Gold and Silver outlook plus a discussion on seasonality
Steve Penny, Publisher of the SilverChartist Report joins us to breakdown the key levels on the gold and silver charts. These charts are presented below for you to follow along and view the key resistance and support levels. We also discuss the seasonality trade for gold gold now that summer is around the corner.
Click here to learn more about the SilverChartist Report.
Puts us right back to where we should have been LAST YEAR…….
Someone put a hole in the CUP, and forgot the handle….lol
What a Joke…….
BIX WEIR out with another manipulation of 500Million oz paper game on silver.
Time for a double or nothing bet with Gary on that steak he owes me—It’s not going to happen.
Good one Doc! LOL!
I’m rooting for you sir, but then again, I’d like to see higher Silver prices too.
If Gary things we’ll see $40-$50 Silver in 2 months, then would be pretty dramatic indeed, and it would mean Silver had vaulted above the $30 resistance and really got well bid. Anything is possible in these crazy markets, but is that probable?
I’d be thrilled to see Silver take a more orderly climb higher and get into the mid-$30’s as that would do plenty to lift the Silver miners, and really the Silver miners haven’t even been valued like Silver is at $27 yet (more like $20-$22 Silver at this point). The last time Silver was knocking on $30 in the prior cycle in 2011, the Silver companies were valued at many multiples higher, and their costs were higher, and they had less projects in their portfolios. If Silver just shot up to $40-$50 to rapidly, then my concern would be the miners wouldn’t process the magnitude of those metals gains fast enough.
Good luck getting that first steak, or 2 steaks if he takes your double or nothing bet.
things = thinks
then = that
Darn I wish we had an edit feature on this blog.
Ex, I couldn’t agree more with you—we don’t need a meteoric rise in silver at this time—it would be a lot healthier market to continue to see this grind up over time so that the true believers in what is to come are well positioned for the final parabolic move down the road.When that comes we all will already be in a very healthy profit mode and have the pleasure of “when to sell anxiety”.
+1 Doc. I look forward to the more measured move higher over time, where investors have time to properly evaluate the potential in the miners and so they will get valued higher accordingly. That sounds much more constructive for a longer term move, than a parabolic moon shot that goes up quick, is very crazy, but then comes back down just as quick.
I’m all for it getting more exciting than is has been though, as even at these prices, there sure is not much euphoria in the precious metals mining sector.
He also said that last October and held seminar on silver and options.
What happen, metals entered 8 month decline.
Off Topic: After listening to the interview above, EX: have you ever considered singing country music and particularly Willie Nelson songs? Sure sounds like you could. 🙂
Haha! I just left Nashville, TN last year and have been incredibly happy to get a break from all the country music, but I do like ole’ Willie. However, I was at a casino a few months back and lost a few hundred bucks on a Willie Nelson slot machine, so I’m more likely to sing the blues about that. Haha!
So disappointed….
Willie use to show up to a little town called Leipers Fork, TN and play impromptu shows at a place called Pucket’s for like 50 people even after he was a legend, just because he loved performing. You gotta love that.
My family moved to Nashville in the 1990’s because my father was president of a large recording studio on Music Row for a number of years, and ran a business that broadcast one of the largest syndicated radio country shows ever with over 440 stations carrying it. Living in Nashville for a few decades gave me exposure to all the country music I could want for a lifetime, and I never really cared for most of the newer pop country. I’m more into many genres of rock-n-roll, jazz, classical, electronic dance, world music, and brainwave entrainment music. While I was in chorus in school, and was a singer in a punk band and in an industrial band, it’s unlikely I’d do well as a country singer. Haha!
Thanks for the kind words though David. Cheers!
Thanks for mentioning that…….. What is your dad doing now……
That talking voice gave you away.. . I hear Willie…
Hi OOTB. My dad ran a number of businesses up until the last few years and then finally retired. Just when we thought he’d relax and enjoy the golden years, he mentioned getting stir crazy at home, decided to come out of retirement, and now runs a personal courier service for a few businesses just to stay busy and get out of the house.
Yes, that country western music….. whining and twanging goes a long way…. 🙂
I do like Willie…. One of a Kind….
Better get on the Road again… 🙂
Just think, if, you did not get on the road, you would not have a job…. lol…… 🙂
Better credit Willie,….. 🙂
Good point OOTB. If I had not gone “On The Road Again…” then I’d never have reshuffled my life, and wouldn’t have a job with our kind host Cory. 😉
Not only was Willie famous for singing “On The Road Again” but he was also one of 4 Highwaymen, along with Waylon Jennings, Kris Kristofferson, and Johnny Cash.
_____________________________________
The Highwaymen – Highwayman
Yes…… the Highwaymen…….. I have multiple CD on that one… 🙂
Willy carries the Group……… 🙂
Always On My Mind
Agreed OOTB. I always liked Johnny Cash too in the Highwaymen and in general.
David – “Always on my mind” is my favorite Willie song. Good mention.
You can’t beat Willie and Julio…
https://www.youtube.com/watch?v=l61kKhbAHeo
Patsy Cline sang one of Willie’s quite awhile ago: https://www.npr.org/2000/09/04/1081575/crazy
Yes Patsy…….. good one…..Crazy….
