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Oil continues to break higher, Bitcoin gets an ETF, and gold remains stuck

Cory
October 19, 2021

Joel Elconin, Co-Host of the Benzinga PreMarket Prep Show joins us to focus on the oil price, the new Bitcoin ETF, and gold’s boring price action.

 

With oil over $83/barrel we focus on how this could impact the markets and general related inflation data. 

 

On the Bitcoin front the first US Bitcoin ETF is now trading. This ETF is based on the Bitcoin futures. We have Joel share his thoughts on the true catalysts for Bitcoin and who will this ETF is geared towards.

 

 

 

Click here to visit the PreMarket Prep website where you can follow along with Joel’s show and market comments.

Discussion
70 Comments
    Joe
    Oct 19, 2021 19:49 AM

    False rally in PMs.
    Buying anything PM related is folly.
    New lows coming soon.
    Painful lows coming by Thanksgiving.
    Woe be to anyone who ventures into the PM space looking for returns, they will be thrashed and flayed.

      Oct 19, 2021 19:44 PM

      For those of us that were buying PM mining stocks in late August and through September, it was a very real tradable rally over the last few weeks, where many companies are up double digits from where they were treading over a month ago. My trading account is cumulatively up about 16% over the last month, and I’ve been trimming some positions back some, that I had previously been adding to, to raise more funds to buy the next dip. Rinse and repeat.
      .
      That’s how one makes money in a cyclical commodity sector with incredibly volatile fluctuations in the mining stocks, and it was hardly a folly to have bought in late August and September for the tradable rally when your message was the same about there only being doom ahead. (a nice contrarian indicator).
      .
      The only folly is when buy and hold investors that pile into sectors once they’ve already run higher for a period near peaks, and then whine about them as they pull back and they didn’t sell to get out of the way of a corrective move lower.

      Oct 19, 2021 19:56 PM

      The same was being said about oil and gas couple of years ago.
      Oil..what is it good for?

    Oct 19, 2021 19:26 PM

    Didn’t Josef Schachter say it’s gonna go down in the last two interviews?

      Oct 19, 2021 19:26 PM

      Yes, Josef has been expecting a pullback in Oil most of this year, and while there was the brief pullback from the mid $70’s into the low $60’s, Oil has definitely just kept pressing higher into the $80s (up at $83 today). Energy has been on a tear higher for most of the year now.

    Oct 19, 2021 19:34 PM

    As mentioned before, October should hold its’ own with PMs—-there probably won’t be a significant move one way or another. November will be a very pivotable month. We’re only 8 trading days away from turning the calendar.

    Oct 19, 2021 19:07 PM

    Big news out today from (VG) Volcanic Gold as they have gone beyond just proving they have a new discovery and just spiked the ball for a big score. The stock was up 56% today on the news. Kaboom!!
    .
    Congrats to Simon and the Volcanic Gold team on their exploration success on a project they’ve believed in a for a long time.
    _________________________________________________________________________________________________________

    (VG) (VLMZF) Volcanic Gold drills 4.58m at 79.84 g/t Au and 5,053 g/t Ag, in the Southern Extension of the High Grade La Pena Vein
    19 Oct 2021
    .
    https://ceo.ca/@thenewswire/volcanic-gold-drills-458m-at-7984-gt-au-and-5053

      Oct 19, 2021 19:11 PM

      Hate to dump contrary news, but I have had the best 3 weeks in 20 years of investing in miners. Might be a freak thing, but it is a thing.

      Oct 19, 2021 19:25 PM

      Volcano Gold another DocJones winner. Interesting situation developing with SantaCruzSilver. Halted for over a week now pending huge purchase of three producing silver/zinc mines from Glencore.

        Oct 19, 2021 19:02 PM

        Agreed blazesb. Santacruz Silver has been doing solid work the last 2-3 years cleaning up debt, selling off non-core assets, optimizing mines, and bringing down costs. Santacruz Silver has really hit their stride the last year with operations, and personally I really like that move into a mid-tier Silver/Zinc/Lead producer by (SCZ) on picking up those Glencore properties. Another Glencore junior satellite incubator Zinc/Lead/Silver company has been (TV) Trevali Mining, and they’ve also had a nice pop recently. I’ve got nice weightings to both (SCZ) and (TV) and believe they have much higher to run as this metals cycle continues to unfold.
        .
        As for (VG) Volcanic Gold, I was already impressed with the last few drill results from Holly that the company put out, and yes — hat tip to Doc Jones for the initial heads up on the company over at ceo.ca. We’ve had Simon Ridgway on the show about 4 times now and have been following along with their success. I’ve been a happy shareholder of Volcanic Gold most of this year and was thrilled to see the price action today in response to that drilling news.

