Jordan Roy-Byrne – Technical Outlook For Gold, Gold Stocks and Silver – Consolidation Continues But That’s Not A Bad Thing
Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins me to discuss the technical outlook for gold, gold stocks and silver. While gold and silver continue to be stuck in ranges, gold stocks staged a mini breakout and are only around 10% off of very important resistance levels. We also discuss the environment where PMs continue to consolidate for a while building up momentum for another powerful move.
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NFGC — Added full tranche @ $7.08
SILV — ADDED FULL TRANCHE @ $8.50
FCX — Added @ $46.20
Gold and silver are basically flat vs the CRB over the last 8 years.
Gold vs the CRB has fallen back to test the peak made in 2012.
Basically, what I would take away from these charts is that there is absolutely zero premium being placed on gold and silver as monetary metals, at least for now. From a positive perspective, you could at least say that gold has held its purchasing power over the last 10 years, but that is about it. Silver hasn’t even done that. Maybe this will represent a low point, but at this moment in time I would say no one cares about currency risk.
Very good points G. It is interesting to see other commodities continue to perform just as well as PMs with all the negativity out there. It’s been a long decade plus where PMs have lagged many other markets.
Santacruz(SCZ) has lots of zinc now…with some silver credits.
Just a little trouble…..
……………..Fifth of Peru copper mining goes offline with more shutdowns likely
https://www.mining.com/web/copper-mines-are-shutting-in-peru-with-social-conflicts-mounting/?utm_source=Daily_Digest&utm_medium=email&utm_campaign=MNG-DIGESTS&utm_content=fifth-of-peru-copper-mining-goes-offline-with-more-shutdowns-likely
Sky-high metal prices and accelerating general inflation are fueling another up-tick in resource nationalism and social unrest in Peru, among the top suppliers of copper, zinc and silver.
As of Wednesday, about a fifth of the country’s copper output will be off-line as MMG Ltd’s Las Bambas mine joins Southern Copper Corp.’s Cuajone in succumbing to community protests