Currencies and PMs – In Need Of A Bounce
I’m joined by Chris Kimble, Founder of Kimble Charting Solutions who shares 5 charts, all below, outlining currencies that have strong correlations to the precious metals complex as well as a couple metals only charts. Very close to breakdown levels the bounce today is very important to save these charts and keep the currencies and metals in their ranges.
Click here to visit Chris’s site and sign up for his free email blast.
Nice!
Just a back-test of broken support?…
GDXJ weekly:
http://schrts.co/JVdwapEg
As one should expect, GDX has held up better than GDXJ since the sector topped two months ago…
Hi Matthew. How do you think Impact is looking? To me it looks ready to turn. I bought a bit more today since it was flat to down when my other silver miners were largely up.
Hi Charles – I think Impact looks ok but uncertain, probably due to the Fed next week.
More than peers like Alexco or any other junior miner that I follow, Impact has always seemed to hold more useful clues about the state of the sector. So it would be helpful if it confirms what the ETFs are doing today.
Good thoughts and good to know.
For those people following Auryn Resources the following article may be of interest:
https://seekingalpha.com/article/4257126-auryn-resources-depth-examination-sombrero-project-peru
Looks like my prediction about the week of April 22 marking the low of the gold IC was dead on. Reason I chose this week was it is week 27 of the IC. That was a very common IC length at the start of the last bull run.
I’m not sure if we will have to wait 2 ICs before the miners make a huge move. But the trend of higher highs and higher lows will definitely be set this next IC starting next week. Either way, I’ve waited 3.5 years, I can wait a little longer.
Hi Spanky – i know you own a bunch of Alexco. Looks like it is perking up today on pretty good volume to end the week with momentum heading up. Next week should be interesting.
The silver miners have cloud resistance on the weekly charts to deal with. While I think they have bottomed, a really large move may not come until later this year.
Nice Charts BTW Chris!
Very interesting charts and interview.
And here’s a treat for you boys…Woods, Murphy and Stockman…discuss the Feral Reserve and the Mankiw sickening NY Slimes article.
https://contrakrugman.com/ep-185-david-stockman-joins-us-to-shred-economists-love-letter-to-the-fed/
Ira’s metals
A discussion about technical analysis: Acampora and Shaw
Group Ten Metals Signs Letter of Intent with Mount Cairnes Resources for Partnership on the Ultra PGE-Ni Property in Canada’s Yukon Territory
April 25, 2019
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Vancouver, BC – Group Ten Metals Inc. (TSX.V: PGE; US OTC: PGEZF; FSE: 5D32) (the “Company” or “Group Ten”) announces that it has signed a Letter of Intent (“LOI”) with Mount Cairnes Resources Corp. (“Mount Cairnes”) for an earn-in by Mount Cairnes of a 51% interest in Group Ten’s 93-square-kilometer Ultra PGE-Ni-Cu property in Canada’s Yukon Territory by completion of the following requirements over a four-year period:
•Cash payments totaling $750,000 to Group Ten;
•Issuance of three million shares to Group Ten; and
•Completion of $3.75 million in exploration work on the Ultra property, with Group Ten as operator.
Group Ten and Mount Cairnes have 90 days from the signing date of the LOI to complete and execute a definitive agreement, which will be subject to the approval of the TSX Venture Exchange and Group Ten’s Board of Directors.
The below sounds like a pretty good deal for Group Ten metals. I don’t know anything about Mount Cairnes? I have not heard of that one before.
Group Ten’s President and CEO, Michael Rowley stated, “We are very pleased to have completed this LOI with Mount Cairnes. The Ultra property is a large claim block within our Kluane PGE-Ni-Cu Project and is highly prospective with multiple historic showings plus additional targets developed by our Yukon exploration team. Group Ten has worked strategically to acquire and consolidate high-quality projects through the low part of the metal price cycle, culminating in the acquisition of our flagship Stillwater West PGE-Ni-Cu Project in 2017. As a result, the Company holds a portfolio of high-potential exploration properties in proven mining districts, adjacent to producing mines and advanced stage deposits. We are now in a position to undertake partnerships or other value-creating arrangements on these secondary assets while we focus our efforts and resources on advancing the Stillwater West Project. The Company continues to receive and evaluate expressions of interest in our Ontario, Yukon, and Alaska properties. We look forward to providing continued updates on these properties as well as reporting continuing advancements at Stillwater West.”
About the Ultra Property and the Kluane PGE-Ni-Cu Project
The 93-square-kilometer Ultra PGE-Ni-Cu property is part of Group Ten’s Kluane Project and is located in the Kluane PGE-Ni-Cu belt that extends through the Yukon from northern British Columbia to central Alaska. Group Ten’s Kluane Project properties are each within 15 km of the Alaska Highway and situated on trend with the Nickel Shaw (formerly Wellgreen) deposit, one of the world’s largest undeveloped PGE-Ni-Cu projects. Among other results, trenches from the Ultra Project yielded up to 19.5 g/t 3E (5.5 g/t Pt, 13.5 g/t Pd, 0.5 g/t Au), with 4.1% Cu and 1.7% Ni from an ultramafic sill1. Group Ten owns a 100% interest in the Ultra PGE-Ni-Cu property, subject to a royalty interest with buy-down provision on portions of the claim block.