As Matthew sounds like Johnny Cash and I sing like Waylon Jennings and play a mean guitar, the 3 of us should go riding on the City of New Orleans through the Mississippi darkness rolling down to the sea.
Nice bonzo. Yeah, I like the Highwaymen version of City of New Orleans best, where Willie, Waylon, Kris, and Johnny joined him.
The Highwaymen – City of New Orleans (live)
Did you know that Johnny Cash turned down the chance to record “City of New Orleans” because his guitar player couldn’t figure out the chords, which was a lucky break for Arlo Guthrie who had the big hit with it. Johnny, Willie, John Denver, and Judy Collins all did it after Arlo. Also the Highwaymen. Have you heard Arlo sing “Can’t Help Falling in Love” on YouTube? Very moving…
Bonzo – that’s an interesting turn of fortune for Arlo, and an interesting backstory on the song “City of New Orleans.”
I See A Darkness
https://www.youtube.com/watch?v=YtVKfHfea20
Just CASH……. pleasing the crowd……
A little Chris K…
https://www.youtube.com/watch?v=6XyRdJr4LSc
Kris with a K… 🙂
Gold might need to use up a little more time but I doubt there’s much downside from here.
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=2&mn=3&dy=0&id=p74113222471&a=902656161
The light red fork on the following chart sets a higher bar/hurdle for gold yet it has closed the last two weeks above it and remains above it now. That’s a nice show of strength and resilience considering the move up so far along the looks of the daily oscillators.
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=3&mn=0&dy=0&id=p04761918572&a=963028469
Thanks for the updates. Very timely.
Good picture on the RSI……. at 1960…… nice to have that history…. Thanks…
More confirmation in my mind….just saying,…but, I know nothing…
The 10 year UST is above its 20 week MA for the first time since last September so this wind at gold’s back is increasing…
https://stockcharts.com/h-sc/ui?s=%24UST&p=W&yr=5&mn=0&dy=0&id=p59919545635&a=726005016
GDX has not taken out Thursday’s low but the index that it is based on has so get ready for more downside tomorrow.
https://stockcharts.com/h-sc/ui?s=%24GDM&p=D&yr=0&mn=8&dy=0&id=p22620420635
But it should be noted that the completion of an A-B-C correction could happen at any time now. It seems that GDM/GDX will fall another 2.5 to 3 percent but is not “required” since even abc corrections can be truncated.
Gold & Gold Stock Commentary from Pro Mining Investor David Erfle
Mining Stock Education – Jun 8, 2021
I bought several juniors today including more Galleon Gold.
SILJ looks like it is going lower and I will buy when it does…
https://stockcharts.com/h-sc/ui?s=SILJ&p=D&yr=1&mn=0&dy=0&id=p28294898370&a=968712905
Matthew,
Any downside targets to buy SILJ?
I really thought it was going to fall today so I could start buying it as it tested the KAMA, currently at 16.74. That also happens to be in the area of the “P” pivot support (16.68).
After that, I will be watching for a dip to the 50 day MA (currently 16.25 and just below “S2” pivot support on the 60 minute chart). Silver and the whole sector have been holding up well so who knows if we will see those levels. As usual, I’m keeping an eye on the daily and intraday oscillating indicators for signs of a turn.
It still seems like the 16.70 area (at least) should be reached but that can change quickly…
https://stockcharts.com/h-sc/ui?s=SILJ&p=D&yr=0&mn=11&dy=0&id=p60037142304&a=969228225
Strong down saturation for HUI and XAU became clear today: https://tinyurl.com/4nnha2vd
ECB rate decision, press release, and US inflation reports are on the docket for tomorrow morning. The current PM downswing may be fully underway.
Hi Matt,love that Galleon purchase!!
You have to be closing in on the big 2.0 mark!!(Im close)
50 day just crossed over the 200 day!
Cheers
Hi Poko, good catch! The last time that cross happened was one year and three days ago. The following chart shows Fibonacci fan (blue) and speed line support/resistance levels…
https://stockcharts.com/h-sc/ui?s=GGO.V&p=D&yr=1&mn=1&dy=0&id=p80885565315&a=968898319
Cheers
Galleon is now my largest holding, thanks Matthew.
Dan, I think it’s a good one for that honor. It has the goods and plenty of remaining exploration potential.
Still stuck on The Doors. As in break on thru? Still waiting on the mighty hand of God to decide, as to me & Fortunato, who’s walking point? I think we both might be(the last 2 clowns)…
If you made it past the age of 27, you’re on the ‘other side’.
Unfortunately Braxton still hasn’t gained any traction as Eric Sprott was still selling some. Hopefully he’s done for now selling…..is a bit disconcerting when someone with over 22M shares is selling some….if he were to try to unload the rest it would be quite the overhang and I don’t think Matthew would take down all of them.lol
No, Matthew will definitely not be taking down 20 million shares! 😳😂
Gary Savage says silver will be 40 or 50 in 2 months. Let it be.