-crisis-belgians-get-behind-nuclear-power
I’ve been trading it but also hold some longer term ….been waiting for a run to $70’s for spot price…..some are trading at levels that are lower than fall despite spot now being closer to that $60 level
Picked up a starter position at open of Walker River (WRRZF). Nevada good drill results.
Inomin is still running today and it is confirmed, DrJones has taken out his calculator.
Wow, what a verticle rocket ride higher in Inomin. Up another 17% today after a huge triple digit move higher yesterday. Crazy action, but getting a bit frothy at this point, with over 100 people in the ceo.ca room for MINE.
I thought I missed Inomin…
Picked up some Inomin when it went negative for the day. Added to First Helium. As mentioned earlier, picked up some Walker River early and watched it go full circle. I will have to keep an eye on that one as that was strange behavior. Drill results looked good. Has to be more to the story.
The Gold And Silver Price Rally Is Confirmed By This Indicator (Precious Metals In Pole Position) – Mike Swanson
By Michael Swanson – March 27, 2022
“In this video I talk about my favorite indicator to measure the real market trend for the gold and silver price. This indicator warned of the big top in 2012 and I use it to confirm or deny whether metals rallies are real. Right now it is flashing a big green technical analysis buy signal, and that is good news for mining stocks and gold investors.”
https://wallstreetwindow.com/2022/03/the-gold-and-silver-price-rally-is-confirmed-by-this-indicator-precious-metals-in-pole-position-mike-swanson/