Gold and crude breakout what does it mean for the US markets
Chris Vermeulen, Founder of the Technical Traders joins me to share his thoughts on the recent breakout in gold. We also look at crude oil closing in on key resistance that if broken could result in another pop higher. It’s all about trading for these sectors because there could be a quick correction coming for the market and that would pull down these commodities as well.
Click here to visit the Technical Traders website to follow along with what Chris is trading.
Scorpio is now up 42% since bottoming three weeks ago.
https://stockcharts.com/h-sc/ui?s=SGN.V&p=D&yr=1&mn=3&dy=0&id=p97087811355&a=803269996
Yep, it’s been a nice recovery pop in Scorpio Gold lately.
Matthew – Thanks for the chart for posting the recent news.
ditto
Thanks Matthew, I am still under on this stock but I’m not concerned as it is a long hold like Galleon Gold IMHO.
The week is far from over but the picture looks great. For new readers, that’s not advice. I own it and am biased. Do your own due diligence.
https://stockcharts.com/h-sc/ui?s=SGN.V&p=W&yr=5&mn=11&dy=0&id=p37789914795&a=568222684
This is a pivotal week for silver versus oil. It is trying to breakout and just reached its highest reading since February. I would like the week to close near or above (preferably way above) this week’s high so far.
https://stockcharts.com/h-sc/ui?s=%24SILVER%3A%24WTIC&p=W&yr=7&mn=0&dy=0&id=p55955105200&a=932690358
By .0001, GDX:SPY exceeded its Jan 29/Feb 1 high today.
https://stockcharts.com/h-sc/ui?s=GDX%3ASPY&p=D&yr=1&mn=1&dy=0&id=p14769748246&a=626014880
What To Expect – A Critical Breakout Warning For Gold, Silver, and Miners Explained
May 18, 2021 – The Technical Traders – Chris Vermeulen
“Get ready for some huge moves in gold, silver, gold stocks, and silver stocks. The charts are pointing to some big moves and it may not be what you expect. Chris explains and shows you in this precious metals video newsletter.”
His lHe developed the ban system and open it up couple months ago and that system hasn’t done nothing.
Gold just piped on eight month sell off, it will prefer out and gold bulls will be disappointed again.
Gold and miners won’t break to new highs and sustain those highs until next year and that’s if Biden doesn’t ruin economy which will kill inflation.
Chris talks slot technical bull. Pick some winners, where is the ban on big gdx pop last couple weeks, loosing newsletter.
Yesterday I bought some Western Copper and Gold, because Rio Tinto is like The Wehrmacht, they move in, consolidate, and take over. That is what makes them so successful. I think we should call WRN, Wehrmacht Copper and Gold. They won’t survive the steamroller for too long. DT
Nice DT. Welcome to the Western Copper & Gold crew with Doc & I. 😉
I actually shaved just a little bit off the top of my WRN yesterday when that news broke to harvest some gains, but yes that is great news regarding Rio Tinto coming in as a stakeholder.
I posted this yesterday on the John Rubino blog when discussing Copper, and in specific Western Copper & Gold WRN, but will repost it here since you mentioned it again.
________________________________________________________________________
Trevor Hall – Mining Stock Daily @TrevAHall
“I connected with Paul West-Sell, CEO of $WRN Western Copper & Gold earlier today to get comments on the news of @RioTinto coming in as a strategic investor into the company and the Casino Mining project.”
Interview Here:
Rio Tinto takes strategic stake in Western Copper and Gold
Northern Miner Staff | May 17, 2021
Rio Tinto Canada is investing C$25.6 million for an 8% stake in Western Copper and Gold (WRN), which is advancing its copper-gold Casino project in the Yukon. The funds will be put towards economic studies and permitting.
“We’ve always said advancing this project with a big copper or gold company made sense and now we’ve got that with Rio Tinto,” Paul West-Sells, Western Copper and Gold’s president and CEO, says in an interview, adding that “confidentiality agreements were signed about 18 months ago.”
https://www.mining.com/rio-tinto-takes-strategic-stake-in-western-copper-and-gold/
Yesterday I put up 3 different articles highlighting the supply issues for Copper miners operating in Chile and Peru, so having North American copper projects like the one that Western Copper & Gold has, will be increasingly more valuable. Rio knows this and that is why they are making their move on one of the better North American development options for both the red and yellow metals.
HEY EX…………….. IRISH IS HAVING A BIRTHDAY…….. BIG 70 … thought you might want to know…. 🙂
+70. Happy Birthday IrishT !!
https://i2.wp.com/www.tinamaze.com/wp-content/uploads/2020/06/funny-happy-birthday-meme.jpg
That is a GREAT ONE.. and Funny … 🙂
Yes, happy birthday Irish.
Dont kiss the stone, I have friends that pee on it.
Maybe you have yourself?
Hi B… Thanks….. Yes i know what you mean, its safer to kiss a cows bum , not that i have ever done it …… Hell whats happening to my nose……………………………………. LOL
It is difficult for anyone but an Irishman to say what an Irishman will do on his 70th birthday, I just hope whatever that is, that you are enjoying yourself immensely. DT
I’m pretty sure a 70 year old Irish birthday celebration involves drinking a glass or two Guinness, and then going on a big search for a hidden pot of Gold or Silver, and then dancing a jig with a pan flute or a harp if it is found … (but I’m only part Irish)
https://upload.wikimedia.org/wikipedia/commons/3/35/Guinness_Glass_2010.jpg
IT, drink a glass of water before you go to bed and in the morning you will wake up with a clear mind and a steady hand. LOL! DT
MAN…… Stop teasing me…………….. lol
🙂
Hi DT…. Thanks….. A meal with three of my kids…. then off to the pub , for some tomfoolery…. & the Guinness…… now thats living the life……… HaHa
Too many pubs in Ireland to figure out which one you were at….otherwise I could have ordered a round. Hope you got all the tomfoolery in…… maybe even some tomcatting. 😏
Hi EX. Thanks great card…… I might have to change my user name…. HaHa
Haha! Yes change it to Irishtony (The Legend)….
MAY 19, 2021
Labrador Gold Closes $15 Million Financing Backed by Eric Sprott and New Found Gold to Accelerate Exploration at Kingsway
I came late to the party got some sassy resources. Through their subsidiary gander ES bought in too
Bought GROW @$5.82
producers generally in a bad lag vs gold. Usually a bad omen guys???
Keep an eye on the royalty companies.
even gold bulls hastily taking profits afraid of at least a pullback in spite of january highs at 1950 or so as a magnet. Anyone else have perspective on this.
I think the true gold bulls are hanging on. Just the casual follower selling winners to cover losses and maybe margin calls…..a lot of red in the cryptos for those momo players…..Tesla too….
yes, wolf, the above news on vzla being sold after a significant run up.
HEY Glenfidish ….YOU out there………..
Have any thoughts on direction of gold…..?
GOOD SIGN…………….
jmo
https://www.zerohedge.com/markets/jpmorgan-sees-bitcoin-fair-value-35000-amid-institutional-liquidations
Overnight, JPMorgan listed another reason why bitcoin is definitely not the most crowded trade: namely because over the past two quarters, “institutional investors appear to be shifting away from bitcoin and back into traditional gold, reversing the trend of the previous two quarters.”
SCORPIO GOLD EXPLORATION DRILLING PROGRAM ON HISTORIC HIGH-GRADE MINERALIZED ZONES AT THE MANHATTAN MINE, NEVADA
https://www.scorpiogold.com/news/scorpio-gold-exploration-drilling-program-on-historic-high-grade-mineralized-zones-at-the-manhattan-mine-nevada-1/