Comparing the moves in gold and silver to other commodities and the broad markets
Steve Penny, Publisher of the SilverChartist Report joins us to share the levels that are critical to investors watching gold and silver. We also discuss the discrepancy between the metals and US markets. Even with the good run in PMs and commodities they are still under-performing the broad averages.
Click here to visit the SilverChartist website to keep up to date on what Steve is writing.
Silver ETFs Gain Ground In Midday Trading
May 03, 2021 By: Jason Capul, SA News Editor
“Heading into the middle of Monday’s trading session and market participants have seen a jump up in silver futures. Silver is up over +4.00% so far into the session.
Silver rises as the U.S. dollar falls. The U.S. dollar index has slid in trading so far, dipping just below the 91 level. Some exchange traded funds that have been affected by the moves in the silver market are the below ETFs.”
iShares MSCI Global Silver Miners ETF (BATS:SLVP): +5.13%.
ETFMG Prime Junior Silver Miners ETF (NYSEARCA:SILJ): +4.79%.
Global X Silver Miners ETF (NYSEARCA:SIL): +4.26%.
iShares Silver Trust ETF (NYSEARCA:SLV): +4.21%.
Aberd Std Silvr Shs (NYSEARCA:SIVR): +4.16%.
Only Vaccine humans can (SEE) !
SVM flying today
Yep. Silvercorp leading the charge today in the Silver producers.
Symbol – Silver Producers – Daily Change %
SVM Silvercorp Metals Inc. +11.74%
USAS Americas Gold and Silver Corporation +11.16%
EXK Endeavour Silver Corp. +10.42%
HL Hecla Mining Company +8.80%
CDE Coeur Mining, Inc. +8.04%
IPT.V IMPACT Silver Corp. +7.58%
AXU Alexco Resource Corp. +7.30%
AG First Majestic Silver Corp. +6.03%
FSM Fortuna Silver Mines Inc. +5.97%
PAAS Pan American Silver Corp. +5.59%
SSRM SSR Mining Inc. +4.92%
ASM Avino Silver & Gold Mines Ltd. +4.84%
GPL Great Panther Mining Limited +4.66%
EXN.TO Excellon Resources Inc. +3.94%
GATO Gatos Silver, Inc. +2.26%
GGD.TO GoGold Resources Inc. +1.16%
Symbol – Silver Explorers & Developers – Daily Change %
AGH-H.V Canadian Silver Hunter Inc. +31.25%
EMO.V Emerita Resources Corp. +22.86%
RYO.V Rio Silver Inc. +14.29%
SIVE Silver Verde May Mining Co., Inc. +14.29%
CDPR.CN Cerro de Pasco Resources Inc. +13.51%
MAG.TO MAG Silver Corp. +10.40%
ARD.AX Argent Minerals Limited +10.26%
VML.V Viscount Mining Corp. +9.86%
VIPR.V Silver Viper Minerals Corp. +9.80%
KTN.V Kootenay Silver Inc +9.09%
RSLV.V Reyna Silver Corp. +8.89%
SSV.V Southern Silver Exploration Corp. +8.51%
TM.V Trigon Metals Inc. +8.06%
GOG.V Golden Tag Resources Ltd. +7.69%
VZLA.V Vizsla Silver Corp. +7.49%
TUF.V Honey Badger Silver Inc. +7.41%
DEF.V Defiance Silver Corp. +7.14%
VAL.AX Valor Resources Limited +7.14%
SIL.TO SilverCrest Metals Inc. +6.85%
ZFR.V Zephyr Minerals Ltd. +6.25%
VRR.V VR Resources Ltd. +6.25%
SLVR.V Silver Tiger Metals Inc. +6.15%
G1A.AX Galena Mining Limited +5.88%
SVE.V Silver One Resources Inc. +5.71%
AUU.V Gold79 Mines Ltd. +5.56%
AUMN Golden Minerals Company +5.49%
SSVR.V Summa Silver Corp. +5.41%
ANZ.V Alianza Minerals Ltd. +4.76%
DV.V Dolly Varden Silver Corporation +4.62%
GGX.V GGX Gold Corp. +4.35%
AUN.V Aurcana Silver Corporation +3.90%
BCM.V Bear Creek Mining Corporation +3.52%
IVR.AX Investigator Resources Limited +3.45%
WRM.AX White Rock Minerals Ltd +3.41%
AZT.V Aztec Minerals Corp. +3.39%
BNKR.CN Bunker Hill Mining Corp. +3.33%