          Oct 19, 2021 19:04 PM

          (VG) (VLMZF) Volcanic Gold – Exploration Update On The Holly Project
          .
          Korelin Economics Report – October 6, 2021
          .
          http://www.kereport.com/2021/10/06/volcanic-gold-exploration-update-on-the-holly-project/

            Oct 20, 2021 20:22 AM

            Speaking of Doc Jones, he had a great comment regarding Volcanic Gold over at ceo.ca today:
            .
            @Drjimjones – “1.25m of 17.25 oz per ton aueq, $30’700 a ton that is just incredible… Simon is presenting next week in the UK should be positive for share price. High grade makes money in any cycle .62 will be a memory shortly. @elodin. What really important is the consistency of mineable high grade width building tonnage this could turn into a few millions ozs of extremely high grade…. At current my view is the risk reward warrants a 100 million mc especially with zero funding risk for 2 years.”
            .
            @Drjimjones – “Already 2x average daily volume in 26 min… lol pennies will turn to dollars.”
            .
            – about 2 hours ago
            .
            https://ceo.ca/vg?4537fa186052

    Oct 19, 2021 19:17 PM

    No more pipelines in Canada, reconciliation will take care of that. This one is already started but may never reach the coast.

    https://www.bnnbloomberg.ca/bloomberg-markets/the-coastal-gaslink-pipeline-is-destroying-our-sacred-headwaters-gidimt-en-checkpoint-s-sleydo~2304091

    Oct 19, 2021 19:22 PM

    The “Green Energy Revolution” is Creating Massive Global Demand for Lithium — its Most Precious Commodity
    .
    Investing Trends – James Hyerczyk
    .
    “The Biden Administration’s $2 trillion clean energy plan proposes a huge investment in lithium-powered electric vehicles and battery storage systems — while acknowledging the need to reduce China’s stranglehold on American lithium supply.”
    .
    “In 2020, lithium appeared on the European Union’s list of critical minerals for the first time. With the EU’s Action Plan noting clear concerns about China’s dominance in lithium battery production, the EU is looking to “build sustainable and responsible strategic partnerships with resource-rich countries.”
    .
    “Currently, U.S. politicians are wrangling over a pair of infrastructure bills, with a key goal of defending against climate damage. One bill allocates $27 billion to help harden our nation’s aging electric grids against extreme weather events. Lithium -containing battery storage investments are being encouraged as a solution to help aid these grids by balancing power generation and utilization.”
    .
    “The United Nations prioritizes battery and energy storage system technologies as a way to adapt to clean energy and renewable power.”
    .
    https://investingtrends.com/APHLF/the-green-energy-revolution-is-creating-massive-global-demand-for-lithium/

      DJ
      Oct 19, 2021 19:38 PM

      LAC for the win when it comes to Lithium. Handle on the cup being formed now, not sure if it’ll consolidate here or just take off to the upside.
      Glad I got my position in the low teens.

        Oct 19, 2021 19:13 PM

        Agreed DJ. (LAC) Lithium Americas is one of the top lithium developers in the hopper for sure. I’ve also done quite well in LAC over the last few years, swing-trading in and out of it multiple times each year. There have been fantastic gains in a number of Li companies though over the last few years and my portfolio has also benefited from positions in Orocobre, Galaxy Resources, and Pilbara Minerals this year. Other companies that went on nice runs were Frontier Lithium, Neo Lithium, Cypress Development, Bacanora, Core Lithium, and Livent.

    Oct 19, 2021 19:33 PM

    (Lost the First Post. Could be Duplicate) Anyway…I made a comment that I note there is continued negativity about the miners, and the negativity may come to fact. But, my post referenced that the last 3 weeks have been the best I have had in investing in miners in the 20 years I have been attempting to do so. It is what it is, FWIW.

    Oct 19, 2021 19:50 PM

    Draws In Product Inventories Offset Rising Crude Stocks
    .
    By Julianne Geiger – Oct 19, 2021
    .
    “The American Petroleum Institute (API) on Tuesday reported its fourth straight week of crude oil inventory builds. The week, according to the API, the build was 3.294 million barrels-strong.”
    .
    “U.S. crude inventories are still 63 million barrels below where they were at the beginning of the year.
    Analyst expectations for the week were for a build of 2.233-million barrels for the week.”
    .
    “In the previous week, the API reported a surprise build in oil inventories of 5.213-million barrels, compared to the 140,000 barrel build that analysts had predicted.”
    .
    https://oilprice.com/Latest-Energy-News/World-News/Draws-In-Product-Inventories-Offset-Rising-Crude-Stocks.html

    BDC
    Oct 19, 2021 19:53 PM

    Dollar Update : Overnight Inflation News Coming
    https://saturationtiming.blogspot.com/2021/10/dollar-week_19.html

    BDC
    Oct 19, 2021 19:52 PM

    SPQ: https://tinyurl.com/2vc9pznu
    PMs: Dollar Slavery (for now).
    Green Feed: Launched.
    Oil: Still Around.

