Would you believe 1 year ago gold would be $400+ higher but the juniors would still be struggling?

February 25, 2020

Dave Erfle joins me to focus on the precious metals market trading over the past two days. Gold is pulling back and unfortunately the stocks and silver are still under performing. It’s still a very bullish picture overall for the PMs however when it comes to picking stocks it’s a selective game.

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    Feb 25, 2020 25:41 PM

    Looking at the monthly chart is it a retest of the September 11th double bar highs or building cause to breakout over….My only hesitation is on the weekly chart..If next week does manage somehow to form a swing high..Just saying..Nothing is for certain…..Is deflation lying ahead?…while money flows into dollar based instruments?

    Feb 25, 2020 25:44 PM

    Larry, do you think the Deep State has attacked the kereport servers today because of the recent criticism here of allopathic medicine and vaccines?

      Feb 25, 2020 25:22 PM


      I do not think this is a top priority…Could be wrong…They probably love schil dr freda

    Feb 25, 2020 25:00 PM

    “Currently there’s very high bullish sentiment for gold and record inflows into gold funds, yet silver has been lagging remarkably for months. Further, there’s been record buying by global central banks and their track record is abysmal so we will not be surprised if precious metals retrace much or all of recent gains.”

      Feb 25, 2020 25:27 PM

      What publication is that from……and the author……thanks…..

    Feb 25, 2020 25:10 PM

    “Gold closing below $1620 would be bad.” One more day like today and it will be below $1600.00! Let’s hope some sanity returns tomorrow.

      Feb 25, 2020 25:13 PM

      Going below $1600 would put gold back inside of the 4 year channel that it broke out of last week. That would not be good at all but, looking at this weekly chart, I don’t think such a move is likely:

      The silver lining to today’s action is the complete sentiment reset. The “wall of worry” that a good bull market requires has been restored and weak handed late-comers have already been flushed. Shocking volatility is much better than a long grind lower.

        Feb 26, 2020 26:46 AM

        Thanks, good to know.

        Feb 26, 2020 26:35 PM

        I personally dont think a close below $1,600 would be disastrous for gold but yes not ideal either. I actually thought gold was going to hit $1700 at the beginning of the week on the back of a short term panic type sentiment. I also expected it to retrace back below $1600. The price action currently looks quite constructive in building a new support level around the $1600 region. As for silver, well it continues to disappoint. With the GSR touching 92, the status quo could and probably will continue for the foreseeable future.

          Feb 26, 2020 26:30 PM

          Disastrous is subjective, of course. By “not good at all” I meant for the advance that gold is in right now. To give back all of last week’s gain would effectively end any hope for more near term upside. It’s the difference between gold consolidating for days versus weeks or months. Right now, the chance for more near term upside is alive.
          Last week, gold impressively reacquired an uptrend that was lost almost 2 years ago:

            Feb 26, 2020 26:09 PM

            Your right, “disastrous” is subjective. In terms of consolidation, it would be nice to see gold stay above last weeks close over the next couple of weeks. Im sceptical however and think it may give way. Again, if this were to eventuate, golds outlook still has some positive shine in the near term.

            Feb 26, 2020 26:49 PM

            I just don’t want it to go below last week’s open. That would be a problem for the near term.

    Feb 25, 2020 25:17 PM

    PMs go down with the others. Global markets are going south for a while.

    Feb 25, 2020 25:33 PM

    Part of the pressure on gold today surly was the option expiration day on the Comex for precious metals. Couldn’t allow that kind of profit to endure!

      Feb 25, 2020 25:55 PM

      This was more of a “sell everything” day with general markets, bonds, metals, commodities, cryptos, all tanking.

        Feb 25, 2020 25:31 PM

        There is something going on with silver……..and it is not acting as should be…..
        The little people’s metal… way to depressed ….close at $17.90…..
        I think , it is just the masters playing tricks and and mind games….. 🙂

          Feb 25, 2020 25:52 PM

          It is bizarre that Silver can’t seem to break that overhead resistance at $18.60-$18.70, but more importantly, that it still hasn’t broken out above it’s 2016 surge high at $21.23, like Gold did last year.

          With Gold up so much into the mid $1600’s, I’d have expected Silver to already be in the mid $20’s by now, but it is stuck in the muck…..

    Feb 25, 2020 25:36 PM

    Eric Sprott’s $1.3B Portfolio of 60+ Mining Stocks

    by @AndrewNelson on 25 Feb 2020

    “Legendary resource investor Eric Sprott is well positioned for this gold bull market as we head towards US$1700/oz. I have compiled his public positions in over 60 mining stocks worth over $1.3B for subscribers. His top 5 investments are all gold focused. 3 out of the 5 are already in production, and the other 2 are advanced developers.”

      Feb 25, 2020 25:57 PM

      I feel a bit better about my portfolio of 70+ mining stocks now 😉

      Over time I’m going to work on getting a more concentrated position in the Gold and Silver stocks as that is where I’ve got more than I initially targeted and built 2 ETFs. With the Base Metals, PGMs, Specialty Metals, Uranium, and Lithium stocks I’ve got more targeted picks.