GRSL.V GR Silver Mining Ltd. +3.28%
SVG.V Silver Grail Resources Ltd. +3.23%
SVL.AX Silver Mines Limited +2.98%
SNG.V Silver Range Resources Ltd. +2.86%
DSV.V Discovery Silver Corp. +2.70%
ELEF.TO Silver Elephant Mining Corp. +2.63%
BRC.V Blackrock Silver Corp. +2.56%
BML.AX Boab Metals Limited +2.50%
UFO.L Alien Metals Limited +2.13%
NUAG.TO New Pacific Metals Corp. +1.75%
CKG.V Chesapeake Gold Corp. +1.62%
MMG.V Metallic Minerals Corp. +1.56%
AZS.AX Azure Minerals Limited +1.43%
ELO.V Eloro Resources Ltd. +1.40%
MTR.L Metal Tiger plc +1.12%
SVB.TO Silver Bull Resources, Inc. +1.05%
EMO slipped through my fingers and I didn’t buy..damm!
I bought a little EMO when Doc Jones recently mentioned the arbitrage in their valuation and the metal in the ground, but now wish I’d have bought more as it has really been screaming higher lately.
We can still see a significant top in the general stock indices for a excellent short selling setup. The action today was excellent and if we see prices accelerating fairly rapidly over the next couple weeks, should have a good chance at shorting this market with exceptional odds to capitalize on. At least, that would be my perspective and risk tolerance. I want to see a lot of exuberance and frenzy action. “”” I will short.””” Using highly leveraged derivatives in the money and out of the money put options close expirations and further out. 🚀🚀🚀⬆️🎯
I’ve been saying for the last week or two I’m fairly positive in favor of precious metals. In fact, I’m extremely bullish longer term projection with gold trading at well over 3,000 easy. Silver is a no-brainer. My gold equities position is doing very well. Never trading it and not taking any profits. That’s way down the road.
Liquidity crisis is fading as long as they don’t pull the rug out from under everything. I’m still maintaining a big bankroll to allocate for buying opportunities-fire sales in case that develops especially in gold equities. I’m not ruling anything out just yet as far as a liquidity crisis.
Either way, I’ll make out. ✓ Win Win 🏆 Bull or Bear. A fire sale would be even better. 🤞could be wishful thinking.
Picture perfect: The low for gold last week happened 40 cents above the neckline of its double bottom…
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=0&mn=11&dy=0&id=p83874938081&a=946184201
GDX beat GLD by a very respectable 2.51% today:
https://stockcharts.com/h-sc/ui?s=GDX%3AGLD&p=D&yr=1&mn=1&dy=0&id=p31496300229
Of course, GDX performed better versus the dollar.
https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=1&mn=1&dy=0&id=p72010729082
It has to be bullish that this picture is still met with so much skepticism:
https://stockcharts.com/h-sc/ui?s=GDX&p=W&yr=3&mn=3&dy=0&id=p26322556206
Well said.
Matthew:
You have been right all year.
SILJ finished up almost 6% and is higher in afterhours trading:
https://stockcharts.com/h-sc/ui?s=SILJ&p=D&yr=1&mn=1&dy=0&id=p58880901208
+6 SILJ also cleared a number of those shorter term moving averages as you showed on that chart. It was also nice to see a $27 handle on Silver for today, when so many were calling for $22-$23, so that probably helped boost the silver miners further.
As an aside, this was also the first day post SilverSqueeze 2.0 that officially kicked off on Saturday (of all days), so it was a nice way to start off the week and the month.