    Oct 19, 2021 19:18 PM

    As the silver miners “predicted” with their recent strength, silver has now broken out of its 5 month downtrend along with its RSI and volume readings.
    https://stockcharts.com/h-sc/ui?s=%24SILVER&p=D&yr=0&mn=7&dy=0&id=p30208237916&a=1040763614

    Oct 19, 2021 19:27 PM

    Matthew:
    You have been nailing the charts.

      Oct 19, 2021 19:46 PM

      There’s plenty of short term uncertainty but I believe today’s action in the miners was better than it seemed. The spanner in the works came from all those big gaps up. For example, SILJ opened with a very large 3.6% gap so it’s not a bad thing that the market wanted it filled before moving on. Today’s low was 2 cents above yesterday’s close which indicates that the gap was indeed today’s problem.
      Right now, I doubt that the 10/13 gap will get filled but a close below 12.86 would make me rethink that.
      https://stockcharts.com/h-sc/ui?s=SILJ&p=D&yr=0&mn=9&dy=0&id=p22265900223

        Oct 19, 2021 19:46 PM

        Uncertainty is a constant…

          Oct 19, 2021 19:07 PM

          Yes, there will always be uncertainty but the degree of it is always variable. My uncertainty about the short term is big-picture meaningless: Will the miners correct/consolidate for a few more days or will they continue higher before taking a break? The probability that we’ve seen the low for the correction that began over a year ago is great enough that the two down days we just had could easily be all we’re going to get until the miners are at a significantly higher level.

            Oct 20, 2021 20:45 AM

            Great comment. The last couple of days have shown some silver movement in my account.

        Oct 19, 2021 19:33 PM

        I will add to what you said Matthew in regards to the short term picture in the miners and charts. Today it looked week and many posters were once again quick to voice there displeasure with the move and call for Armageddon again.

        For the ones who follow glen, I’m backing up matthews statement in regards that the overall picture that it’s not that bad at all. From a weekly perspective, it looks like a text book pull back and climb the wall worry move! I’m not saying to buy or am i predicting anything but again from a weekly and monthly perspective I like what I see! Some of you may get caught by a surprise to the upside.

        I really like the weakness and this drop back could be a fools move. Let’s give it some time and see.

        Glen

          Oct 19, 2021 19:28 PM

          Doc says November will be “very pivotal” but the most pivotal time was over two weeks ago when he made the following calls:
          Oct. 3
          “It should be the new year before anyone ought to get excited about the PM markets. Take the winter off and hibernate—-do a 90,000 piece picture puzzle or stare at your navel for 4 months—–it’ll save you some angst and prevent you from catching that still falling knife.”

          Oct. 1
          “Sure, the PMs are in trouble—the chart above is not the only chart showing the PM difficulties. There are others which I won’t get into. I might mention that the all important 20 month MA of the monthly BBs has finally been compromised and gold closed below it in September—-that signifies we will be in this bear move for longer then if that indicator had not been compromised. People might as well get comfortable and relax since we won’t be heading up to challenge the previous highs any time soon. Forget any big move for the rest of the year.”
          —End—

          Everything went up very nicely since those comments were made (including 31% for IPT, 35% for BBB and 41% for KTN) which earns Doc the contrary indicator award.

          There were plenty of positive developments happening at the time and I reported on many of them instead of opting for one of Doc’s suggested activities. HMY went up 24% after I posted this:
          HMY opportunity knocking…
          https://stockcharts.com/h-sc/ui?s=HMY&p=D&yr=1&mn=5&dy=0&id=p76564258430&a=985516989

            Oct 20, 2021 20:28 AM

            DOC is the best…no charts required except monthly BB…Great calls

          Oct 19, 2021 19:34 PM

          Yes, the most pivotal part of this pivotal time is behind us. That’s evident on a lot of charts. Like this one:
          https://stockcharts.com/h-sc/ui?s=%24HUI&p=W&yr=3&mn=3&dy=0&id=p85658054666&a=1038741662

    Oct 19, 2021 19:52 PM

    Huize Holding(HUIZ) up 8% today. Selling insurance online in China, just getting started.

