Some very positive developments in the PM space – Gold stocks out performing gold and a key level to watch for silver
Jordan Roy-Byrne, Founder of The Daily Gold joins me to share his insights into the precious metals sector. With gold breaking the $1,850 level on Monday Jordan points out some other factors that have him in the bullish camp. We look at the performance of the gold stocks vs gold and where the next key resistance levels are. We also touch on silver as Jordan thinks this is the key market to watch that can lead gold.
Click here to visit Jordan’s site and keep up to date on his metals outlook.
It does look like we’ve reached a short term high or are very close to doing so. Look at that reversal candle:
https://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=1&mn=6&dy=0&id=p48708809698&a=956043569
GDX vs GLD reversed right where it “should” have:
https://stockcharts.com/h-sc/ui?s=GDX%3AGLD&p=W&yr=3&mn=3&dy=0&id=p51881711887&a=940285185
Whether the sector corrects for one week or three, I am not worried about the picture turning bearish.
https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=1&mn=1&dy=0&id=p12954153847&a=956047552
For clarity, I am not worried about the *bigger* picture turning bearish (meaning the intermediate trend will remain UP for months).
thanks Matt for the insight. Value your work.
You’re welcome Syljon and thank you.
The 10 year UST chart is about to “confirm” (get in sync with) gold’s bullish action of recent weeks:
https://schrts.co/qFuAZVfn
It’s easy to see that gold (GLD) is leading the 10 year UST:
https://schrts.co/uwcebNqU
Great Bear drills 4.8 m of 22.79 g/t Au at Dixie
2021-05-19 07:45 ET – News Release
Mr. Chris Taylor reports
GREAT BEAR PROVIDES FIRST DETAILED HIGH-GRADE LONG SECTION, DRILLS 22.79 G/T GOLD OVER 4.80 METRES FROM BEDROCK SURFACE, AND REACHES 300 REPORTED LP FAULT DRILL HOLES
Great Bear Resources Ltd. has provided results from its continuing fully financed $45-million 2021 exploration program at its 100-per-cent-owned flagship Dixie project in the Red Lake district of Ontario.
Gold update!
This has been long over due.. to then many folks who follow me and like my calls and direction, thank you for your patience..
What has glen been doing? Nothing, absolutely nothing lol to be honest..
I’ve raised my cash allocation to 20% since last we spoke and mentioned I would do that.
Has gold bottomed? I can’t really say with 100% accuracy it has but it does look convincing does it not? Yet many discovery miners, or small cap and even mid cap have underachieved within the monthly sinektjing David has spoken about and Larry has mentioned.
For many of you new bloggers or even old timers I have been around or a very long time and want to let you know that there is no one perfect trader with one this ker or in life.. Many claim to be exists and make so much money within there pips “ an expression used upside or downside winnings” but that’s so far from truth.
The low looks like it’s in but I won’t guarantee that! Regardless I’ve been clear with everyone. I’m already at this moment 60% long from long ago since 2008 bottom. Which means I’ve gone up and down and still remain.
20% intermediate trading which was spoke about that I was trapped at the august high no sweat.
The remaining 20% ready to unload if my escenario plays out. This is we’re me and doc agree…
By the way some of my intermediate trading stock portfolio are back to break even.
Matthew is my mentor and my Sensai and I have the utmost respect for him. Just in case many of you think to hard me and Matthew respect each other outside the ker. I’m ok with. I’m ok with challenging him he will never disrespect me but he will give me his honest call and vice versa.
There is a very good possibility Mathews double bottom is in but I can’t say 100% because the weekly and monthly have not confirmed it. Chances are he
Is right. Why many if you calm him the champ.
I want to wish Irish a belated Halley birthday! Want to wish my very good friend Jerry the best and miss taking with you. You are a man of his and always so respectful to all of us in here and never take a side..