Sprott Asset Management @Sprott · 1h on Twitter:
“Nice to be stacking again!”
“$PSLV adds 1,000,000 ounces of physical silver today”
“139,807,887 total ounces of physical silver”
Tavi Costa is all bulled up about the silver price action, and pointed out that Silver just broke out of it’s recent downward trendline.
____________________________________________________________________
Otavio (Tavi) Costa @TaviCosta 9:22 AM · May 3, 2021 on Twitter:
“Very impressive move.” {in Silver}
“Off to the races here folks.”
Something happened to that link to the Sprott PSLV link on Twitter, so use this one instead.
The Wallstreet Silver guys and gals on Reddit have now taken to the billboards to advertise on behalf of Silver.
It’s a bit comical that a rag-tag group of retail silver investors are better at building market awareness and interest in a commodity than most of the Silver miners, publications, or councils have been in over a decade. 🙂
________________________________________________
r/Wallstreetsilver •Posted byu/roguelib 12 hours ago
“Saw this today, took me here!”
https://www.reddit.com/r/Wallstreetsilver/comments/n3v23v/saw_this_today_took_me_here/
/Wallstreetsilver •Posted byu/ivanbayoukhi – Silver Surfer 🏄 1 day ago Twitter:
“Breaking News: The Billboard Locations!! Everyone Take Pictures and Share On Social Media.
– Cincinnati, OH
– Las Vegas, NV
– Nashville, TN
– Oklahoma
– Buffalo, NY
A sign of the times Ex! Thanks partly to the internet, everyones an expert and heard. And everyones influenced and listening.
Yes Ozibatla, we do live in interesting times, in the information age.
The Fed has some competition in the Media game.
Gold & Silver Begin New Advancing Cycle Phase
May 3, 2021 – The Technical Traders w/ Chris Vermeulen
https://www.thetechnicaltraders.com/gold-silver-begin-new-advancing-cycle-phase/
Hey Matthew. What’s your take on Brixton ???….. I certainly got that one wrong. Thought it was getting ready to go by now
Wolfster, $12M was raised between last August and December so the “4 months and a day” hold has expired on a lot of shares. Since this correction has dragged on and those shares came with warrants, there are at least two synergistic reasons for a lot of them to come to market and keep coming until the sector in general gets moving convincingly. If that’s not enough, and it probably is, it is typical for exploration stage companies to move after virtually every other segment of the space (and often do so explosively). So, I am happy to hold my current 1.45 million shares for the coming news flow and action, whenever it comes. As explorers go, Brixton is a cut above most of the rest and at least two billionaires now seem to agree.
I think two daily closes at .25 are probably all we need to see the current price zone finally left behind for good. Until then, watch the .215 support.
https://stockcharts.com/h-sc/ui?s=BBB.V&p=D&yr=1&mn=1&dy=0&id=p52124968658&a=948101665
Thanks for your thoughts Matthew…..found this interview about Brixton late last night.
https://m.youtube.com/watch?v=acoXQxhhACo&feature=youtu.be
Thanks for the interview Wolfster.
I’m finally watching the video and am (again) struck by this interviewer’s lack of understanding of the resource sector. That doesn’t necessarily detract one bit from the interview but it is a little surprising (I’ve got two-thirds left to watch).
