The reversal in gold and will the Fed actually hike rates?
John Rubino, Founder of the Dollar Collapse website joins us today to share his thoughts on the $150 reversal in gold over the past 7 trading days. John thinks the Fed will not be tapering at the next meeting and that will help drive gold higher.
I haven’t heard of Soloway but the odds are good that BC topped yesterday at 50,500.
https://stockcharts.com/h-sc/ui?s=%24BTCUSD&p=D&yr=0&mn=9&dy=11&id=p27473345443&a=977627074
If that turns out to be the top, I think it still fits within Soloway’s call. I’m not into bitcoin but may dabble if/when it ever hits the lows he’s calling for.
I agree with you but some of his followers might be holding out for 52,500 unless he’s sending out alerts to cover new developments.
52,500 would actually represent a bullish breakout that Soloway must not be aware of…
https://stockcharts.com/h-sc/ui?s=%24BTCUSD&p=D&yr=0&mn=11&dy=0&id=p53008902169&a=1013900351
SLV:GLD looks good (which is important for the bullish case for the sector).
https://stockcharts.com/h-sc/ui?s=SLV%3AGLD&p=D&yr=1&mn=7&dy=0&id=p04811939411&a=1008354500
We’ve had an impressive 3 day leap in the Canadian dollar so it will be very bullish if it can continue higher without first pulling back.
https://stockcharts.com/h-sc/ui?s=%24CDW&p=D&yr=1&mn=0&dy=9&id=p80079462054&a=579387550
Nibbled a little today.
What were your snack choices if you wish to reveal…
David, cisco mining (osk.to). The reason is it’s just above the lower BB on the monthly chart. Every time it moves down to the lower monthly BB line I buy a little. Often when a asset does that it bounces off the line—if it moves lower it usually does very slowly over time instead of cascading lower if there is still distance between the lower BB line and pricing.
Good info Doc. I have a small amount of money coming into my account tomorrow and I was looking at the charts of about 7 of my stocks today. Several have that lower BB formation. I will look again and pick one of those to add. Thanks. Timing great.
DOC,
I nibbled on HL and opened a position. But I fully anticipate the gap at 5.63 to get filled.
I would say the odds of that happening are very high. In fact, I would not be surprised to see HL move even lower over the next few weeks. The monthly chart does not look very encouraging here.
I bet it won’t unless it’s heading for that huge 5% gap from December (in other words, the whole sector goes lower).
https://stockcharts.com/h-sc/ui?s=HL&p=D&yr=1&mn=0&dy=9&id=p84339102931
Well, it did it in such a way that it does not necessarily imply a move to fill that December gap. 0 for 2!
I bought more SILJ instead HL.
doc/Matthew/anyone.. any thoughts on USA?
USAS is an example of what I was talking to David about above. The lower BB is bending as prices move down slowly.
Ann, it could very well be at or near a major low but there’s not much that might be considered confidence inspiring about the charts other than possibly the daily and weekly oversold readings and the 8 straight months lower. (Can there be yet another?!) The intraday charts show plenty of weakness and big selling into the little bit of strength it has had lately. That could change quickly but it’s ugly for now.
Weekly:
https://stockcharts.com/h-sc/ui?s=USA.TO&p=W&yr=6&mn=0&dy=0&id=p73315785314&a=1015229631
I don’t own it and probably won’t.
Thanks Matt… USA sure has got beaten up the last few months
Jeffrey Gundlach: We’re Running Our Economy “Like we’re not interested in maintaining global reserve currency status”
Julia La Roche – Tue, August 24, 2021
“Billionaire bond investor Jeffrey Gundlach, the founder and CEO of $137 billion DoubleLine Capital, says his number one conviction over several years is that the U.S. dollar will decline as a consequence of current economic policies, resulting in the U.S. losing its sole reserve currency status.”
“My number one conviction looking forward a number of years — I’m not talking about the next few months at all, I’m talking about several years — is that the dollar is going to go down,” Gundlach told Yahoo Finance Live in an exclusive interview on Monday afternoon.
“So the dollar is going down is another reason why ultimately — we touched on gold — I think ultimately gold is going to go a lot higher, but it’s really in hibernation right now,” he added.
https://www.yahoo.com/finance/news/jeffrey-gundlach-view-on-the-us-dollar-decline-154813067.html
Thanks Doc.. as always.. appreciate you taking the time!!!
We are running the economy like we want to transfer wealth by transferring the treasury. Or in other words, the agenda is theft of future tax receipts. Reserve Currency means nothing. All the is smoke and mirrors to cover the thefts. The only solution is to reinstate the Law ( under the Constitution) and avoid an autocratic dictatorial government that slams your complaints down your throats and puts your grand kids in cages. Audit the Fed and the Exchange Stabilization Fund.
SILJ:GDX took back its 2 year MA yesterday and its 1.5 year MA today and a modest 2.5 percent gain tomorrow will put it at its 1 year MA.
https://stockcharts.com/h-sc/ui?s=SILJ%3AGDX&p=D&yr=1&mn=3&dy=0&id=p54519120760&a=1014251382
Always have time to listen/read John Rubino. He always seems excited to tell us what he is about to say. Here’s another favorite and a good listen: G. Soloway: https://marketsanity.com/gareth-soloway-bitcoins-going-lower-after-the-next-top-of-52500-ish/