      Oct 19, 2021 19:12 PM

      GameStop, AMC Rise; SEC Report Debunks Meme-Stock Conspiracy Ideas
      .
      Dan Weil – The Street (10/19/2021)
      .
      “The SEC report examined the roller-coaster trading of meme stocks in January. It put the kibosh on conspiracy theories circulating on the internet, but it also said market dynamics should be investigated.”
      .
      “Those dynamics include gamification of stock-trading apps, payment for order flow and short-selling.”
      .
      “The extreme volatility in meme stocks in January 2021 tested the capacity and resiliency of our securities markets in a way that few could have anticipated,” the SEC said in its report.
      .
      https://www.thestreet.com/investing/gamestop-amc-sec-report-debunks-meme-stock-conspiracy-theories

    Oct 19, 2021 19:16 PM

    U.S. Treasury Amends Proposal To Track Nearly All Bank Accounts
    .
    Irina Ivanova 6 hrs ago
    .
    https://www.msn.com/en-us/money/taxes/inside-treasury-s-proposal-to-track-more-americans-bank-accounts/ar-AAPu3FY?ocid=msedgntp

      Oct 19, 2021 19:50 PM

      Maybe the Fed will make a deal with us: they can monitor our bank accounts if we can “audit” them. Watch them run into the sunset.

        Oct 19, 2021 19:57 PM

        Touché David. Yeah, I’m sure the Fed would run for the hills if we wanted to audit them, like the old Fed head and cabal crony, Yellen, wants to do as the Treasury Secretary to everyday citizens bank accounts.

        It’s a classic case of “Rules for thee, but not for me.”

    Oct 19, 2021 19:22 PM

    George Gammon: Jerome Powell’s Trades Leaked To Media (Shocking Intel)
    .
    By Herman James on Rebel Capitalist – 10/17/2021
    .
    https://marketsanity.com/george-gammon-jerome-powells-trades-leaked-to-media-shocking-intel/

    Oct 19, 2021 19:02 PM

    “Transitory Is Dead.”
    .
    Jesse Felder – The Felder Report (10/16/2021)
    .
    “With the Fed owning roughly one-quarter of the federal debt held by the public on which the Treasury must pay interest — and with the Fed’s practice of sending weekly remittances to the Treasury — it’s clear that monetary and fiscal policy are conflated.”
    .
    https://mailchi.mp/felder/transitory-is-dead?e=baab1fcdca

      BDC
      Oct 19, 2021 19:24 PM

      Could the FED Jubilee its portion of Treasury debt?

