Brien Lundin – Market Selloffs Continue But Why Can’t PMs Find A Bottom?

July 14, 2022

Brien Lundin, Editor of The Gold Newsletter joins us to discuss the market selloff today focused on the metals sector that is leading the way down. With silver down over $1 today and gold down over $30 the stocks are also falling. The big question is what will turn the metals? It could be a Fed pivot but would that also turn the broad markets?




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    Jul 14, 2022 14:39 AM

    PMs aren’t going to bottom for MONTHS.
    Your losses will only mount for the rest of the year if you stay in these PM stocks.
    If you haven’t sold yet, SELL NOW!!!!
    How much more pain can you take?
    Even oil is done. It’s toast, today’s rally from it’s daily low shows a clear pattern going back for weeks. It’s spikes low on a day, recovers, goes up a bit for a few days and the BAM!!! Down it goes again.
    Oil will bottom at 75, give a take a few bucks.

      Jul 15, 2022 15:36 PM

      Joe says, “Cash is your only friend”. Joe, if you really believe what you say about things like PM stocks and oil you would be shorting the hell of the markets, but you do not mention this at least in the last several posts from you that I read. It is always just “cash”, which is losing purchasing power to inflation. Just think how much you could be making by shorting instead of being all in cash. Maybe you do not have the balls? But really why would you tell people at this point to sell PM stocks now since they are much more closer to a bottom than a top? You actually should be thinking about starting to accumulate them.

    Jul 14, 2022 14:45 AM

    Joes dire warnings seemed ridiculous before but now he seems like a prophet..
    He’s been more right than most of the self proclaimed gurus in the sector

      Jul 14, 2022 14:09 PM

      Perhaps to the untrained eye Joe seems to have the answers but I’ll go with his long record of being a great contrary indicator. Most of the sector has seen a lot of bullish divergences since the May 9th low over 2 months ago so you could say that Joe’s bearishness since then remains unconfirmed by the action.
      In addition to those bullish divergences, it is a bullish sign that SILJ:SLV did not make a new low today even though SLV made a new low by almost 4%. The silver miners stopped providing the usual leverage to the metal that we should usually expect. A strong day tomorrow will indicate that a low is in place.

        Jul 14, 2022 14:12 PM


          Jul 14, 2022 14:21 PM

          +1 and a six pack of Shiner Bach

        Jul 14, 2022 14:10 PM

        I really like you Matthew, I enjoy your charts and your perception of what’s really going on in the world, but you should be a bit more humble.
        You have been constantly wrong all this time. Your bottom calls have been horrendous. You have criticized Doc for being wrong (which he has been A LOT – except for this time) and for being a contra indicator and so on.

        None of us have a crystal ball, charts help us, but in this outright environment (with these criminal bankers destroying this market) NO ONE knows how it will turn out. I’m sick and tired of gurus proclaiming how it will be – drawing silly conclusions from past drawdowns etc.

        Everyone should just take it easy and not attacking and make ridicule of others who have other opinions.

        I’ve been following this site for a very, very long time and have a substantial amount of money invested in this sector. Been trading and investing since 1991. I do not have an untrained eye. As a matter of fact, in my early years I was kinda like others here, almost hating a guy who made market warnings. Then I grew up – as did my portfolio.

