The shift to a defensive trade – USD, Gold and bonds all up, US markets, oil and copper all down
Robert Sinn, better known as Goldfinger at ceo.ca joins us to breakdown the moves this morning after the July 4th long weekend. A potentially major shift away from a risk on trade from the market open as we are seeing US markets, oil and copper all down and off their highs. There is a rotation of money back into the defensive trade today but how long will it last. We also address the move higher in gold but gold stocks moving down. To wrap up the interview Robert shares some news out today from a sponsor company of his, Newrange Gold (TSX.V: NRG; OTCQB: NRGOF).
Eloro- unimpressive AgEq oz, and who really cares about tin this early on. With as little drilling so far seen , CRESCAT built a 30%-40% premium with Quentinโs hype.Whereโs the beef?
8-10x normal volume on NRGOF, WEโll revisit .125 this summer. Thanks for the volume, ROBERT
NGROF, down 13%, here comes $.125
I’m very interested to see the Tin in Eloro’s drill results at depth, as those Silver/Tin systems in Bolivia can be massive, and it may mean they are onto a monster deposit, so I would not be so quick to dismiss the relevance of the Tin. It could be a big deal, and I added more ELO today on the selling pressure, as the retail market only gets animated about high grade silver intercepts, even if they are narrow from most companies. While the Silver eq grade is not sexy at 115 g/t, it was also a much longer intercept that we see in many Silver deposits at 56 meters. It still looks like they may be vectoring into a much larger system, which could be full of beef, even if the fickle resource investors don’t get it yet. Quinton was sure excited about the Tin being present when they released their last trenching results, because he understands what that could mean for the whole system at depth and in size.
Quinton discusses how big the Eloro mineral system could be in this interview back in April. He really gets into the significance of the Tin around the 6 minute mark, and is well worth reviewing.
We need a lot more information on tin……….. for our TINFOIL HAT CLUB…. ๐
Looks like ONE BIG ..Chocolate Kiss……. lol ……… ๐
KISS……… top secret info for traders…….. lol…….. ๐
Haha! Yes age old wisdom with KISS…. Keep It Simple Stupid.
It’s easy to say, but hard to do…. keeping it simple.
๐
Sun Summit drills 87 m of 1.13 g/t Au at Buck
2021-07-06 10:20 ET – News Release
Mr. Bob Willis reports
SUN SUMMIT INTERSECTS LONGEST INTERVAL OF CONTINUOUS, NEAR SURFACE GOLD MINERALIZATION TO DATE: 87 METRES OF 1.13 G/T GOLD EQUIVALENT WITHIN 409 METRES OF 0.52 G/T GOLD EQUIVALENT
Sun Summit Minerals Inc. has released the final assay results from the first phase of its 2021 exploration program on its Buck property in central British Columbia.
What is Bonzo buying today? FFOXF and BCMRF. Anyone else own those?
The setup now is simply the inverse of the setup last August. It’s not surprising or unusual but it is trying people’s patience. Despite all the red at the moment in the gold/silver space, nothing has really happened to call last week’s low into question. Gold simply pulled back about $25 to return to the area of last week’s high and hasn’t even reached its 1783 settlement.
GDX:SPY just filled its opening gap:
https://stockcharts.com/h-sc/ui?s=GDX%3ASPY&p=D&yr=1&mn=3&dy=0&id=p95951759650&a=964878287
To trap the early morning buyers and quash the rally. Then make them puke their shares and possibly trap the shorts. It’s been playing out since last week, works clockwise.
So far, the near term bullish case has not been ruined.
https://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=0&mn=9&dy=0&id=p97535234206
What’s frustrating is how the S&P 500 keeps climbing relentlessly despite all the bearish fundamentals. The two major gold bull markets occurred during poor s&p 500 performance. Maybe a bear market in stocks is what finally sends gold, gdx higher? The miners have performed poorly despite making tons of profit.
I don’t know if we’re about to get a bear market in stocks but I am confident that an intermediate decline is imminent and that will be great for the gold space.
Don’t want to see a crazy sell off. Gdx will sink with the rest of the market.