        Oct 20, 2021 20:42 AM

        BDC – I’m sure the Fed has considered a “debt jubilee” along with other central bankers, as have the nations around the world. For many years we’ve heard that all the money creation from nothing (aka virtual money printing) by central bankers was fine and necessary to get out of the financial and deflationary black hole the world has been swirling. We just heard the Biden administration mouth pieces state that the $3.5 Trillion really wouldn’t cost anything and would be $0, with their rationale being we could just backstop all that if the Fed monetizes it. It’s the same nonsensical reasoning from the ECB in the Eurozone, the Bank of England, the Bank of Japan, and the People’s Bank Of China, etc….
        .
        The nations of the world are more and more saddled with unpayable debt loads, that will prevent them from raising rates that can keep pace with inflation, or the debt will become a crushing load that collapses the whole system. With headline CPI inflation in the US at 5%-6% lately, can you imagine what would happen to the financial system if the Fed “normalized rates” so that the 10 year treasury rates were at 5%-6%. It would be a catastrophe. There is no possible way mathematically for the nations of the world and their central bankster cronies to ever normalize the rates again. Period. We are never going back to that kind of world, as that was never the plan. Instead it is a controlled demolition.
        .
        As a result, the global elitist cabals will use the same parlor trick that they do in every area of our lives to force through a draconian agenda — “Problem, Reaction, Solution.” They do this in every area of culture from rules on privacy, on terrorism, on the pandemic, and on the fiscal cliff/debt ceiling, etc… These sometimes elected, and many unelected bureaucrats (that are merely appointed by the ruling elite), are the very ones that create the 1) Problem. Then when things devolved into chaos and the people inevitably complain and utter those nail-in-the-coffin words “Somebody should do something about XXX”, then they’ve got their 2) Reaction. Magically, as if from on high, they come to the people with their 3) Solution (which is the real agenda and what they’ve strived for the whole time).
        .
        With Privacy concerns, the government and multinational companies wrote insane legal jargon privacy policies that do just the opposite and take away citizens privacy. With Terrorism, they passed things like the Patriot Act, that was insanely unpatriotic, allowed spying on one’s own citizens, and in many ways paved the way for the attack on our own citizens as “domestic terrorists” today, and when it was being proposed anyone with 2 brain cells to rub together could see that was the eventual outcome of those terrible policies. However, the narrative at the time was so polarizing – Either you are with us and our Patriot Act policies, or you are with the terrorists. So brain-dead citizens and elected policy makers pushed it through to “keep everyone safe.” I
        .
        With the “plandemic” the reaction to the media-hyped fear campaign ratcheted up to a year and half of lockdowns, erosion of individual rights and liberties, and vaccine mandates, where we are now in near a global police state. It’s the exact same playbook now where they are creating 2 different “tribes” the vaccinated and unvaccinated, with one group raised up and celebrated, and the other group slandered and vilified.
        .
        With Climate Change, there are more an more limits being placed on businesses and citizens of the world to fight this Problem ginned up from 2 decades of misinformation and a media fear campaign, so now they are abolishing fossil-fuel related vehicles, blocking oil & gas pipelines, blocking permits for more resource extraction, and instead forcing mandates on renewable energy on the world. Look at what Gavin Newsome just passed in California, which outlaws gasoline and oil based small motor in lawnmowers, pressure washers, weed eaters, and generators in an effort to save their failed state, an in a knee-jerk reaction to the oil spill off the coast. They outlawed gas-powered lawnmowers and pressure washers using images of dirty beaches and birds in oil, but never asked if this is what people wanted, and it won’t stop with California and won’t stop with energy tyranny.
        .
        So make no mistake about it, when the globalist elites have claimed they’ve wanted a one world currency, in place of all the individual national currencies competing in a supposedly “free market”, they WILL get their wish.
        .
        At the same time they are watching the blossoming of the crypto currencies over the last decade, they are working on white papers and doing focus groups on how to launch their own digital currencies. I’m sure they jumped with joy at the advent of the cryptos, and thought to themselves “Great idea decentralized free market… Now, how can we take that idea of everything tracked on the blockchain and use it to create our own centralized and controlled digital currencies?”
        .
        China has already launched it’s digital Yuan, and the Fed will eventually have it’s FedCoin, and Europe will have it’s ECB Coin, and so on… for starters. When the Currency Wars wage on in a race to the bottom in fiat currencies, it will go on until the pain and Problem is so large and looming, with run-away inflation globally, until the people cry out once again those immortal and damning words, “Somebody should do something about this….” = the Reaction.
        .
        For anyone that has even been remotely paying attention the last few decades, they’ve been gradually rolling out their plans for the debt jubilee and new world order for a long time. First it was Agenda 21, then it morphed into Agenda 2030, and last year, at Davos Switzerland, they openly and brazenly met at the World Economic Forum to declare we would have “The Great Reset” = their Solution (and vision all along).
        .
        The Great Reset that they desire is the implosion of the last vestiges of the old world, and the kick off of their New World Order. It is not a tinfoil hat conspiracy theory or a far-fetched idea anymore, and it is literally what the theme of the WEF was last year – The Great Reset, where you will give up your individual liberties, personal property rights, right to buy and use the energy you desire, rights to travel where you want, and you’ll quote “like it.”
        .
        It will be one part killing individual liberties to “save the planet from Climate Change”, one part redistribution of wealth for the bogus claims of “equity and reconciliation”, and it will be the final flush of individual nations competing economically, in favor of a global digital currency to control it all. This Great Reset is the point that they will likely do the big debt jubilee, and tear down the remaining financial system, to replace it with their Global Coin, and cash will be trash, and their new digital currencies will be tracked, taxed, and can be pulled from citizens at any time. It is no mistake that over the last 2 years that cash transactions (true autonomy) are being discouraged and the pandemic was the perfect cover to make cash “dirty” and “unsafe,” with many businesses now refusing to accept cash payments. Coincidence…. not likely.
        .