    Feb 25, 2020 25:53 PM

    Silver Price Forecast – Silver Diverges From Gold

    Christopher Lewis – 6 hours ago (Feb 25, 2020) – FX Empire

    “Silver markets fell hard during the trading session on Tuesday, breaking back down below the $18.50 level. By doing so, it looks as if the market is going to try to find some type of normalcy, perhaps closer to the $18 handle. Silver is an industrial metal as well as a precious metal, so keep that in mind. It is because of this that gold rallied while silver struggled a bit from the lows. This doesn’t mean that we can’t rally from here, and quite frankly I think we will eventually. We may have to stabilize a little bit in the meantime though, perhaps sending this market sideways more than anything else. If the market does dip though, signs of support or of bounce should be jumped on as a buying opportunity.”

    Feb 25, 2020 25:14 PM
      Feb 26, 2020 26:50 AM

      Gap filled.

    Feb 25, 2020 25:42 PM

    GLD fell back to the small fork it broke out of on Friday:

    Feb 25, 2020 25:44 PM

    Gold backtested a much larger fork that it broke out of on Friday:

      Feb 25, 2020 25:06 PM

      Matthew, any thoughts on Novo Resources right now? thanks

        Feb 26, 2020 26:05 AM

        It is very oversold so if I were confident about its future (I do not follow it), I’d have a hard time not buying it here even though it could drop another 12%+/- down to that red fork support.
        Notice that it broke its uptrend support that began last summer. This looks like a shakeout to me but you could wait until it climbs back above it if you’re worried that the break is something more serious. You could also consider buying if it hits that fork support. If it were me, I’d probably buy a little now and then more if it goes lower OR takes back the broken support. I’m not usually a fan of buying my complete position and one price point and i wouldn’t do so here (@2.44cdn).

        If you already own all you want and were thinking of selling, I would not sell it here since you are almost certain to get a better price in the not-to-distant future. That’s just my opinion and it could be wrong, not advice.

        Feb 26, 2020 26:01 AM

        The 233 week MA is currently at 2.45 and the weekly chart oscillators will take time to turn up unless there’s a strong rally. It’s scary waterfall decline but very oversold on the daily chart and at a zone of support stemming from last summer’s trading:

    Feb 25, 2020 25:45 PM

    I feel like gold “backtested” the back of my head with a sledge hammer.

      Feb 25, 2020 25:28 PM

      Ha! It does feel like that certain days David.

      It feels like my miners got hit in the back of the head of sledge hammers today.

    Feb 25, 2020 25:00 PM

    Western Australia is world’s new top mining destination

    Cecilia Jamasmie | February 25, 2020

    “Resource-rich Western Australia has been picked the most attractive region for mining investment in 2019, the latest annual survey of mining companies released Tuesday by the Fraser Institute shows.”

    “Finland, and moved into second place, after ranking 17th in 2018.”

    “United States’ Nevada moved down two spots from first in 2018 to third in 2019.”

    “Rounding out the 10 most attractive destination for mining investors are Alaska, Portugal (fifth in 2019, versus 46th in 2018), South Australia, Ireland, Idaho, Arizona and Sweden.”

    “For the first time in a decade, no Canadian jurisdiction made it to the top 10, but the province of Saskatchewan remains the most attractive region, ranking 11th on this year’s global survey index.”

      Feb 26, 2020 26:57 AM

      Good to know. One of my best holdings is PMNXF. Approaching a triple. Don’t ever see any comments on it in this page.

    Feb 26, 2020 26:51 AM

    For you AXU holders, the Feb. 19 gap has been filled to the penny:

      Feb 26, 2020 26:20 AM

      Thanks Matthew. Much appreciated for pointing that out.

        Feb 26, 2020 26:48 AM


        Feb 26, 2020 26:56 AM

        AXU is better than just fine and I noticed my broker now has a short restriction on it so it will probably move impressively very soon as team shorty pants runs for cover.

    Feb 26, 2020 26:30 AM

    Happy to add to Great Bear @ US 5.84 near opening

    Feb 26, 2020 26:54 AM

    There are lots of reasons to remain confidently bullish and the following GDX:SPY chart illustrates one of them. It opened the week with a breakout and a massive 8%+ gap that has now been mostly filled thanks to the miners pulling back strongly. That gap-fill is a good thing and look at that new weekly MACD buy:

      Feb 26, 2020 26:04 AM

      Sorry from way above.
      Trend Letter
      UNREAL almost as good as Mathew lol
      Bullish Gold LONG TERM bear on reg Equity.
      Shorted DOW last week.

        Feb 26, 2020 26:13 PM

        That makes sense……….

    Feb 26, 2020 26:09 AM

    Free trial HIGHLY RECOMMEND !

      Feb 26, 2020 26:12 PM

      Thanks for the post………

    Feb 26, 2020 26:01 PM

    You Bet.
    Our short trade up 35% in 3 days…