In conclusion there is one thing that bothers me and that is the discovery/explores and small cap. They look to be forming double tops and and m patterns. I know Matthew will respond within 2.6 seconds but they don’t look like w patterns. I’m speaking of miners not gold. I actually believe USA.to is leading the pack down.
Regardless of what may happen I’m 20% cash and ready to deploy for June and July bottoms that means even if gold did bottom miners and many continue to head down in the monthly I will be a buyer as doc said.
Cheers
Glen!
Hey Glen……..thanks for the kind words………
I was wondering were you have been, always glad to hear from you.
Thanks for the update….
What I said about you was wrong. You do not respect everyone and you do take sides. People on this site need to see how you really are.
Thanks Glen.
I sold WPM – Wheaton. That’s my bear side booking profits.
And my bull side is holding a PM Fund which is still under water.
My bias favors miners to go lower, but I don’t really know.
Double checking my miners lower thesis.
GDX:GLD ratio (weekly chart)
Slow STO looks overbought, and ADX with green above red is just getting started looks bullish. MACD is confidently positive.
GDX:GLD has reached an area of important resistance but the picture is net bullish. It is currently bullishly above its weekly upper Bollinger Band but let’s see if it can finish the week that way.
https://stockcharts.com/h-sc/ui?s=GDX%3AGLD&p=W&yr=3&mn=3&dy=0&id=p84709214444&a=956599361
Thanks Matthew.
That’s some useful info on the chart. Will be saving it.
Hi Glenfidish
your input is always interesting.
im not a trader- im just an guy trying to make some money on this bull run and have taken an interest on the technicals, and for personal interest im trying to learn more about it.
just to give you some feedback: When Matthew has a opinion of the market, he provides charts which support his claims and this action, helps me to understand how he goes about his trade. hopefully this is clear. Savage does the same thing as well as Steve Penny. A chart is provided and discussed. And it appears, everyone is calling for new highs.
So, I would love to understand what you see, in charts, that supports your claims . Please do not find this aggressive or challenging in any way. i just would like to see how you come up with your conclusions. thanks
Agreed Toronto. Since charting is almost 100% visual, it is always helpful when people post their charts and can point to the chart indicators, patterns, trendlines, moving averaged, etc that have their attention, and why they think certain resistance or support levels are in place.
+1 Toronto
Anyone interested in Santa Cruz Mining can check out this chart. Sorry, I couldn’t get a 10 year chart off of Stockcharts.
Select the ‘Max’ for time line and look where the price is now relative to it’s history. I own some.
Dan, your SCZ looks strong despite the reaction at .58 today (which matched the February high which was a 4+ year high).
https://stockcharts.com/h-sc/ui?s=SCZ.V&p=D&yr=0&mn=11&dy=0&id=p21908126582
Thanks for those charts, looks like it could get overbought soon but I’m holding on for the long haul on this one.
Nice SCZ charts guys. I’ve been a fan of Santacruz for a while now as the tiniest market cap and most torqued of the small silver producers, similar in many ways to IPT in how aggressively it moves as the next smallest market cap silver producer. I enjoy trading around my core positions in both companies and love the upside leverage in both companies to the effects of rising metals prices on the magnitude of improving margins. Cheers!
I am definitely keeping a core position in SCZ. I’m hoping for a move up to a buck-ish soon-ish.
I am pondering getting back into Fiore Cannabis again too, I sold out at a 20% loss or so a while ago. This is the OTC listing.
Yes, I got into Fiore Cannabis as well, but took a haircut on it so far. I’m still constructive on it moving forward though.
As for Santacruz, I’ve had a core position in it for years, and increase it during sell downs, and then trim it back when it surges higher. Last year it grew so big it became my largest weighted Silver stock at one point, so I had to chop it back down, and I rotated profits into earlier stage companies like the developers and advanced explorers. Cheers!
quite the reversal in gold stocks and gold itself. Jordan’s view that producers outpacing gold not the case from what I see on average.
Matthew couple days back spoke of temporary ceiling on gold advance, maybe this is it on the way to january highs.