        Some ding-dongs may cheer on this new world order as better or “more fair,” but over time people will remember back to when they could take cash and just go buy or sell whatever they wanted (a car, a camper, a couch, or a china cabinet) without the government snooping, tracking and taxing every transaction. They’ll remember the days where they could gas up their vehicles and drive where ever they wanted, without being in an electric car that may start to impose limits on where one can travel, how far from home one is allowed to travel, if one can even go to a certain zones (yes, there are habitation zones proposed in the Great Reset).
        .
        Then there will be the new energy tyranny where the government tells you how much power you are allotted, or if you’ve already used too much this month, so you may not even be able to charge your electric vehicle or power your “smart home”. (again, remember when you could just drive down to the gas station and buy as much as you wanted with cash… those days will be over).
        .
        Ridiculous ideas like the Green New Deal were laughed at as never going to happen, but those that have followed along with the stated United Nations goals of Agenda 21 and Agenda 2030 did not scoff when the ideas were first floated out there. That has been and is the plan all along, using the “Green Mask” of saving the planet to enforce draconian energy, food, and habitation policies. People would never willingly give those up so a fear-based campaign to save the planet has been launched for 2-3 decades now, with schools being indoctrination camps for these wacked out green socialistic ideologies to take root.
        .
        This fear narrative is the exact same playbook we’ve seen the last 2 years on a global scale, and will create rabid enforcers out of the general public, in exactly the same way they created rabid enforcers of mask and vaccine mandates. There is now way they can get the whole planet to abide by their rules, but by using fear, and group-think, and changing history, they can get the sheeple to self-police one another. All the anti-utopian novels of old, like 1984, Fahrenheit 451, Brave New World, etc.. foresaw this is how the media and military industrial machine would do it… using people to police other people, after creating rigid ideologs. Neighbors and family will be happy to snitch on you if you are using more than your fair share of electrical power or resources, or traveling where you are allowed, or eating more than your fair share. Think that’s far-fetched? Well, look at what neighbors and family did to each other for the last year over masks and jabs, daring to attend a Washington DC rally or school board meeting, or for expressing a dissenting view on social media. Make no mistake about it, the narrative of fear gets people to break the bonds of family and friends in the misplaced banner of their version of righteousness.
        .
        People will be encouraged to move to large population centers to live in “micro-housing” to save the planet, and because that is all people will be able to afford. They have proposed non-human visitation zones, so that nature can take back those areas, and over time citizens will be rooted out from those areas into the 4-5 approved habitation zones in the US, and it will be the same thing in Europe and Australia. For those that resist this, don’t worry, they have FEMA camps built for those “types” that are greedy and want their own home and land, and don’t want to “save the planet.”
        .
        If people think this is over-the-top, then they simply have been asleep at the wheel, and have not been paying attention. Those that think this is far-fetched, are likely the very sheeple buying into the fear-based narrative, and are probably the ones working to enforce the government mandates on their fellow citizens. These ideas are openly stated by these groups like the Council on Foreign Relations, the Trilateral Commission, the Council of The Americas, the Bilderberg Group, and the elites playing in hoods in the woods at Bohemian Grove. Even more mainstream are the United Nations stated goals and targets for control of the planets citizens in their proposed Agenda 21, Agenda 2030, and now the big push in Davos of the global elites for The Great Reset.
        .
        Yes, they’ll reset the debt in some form of debt jubilee, but only after the reaction from the Currency Wars final battles, and the screaming inflation that will make it tough to eat or pay for housing. They first need the sheeple to whine and ask “Somebody to do something.” The Great Reset will do so much more than a debt jubilee though, as the real goal is to take away the old world you knew, and replace it with a new globally controlled digital currency (which can be turned off from you like a light switch if you don’t have a favorable social credit score with the big brother ruling elite). You won’t use cash to buy gas, you’ll use your digital wallet to buy electricity for your EV, based on your ration. You won’t travel where you want to on vacation, you’ll travel to approved destinations, with some places then being off-limits. You won’t do what you want in your private property any more, you will do what your energy rations allow for. Food will be pricey and inconsistent, with most being dependent on government rations, all for the common good and equity mind you.
        .
        So when we talk about how serious the devaluation of money is, how dire the move to national digital currencies are, how silly some of the carbon-tax laws are forcing change in business and consume options, and when we logically push back on the massive “infrastructure -but not really infrastructure” bills tethered to “reconciliation aka redistribution” bills, that will further bankrupt the country, maybe a few more will wake up. All of these policies are not random or accidental, and are the plan to pave the way for the Green New Deal, just remember that this was the plan all along, and sadly most of the lemming citizens are begging for it, just like they complied and begged for a police state of sorts over the last 2 years, out of the fear that was created through the media about something people have a 99.4% chance of being just fine from. Now the protected are claiming they need help to get away from the unprotected, meaning their protection doesn’t really work, but they want everyone else to have it to… or else no job, no entrance to stores, and no compassion.
        .
        It isn’t logical it is emotions preyed on by a narrative of fear-based hysteria, but that’s how this all works. the Great Reset is the plan, as is a global currency that can be tracked, taxed, and deleted from your account, by the all-seeing eye of Big Brother, and all your “big data” will be be compiled and monitored by the new Technocratic State overlords. Sure, we’ll pay off the debt using a jubilee in the Great Reset, but wouldn’t it have been better to never have allowed things to go this far off the rails in the first place?
        .
        So yes, the Debt Ceiling was raised (once again) after another round of political theater, and there will be Trillions of dollars spent in some new Frankenstein “infrastructure and reconciliation” bills that hasten the demise of the world nations in an ever-growing tower of debt. When the inflation pressures, supply chain interruptions, and lack of mobility and freedom due to an endless stream of “mandates” in our new Marshall law state get to the point where people can not work, eat, or subsist, and the people cry out “Somebody should do something about this…” — Don’t worry. The global elite have a plan ready, where you will sacrifice your individual liberties, property rights, private property “privilege’s”, to “save the planet”, and you’ll “like it”.
        .
        Welcome to The Great Reset.