(ELO) (ELRRF) Eloro Resources’ First Drill Hole at the Iska Iska Project’s Central Breccia Pipe Encounters Multiple Mineralized Intercepts including 196 Grams Silver Equivalent/tonne (g Ag eq/t) over 56.2m and containing 343 g Ag eq/t (274 g Ag/t, 0.16% Sn and 0.16 g Au/t) over 27.5m
4 May 2021
https://ceo.ca/@nasdaq/eloro-resources-first-drill-hole-at-the-iska-iska
(GOT) (GOTRF) Goliath Receives Permit for Its Inaugural Drill Program on Its Extensive High-Grade Gold-Silver Discovery – Golden Triangle, BC
4 May 2021
https://ceo.ca/@nasdaq/goliath-receives-permit-for-its-inaugural-drill-program
(NHK) (MIMZF) Nighthawk Receives Permits to Commence Drilling at the Cass Zone, Part of the Recently Optioned Kim & Cass Property
4 May 2021
https://ceo.ca/@newswire/nighthawk-receives-permits-to-commence-drilling-at
(SKE) (SKREF) Skeena Intersects 4.94 g/t AuEq over 8.20 metres at Eskay Creek in New Mineralized Corridor
4 May 2021
https://ceo.ca/@accesswire/skeena-intersects-494-gt-aueq-over-820-metres-at
(AZM) (AZMTF) Azimut Reports Initial Metallurgical Tests from the Patwon Gold Zone, Elmer Property, Quebec
4 May 2021
https://ceo.ca/@newswire/azimut-reports-initial-metallurgical-tests-from-the
(EXK) (EDR) Endeavour Silver Intersects High-Grade Silver-Gold Mineralization at the Guanacevi Mine in Durango, Mexico
May 4, 2021
https://ceo.ca/@nasdaq/endeavour-silver-intersects-high-grade-silver-gold
(ORX) (ORFDF) Orefinders Closes 9.9% Private Placement with (KL) Kirkland Lake Gold Inc.
May 4, 2021
https://ceo.ca/@newswire/orefinders-closes-99-private-placement-with-kirkland
(BSR) (BBSRF) Bluestone Announces Additional Drill Results including 28.6 meters grading 11.6 g/t Gold and 217.6 meters grading 1.4 g/t Gold
May 4, 2021
https://ceo.ca/@newswire/bluestone-announces-additional-drill-results-including
Back into Bluestone with a small position.
(CXB) (CXBMF) Calibre Reports Strong First Quarter 2021 Production and Costs, Including Initial High-Grade Ore Delivery from Pavon Norte
https://ceo.ca/@nasdaq/calibre-reports-strong-first-quarter-2021-production
(AUN) (AUNFF) Aurcana Provides Construction Update and Production Outlook for Its Revenue Virginius Mine for the Remainder of 2021
https://ceo.ca/@nasdaq/aurcana-provides-construction-update-and-production
(DNN) (DML) Denison Delivers Offer to Acquire 100% Ownership of JCU (Canada) Exploration Company, Limited
https://ceo.ca/@newswire/denison-delivers-offer-to-acquire-100-ownership-of
(HPQ) (HPQFF) HPQ Silicon and (PYR) Pyrogenesis Evaluating a Low-cost and Environmentally Friendly Plasma Based Process to Manufacture Fumed Silica
https://ceo.ca/@nasdaq/hpq-silicon-and-pyrogenesis-evaluating-a-low-cost-and
“Odyssey Gold’s (ODY.AX) share price has leapt 83% after the company encountered a “significant” visible gold from its Bottle Dump deposit. The find emerged from the company’s maiden diamond drill hole targeting the eastern extension of Bottle Dump deposit, situated within its Tucknarra project.”
(NFG) (NFGFF) New Found Intercepts 124.4 g/t Au Over 17.7m and 131.1 g/t Au over 4.65m at Keats
https://ceo.ca/@newswire/new-found-intercepts-1244-gt-au-over-177m-and-1311
(USAU) U.S. Gold Corp. Announces Plans for 2021 Summer Field Season Program at the CK Gold Project in Southeast Wyoming
https://ceo.ca/@newswire/us-gold-corp-announces-plans-for-2021-summer-field-973a0
Ex:
A lot of great info. Thanks for putting it all in one place.
Yes, took 25% off the table NFGFF @ $6.60
Nice to get updated pricing and technical insights from the SilverChartist – Steve P.
Yes, it is quite striking when one backs up to a longer timeframe (like back to the early 1980s like Steve mentioned), and considers just how undervalued commodities still are (despite their recent move higher) when compared to general equities.