Steve Penny – Technical Analysis for Platinum, Gold, Silver, Commodities, Mining Stocks, And 10-Year Yields

Steve Penny, Publisher of The SilverChartist Report, joins us to share a number of key charts on the Platinum vs Gold and Platinum vs Silver ratio charts, the Gold weekly, Silver weekly, longer-term Commodities versus Stocks, Junior Silver Miners vs Gold Miners ratio chart, and and the (TNX) 10-year treasury yields. (all charts are posted below so you can follow along). 


We intermix some macro fundamental discussion in around these various markets to get Steve’s overall take on where the drivers of each sector will come from.



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    Jun 03, 2022 03:51 PM

    Combining Jordan’s and Steve’s view, junior silver producers would be the holiest of holy grails. I’m gonna focus and allocate a substantial portion of my cash there.

      Jun 03, 2022 03:36 PM

      Yup, wholly holy grails. The SILJ “juniors” are going to smoke GDX but the real juniors like IPT are going to smoke SILJ.

        Jun 04, 2022 04:38 AM

        +1 Matthew.

        Jun 04, 2022 04:05 AM

        I appreciate your message Matthew, particularly the way you deliver it.

      Jun 04, 2022 04:37 AM

      Agreed Terry. This has been proven over and over again, that in a real PM bull market, Silver outperforms Gold on a percentage basis, the mining stocks outperform the metals, and the silver miners outperform the gold miners.

      We saw that in 2009-2011, we saw that big time in the 8 month run in the mining stocks from January – August 2016, we saw from the Fall of 2018 through early 2019, then from mid-2019 to early 2020, and then again in March of 2020 through August of 2020, and then again coming out of tax lass selling in 2020 into Feb 1st of 2021.

      It has been discussed on here many times that if people are bullish medium to longer term on Gold, then they should be really bullish on Silver, and if they are bullish on Gold miners, then they should be even more bullish on the Silver miners. Why people would only be positioned in gold miners and snub silver stocks is as puzzling as it is near-sighted.

      What is also ironically funny is that each time when we get very bearish pullbacks in the metals, many prominent folks in the PM sector say they are avoiding Silver stocks (usually at or very near the bottom when it is the best time to be accumulating them)… a nice contrarian signal. Then conversely, during the very bullish runs in the PMs, those exact same people exclaim “Wow can you believe how far those Silver miners have run recently?” I always say “Yes! We see it every time.”

      We know silver mining stocks outperform on both the downside and the upside, so none of this should be a surprise. Often these same pundits usually go one step further proclaiming the Silver stocks are “overvalued” during the bullish periods, but fail to comprehend that this is because the market is forward-looking and anticipating higher silver prices, better profit margins for producers, and better economics for the developers. What is interesting is that they don’t see the silver miners as “oversold” during the painful pullback periods, and thus the obvious better buy. Sure, gold will move first and get the initial safe haven bid, but it’s just interesting that so many otherwise very intelligent PM investors avoid buying the silver miners when they are “cheap”, and then poke at them when they “dear” lamenting the fact they never positioned in them.

      What I personally really like about Steve Penny, and the ratio chart he posted between Silver miners and Gold miners, is that he totally gets it. His interest a few years back and focus on both Silver miners and the high torque of Uranium miners as the biggest movers in the resource space, paired with his interest in Gold, Platinum, Copper, Royalty companies, a balanced portfolio, and technical proficiency is why I reached out to him to invite him on the show in the first place. Oddly, in the resource space there are very few individuals championing the cause for the Silver miners or the Uranium miners, and even fewer that have a grasp on both the fundamental and technical picture.

      Really good stuff and we are so grateful to have Steve sharing his charts and insights with us here at the KE Report every few weeks.

        Jun 04, 2022 04:46 AM

        Steve Penny – Inflection Point Nearing: Fed To Pivot

        Liberty and Finance – June 3, 2022

        0:00 Intro
        1:25 Job’s report
        3:29 Fed is trapped
        4:08 10-year yield
        5:22 Silver
        8:26 Gold
        10:42 Miners
        12:33 Platinum
        16:15 USD Index
        17:30 Silver Chartist
        18:10 Miles Franklin

    Jun 03, 2022 03:41 PM

    Relative to the 20 day MA, today was IPT’s best close in almost 3 months (and is 21% off its low):

      Jun 04, 2022 04:40 AM

      Good charts as per usual Matthew, and I also liked the one you posted earlier this week showing SILJ versus GDX, illustrating a similar point about silver miners versus gold miners. In addition that one with IPT versus FNV was a great one for folks to mull over as well. Thanks for sharing your work.

    Jun 05, 2022 05:44 PM

    I agree 100% with Steve on PLATINUM…………….

      Jun 05, 2022 05:35 PM

      Yes, OOTB I agree with your agreement on Platinum. Haha! 🙂

      We’ve both been pounding the table on it as a good contrarian metals play for the last year. In the realm of PGMs, personally I had a number of Palladium companies that really did quite well from 2020 into 2021. Most of them I sold in the first half of 2021, but I’ve added to some of those again (Group Ten & Generation Mining) over the last 6 months because most also have nice Platinum exposure as well.

      Also I’ve added back one of those 2 Platinum tailings processors discussed on here in the past that had big runs from 2020 into 2021 (Jubilee Platinum and Sylvania Platinum). You had mentioned you liked the name of Jubilee Platinum [debt jubilee chats in the past]. I added back Sylvania Platinum because Jubilee held onto it’s gains better and hovered closer to where I sold my position previously, so Sylvania looked more oversold. I’m considering adding in New Age Metals and maybe Clear Air Metals into the mix again for more PGMs exposure. Heck, I might even pick up some physical platinum coins at one point. Ever upward!

        Jun 06, 2022 06:40 AM

        Ex……… thanks for the reply…………
        Phyz…….. for me……… 🙂