        BDC
        Oct 20, 2021 20:14 AM

        Ex – Thank you for your Summary of Realty.
        .
        Every empire to date has fallen because those in power fear randomness and the unknown, where they believe their power could be lost. However, it is also where creative opportunity will be found.
        .
        Spartans are lauded for their law and bravery, but were doomed from the start for using slavery! The Master/Slave ideology of the current crop will be their downfall. Too many will follow.
        .
        “Nature abhors a vacuum.” — More so a Vacuum of Morality.

          Oct 20, 2021 20:07 AM

          Bingo BDC. Very well-stated, and if we don’t learn from the mistakes of the past we are doomed to repeat them. History doesn’t always repeat exactly, but it often rhymes with patterns of past human behavior.
          .
          I’m always hopeful for the best in people and sane policies to shine through, but am simultaneously preparing for the unpleasant probabilities being forecast for the future. This is the value of the precious metals as a store of value against financial malfeasance.
          .
          Ever Upward!

          BDC
          Oct 20, 2021 20:05 AM

          Of course, it was meant to be “Reality”, but “Realty” seems to fit as well.

            Oct 20, 2021 20:02 AM

            Yes indeed. The reality of realty will be changing with the Great Reset. 😉

            BDC
            Oct 20, 2021 20:06 AM

            What we need are Golden Soul leaders, but I’ll take Silver any day!

    Oct 19, 2021 19:48 PM

    This is one technician like Matthew and doc I follow. Like many the game is a bit early but his charts are very nice.

    My forte is tacking these technicals gurus vision and style and combining it with my views and ultimately looking at the most bearish sentiment/ monthly low indicators to determine when is the safest to go all in.

    My $ bpgdm and bloggers/poster sentiment like everyone bearish now is my ultimate indicator. I believe we are heading higher and I made that vocal few weeks back. Also gold needs a re-evaluation compared to all commodities it’s lagging and its moment is coming.

    Finally I think a “ key” momentum indicator and often spoken about here by Matthew which I follow very closely is that divergence. From a weekly perspective we have had 3/4 pull backs and time and history always says that 4/5 pull back is followed by a massive shoot up on the rsi. Very few can see this.

    Glen

    Oct 19, 2021 19:42 PM

    Atlas Salt,SALT-V, formally known as Red Moon Resources,RMK-V.As of today’s close ,a 2000% gain year to date.I believe the largest %gainer on the TSX-V. 2021.

    Oct 19, 2021 19:14 PM

    SIL, SILJ and the XAU Index are leading the GDX, GDXJ and the HUI when it comes to taking back the important weekly P pivot but are lagging when it comes obtaining their weekly MACD buy signals.
    https://stockcharts.com/h-sc/ui?s=SILJ&p=W&yr=2&mn=9&dy=0&id=p43311778623

    BDC
    Oct 20, 2021 20:07 AM

    Ex – Thank you for your Summary of Realty.

    Every empire to date has fallen because those in power fear randomness and the unknown, where they believe their power could be lost. However, it is also where creative opportunity will be found.

    Spartans are lauded for their law and bravery, but were doomed from the start for using slavery! The Master/Slave ideology of the current crop will be their downfall. Too many will follow.

    “Nature abhors a vacuum.” — More so a Vacuum of Morality.