I wonder if silver’s weakness is due to “price managers” using stock market weakness as cover for their activities or if it really is due to stock market weakness because clueless investors think it is an industrial metal more than a monetary metal.
True – silver and juniors need to take off soon and correct with GSM from much higher levels. I don’t want to see 21 silver again. If we are starting a bear maket in GSM best case scenario for PM market would be a rounded top with money slowly flowing into the PMs. But I am afraid that with current price levels stretched so far above long term MAs volatility event is unavoidable.
Good comments Matthew. I was on the buy today in a number of stocks with some of my remaining dry powder, as it looks like a good risk/reward set up in a number of the miners.
The buy side is the place to be, at least for now!
It’s easier to buy for me when I see the continued weakness in companies making good progress on their projects.
I like Rick Ackerman but it is interesting that no one calls those with ridiculously low targets “yahoos” like they do those with high targets (which make more sense, frankly).
1200 gold, Rick? Not gonna happen…
https://www.rickackerman.com/wp-content/uploads/2021/07/Golds-drop-to-the-green-line.jpg
WOW! 1200? He used to be a regular here. Highly unlikely imo.
His hidden pivot method is as legitimate as can be, just like Michael Oliver’s momentum work but both should be careful with their personal opinions.
What I do is not at all on full display in the charts that I post and 1200 gold would be a long term catastrophe in my strong opinion.
Agreed guys. I don’t see that $1200-$1300 Gold as likely, and it would be a long term catastrophe indeed.
Really I don’t want to see the recent “higher low” of $1673 breached, or it would set up a “lower low” and do significant chart damage.
As an ultimate line in the sand, I would not want to see that $1450 pandemic crash low breached, or my concern would be the bull market would be broken to some degree. This seems quite unlikely though, so I’m not losing any sleep worrying about that.
Have you noticed, when gold “corrects” everyone and their neighbor turns bearish and comes out with their crazy targets? Same thing when it gains $100 and the whole cabal jumps up and down, why this time is different narrative blah blah? It just baffles me that every single GURU joins the bandwagon where the wind is blowing. These experts are what you see on tradingview who provide analysis.
Exactly. All seem to have a very narrow range of expertise in addition to being influenced by the financial mainstream more than they realize. Remember when gold hit 1045 and virtually every one of these guys (excluding Harry Dent!) were calling for 800 and change?
On a related note, I wonder how many realized what a bullish thing it was that gold bottomed just above its 2008 high of 1033 (or that last year’s high represented a 100% rise from the 2015 bear market low of 1045).
+2
RICK MUST BE WORKING FOR >>>>>>>>>> BASIL one, two , three and your out like a light…
๐
Heh that would require spx to complete “jaws of death” at ca 2000 or two decades of real rates above 5% ;).
๐
Rick podcasted on Howestreet 7/06 fo 20 minutes
Great interview with Goldfinger. You guys covered a lot of ground and current concerns. Thanks.
Thanks David. Goldfinger is a sharp guy and it is great to have him coming on the KER to share his fundamental and technical outlook. Cheers!
We can use all the help we can get……… ๐
+1
Well, it’s only one day, but the PM stocks as a whole traded very poorly.
One positive is that SILJ fell the same amount as SLV. To confirm bearishness, it should have provided significant downside leverage.
Barrick had a great day and many stocks seemed to complete reverse HS bottoms today
Robert mentions seasonality for gold/miners seldom seeing summer being a take-off point. Let’s not forget seasonality averages are created by events on both sides of the median. June 1-2, 2019 is a great example. I remember the pundits saying gold at that time was going nowhere. Check your charts to see how wrong they were! Just sayin’.
Eloro drills 56.12 m of 114.96 g/t AgEq at Iska Iska
2021-07-06 09:44 ET – News Release
Mr. Thomas Larsen reports
MULTIPLE HOLES YIELD SILVER-TIN POLYMETALLIC INTERCEPTS IN THE SANTA BARBARA AND CENTRAL BRECCIA PIPES AT ELORO RESOURCES’ ISKA ISKA PROJECT, BOLIVI
Hole DSB-10 returned 29 reportable mineralized intercepts over its entire 1 km length including 114.96 g Ag eq/t over 56.12m and 80.71 g Ag eq/t over 74.39m