    Oct 20, 2021 20:05 AM

    Nice to see Silver with a $24 handle again, currently trading at $24.10.
    .
    https://www.investing.com/commodities/silver

    Oct 20, 2021 20:14 AM

    Bitcoin Closes In On Record High, Day After U.S. ETF Debut
    .
    Reuters – 50 minutes ago (Oct 20, 2021)
    .
    “Bitcoin hovered just below its record highs on Wednesday and the first U.S. bitcoin futures-based exchange-traded fund (ETF) looked set to open firmer after surging on its debut on Tuesday.”
    .
    “The world’s leading cryptocurrency was at $64,257 at 1236 GMT, modestly higher on the day and within a short jump of the all-time high of $64,895.22 it hit on April 14 this year.”
    .
    “It reached as high as $64,499 on Tuesday, late in the U.S. session.”
    .
    https://www.investing.com/news/cryptocurrency-news/bitcoin-closes-in-on-record-high-day-after-us-etf-debut-2648911

      Oct 20, 2021 20:16 AM

      That article from 50 minutes ago is already stale-dated, as Bitcoin has now made a new all-time high today, currently trading near $66,000.
      .
      https://www.coinbase.com/price

        Oct 20, 2021 20:28 AM

        so much for bitcoin imminent collapse. May however be true for this pop in gold if we don’t hurry up and at least breach 1800.

          Oct 20, 2021 20:09 AM

          Yeah, Bitcoin is very volatile, but has not been in danger of imminent collapse since it went down to $38,000 from $64,000, and found support. It has been grinding higher ever since and was stuck in a range between $40K-$50K for a while, but has ratcheted even higher and now is trading at a new all time high of $66,700 at the time of writing this. However, this could still be a blow-off top move where Bitcoin is surging as the new ETF is launched, and may be a euphoria moment for the sector. (similar to when investors were uber bullish on gold miners in the late summer of 2020 when it came out the Warren Buffet’s company had taken a stake in a major gold producer). Sometimes big news mixed with a pricing breakout can signal a bell ringing near a peak. Then again, many pundits are calling for Bitcoin prices well into the 6 digits in the next year. It will be fascinating to watch how this whole thing unfolds…
          .
          As for Gold, yes, it would be nice to see a weekly close above the round $1800 resistance, but ideally, to get some more momentum going, it is going to need to close above that $1840 resistance, and there are a series of resistance zones above that at $1900, $1921, $1962-$1966, and then $2089.

            Oct 20, 2021 20:00 AM

            They (CNBC) have really been pumping bit coin and the miner suppression continues. The transfer of wealth by stealing the Treasury by Wall Street at the expense of fiat currency and the World-Wide economy has left them with the objective of killing physical metals of value in favor of an electronic system they “only” have control over. One push of a key can remove all wealth from the serfs.

      Oct 20, 2021 20:16 AM

      Nice! Thanks Dan for posting the IPT drill news update.

      Oct 20, 2021 20:26 AM

      It’s a shame that their stock is still halted for the Glencore acquisition, when releasing a good operational news report on nice up day in Silver.
      .
      From the Q3 production report:
      .
      “Consolidated silver equivalent production for Q3 2021 was 872,913 AgEq ounces; an increase of over 9% compared to Q2 2021”
      .
      “Zimapan silver equivalent production for Q3 2021 was 867,215 AgEq ounces; an increase of over 14% compared to Q2 2021 that arose primarily as the result of a 20% increase in tonnes milled during the respective periods”

    Oct 20, 2021 20:47 AM

    Bitcoin is to gold as is video killed the radio star. The falseness of the ‘coin’ moniker and the pictures of a ‘Bitcoin’ is an indication of the subterfuge involved in getting cryptos widely accepted. like Joel said, there is a whole generation that accepts this stuff as if it is an asset that you can store under your pillow.

      Oct 20, 2021 20:53 AM

      Agreed Dan. Not only are the pictures of the fictitious Bitcoin “coin” usually featured in Gold, but they also have the other aspect of crypto “mining” making seem like something tangible is mined or extracted, when really it just a big math algo being validated as a proof of work (and sucking down far more energy in the process than traditional mining of gold). It’s all the rage though… just like those videos that killed the radio star… but first Beta Max tapes were killed by VHS tapes, then VHS tapes were killed by DVDs, then DVDs were killed by Blu-ray, and then Blu-ray was killed by video streaming.
      .
      I wonder how things will progress with the cryptoverse, and which companies will be the Beta Max or VHS of their day, and which ones will be the DVDs then Blu-rays and then streaming services?

    Oct 20, 2021 20:50 PM

    Well not surprising to me. Stock markets outperforming typical after a recession.
    There’s inflation no not hyper inflation Bob Moriarty. And no as I said NO crash fearmongering.
    As I argued 5 years ago the stock market would take off. Companies are profitable and peeps looking for yield. EVERYTHING has outperformed gold the last year+.
    Gotta love those hardened gold bugs and wadda about Bob. Wrong so much it makes me laugh.
    His theory was everything would blow up including the bond market 10 years ago…. his call and gold would be the only thing to survive.
    My god what a broken clock.
    Way over due for a rally though I should have sold 100% of my shares 2020 Aug…sold 75% then.