          Jul 14, 2022 14:04 PM

          Battaglia, I’ve called a lot of lows that did not turn out to be the final lows and I’m ok with that. Identifying lows should come first, risk control (bailing out on turns/failed uptrends, if desired, is up to each reader). I’m not running a newsletter so it would be foolish of anyone here to expect me to give constant entries and exits. I’ve never attempted to provide more than sporadic commentary and chart observations and won’t do so in the future.
          In September/October 2020 after gold topped, I mentioned that I was buying oil and fertilizer related positions and they’ve done extremely well but as with the gold stocks, I haven’t told anyone to sell for a variety of reasons. Like everyone else here, I share the opinions that I feel like sharing and I put up charts to go with those opinions. I also try to be clear about the details of what I see, like short term vs long term lows while Doc has never once identified any kind of low. I’ve said many times that it’s not his wrong calls that I have a problem with but the fact that he always presents his views as if they were right all along. I’ve said repeatedly that I’m wrong all the time while he has NEVER been wrong if you take his word for it. He was extremely bullish on the eve of the 2013 gold crash but not since then. Joe has been bearish as can be at every low and never when the herd might disagree with him. Those are “humble” facts.
          My lack of a crystal ball should go without saying but I was right to completely exit PGM, AXU and AR when all three were trading for dollars, not pennies. I didn’t know that any of them would have a serious problem but I did know that they had way too much that could go wrong. On the other hand, Doc clearly liked them.
          There are an infinite number of ways to identify areas that should be bought or sold and they vary drastically in quality and complexity and the same can be said of the ways we can manage the risks.
          I focus on pointing out lows, even if many turn out to be only short term lows because I strongly believe in the bullish big picture outcome. Those who choose to act on those lows can always sell the moment a new low is made OR the new short term uptrend fails.
          Using the weekly GDM:Gold chart for a quick couple of simple buy/sell examples, we can see that we are objectively at an area to be bought even if some of us might decide, subjectively, that there are better objective considerations to watch for:

          No one here should act on anything anyone posts unless they personally agree and understand the risks. If I saw myself as a guru, I’d give interviews instead of posting charts and explanations about my views.

            Jul 14, 2022 14:51 PM

            “… and won’t do so in the future.”
            That would be a loss for the rest of us, Matthew so reconsider.

            Jul 14, 2022 14:58 PM

            Matthew, many people here appreciate the charts you post, and understand that they are simply pointing out probable lows and areas of support that may be less obvious to people that utilize technical analysis. In addition, you often share a number of ratio charts that show when there may be a turn or change in trend favoring one asset class to another, that are quite instructive.

            Again, many people (me included) get value from them and so I hope you decide to keep posting whatever you feel like sharing here on the blog with us. Thanks.

            Jul 15, 2022 15:23 AM

            I wasn’t referring to you as a guru, but rather many of the guests invited on the show.
            You are a nice guy with decent values. I respect you a lot.

      Jul 14, 2022 14:12 PM

      Joe’s dire permabear warnings were absolutely ridiculous during many periods over the last 2 years where the PMs ratcheted actually higher for months at a time, and so then he’d go quiet and fade into the shadows, just like the permabulls go quiet and fade into the shadows during corrective periods.

      He’s been a broken clock stuck on the exact same call for 2 years now, had the exact same message last fall when the PMs bottomed at the end of Q3 in late September and then rallied until November, so where was his prophecy then?

      Joe had the exact same perma-bear message earlier this year when we saw the stocks rally up nicely out of tax loss selling to kick off the year with a uptrust through mid-April of this year, and so he was dead wrong. Traders listening to him sure missed a good tradeable rally in many mining stocks, and there weren’t any prophecy titles bestowed to him then.

      It’s only now that the PMs have sold off really hard the last few months (along with everything else), that he’s been back trumpeting his same message again, but this time it just happened to hit on his broken clock message.

      Neither Joe or anyone else knew in advance that we’d see such a huge correction in all asset classes from general equities, to commodities, to the PMs, nor did anyone know where the CPI readings would actually come in, nor did anyone know how aggressive the Fed would be until it happened.

      It’s easy to forget that this permabear has been wrong-footed for a long time through a series of bullish rallies, but then suddenly due to recency bias, people think he’s a prophet because he kept trumpeting the same permabear message when everything finally did pull back down aggressively.

      Look if someone is a permabear or a permabull and a broken clock, eventually a trading scenario will line up to make them look wise, but that is hardly prophecy, and is just spraying a consistent message until it finally lines up.

      Neither he nor anyone else had any clue how things were going play out as inflation has shot higher, the US Dollar has shot to multi-year highs (as the Euro has fallen out of bed), and the Fed has surprised the markets with hikes larger than they messaged. Remember when the Fed wasn’t even thinking about even thinking about raising rates until 2023. Remember when the messaged maybe a few 25 basis point hikes. Nobody was talking about 50 or 75 basis points hike. Heck the Fed wasn’t even talking about 75 basis point hikes 2 weeks before the last one where they did it.

      Nobody is a prophet in this type of macroeconomic environment, and almost every technician has completely botched their calls consistently, as have the fundamental pundits.

      Like the great Bob Moriarty stated in his book – “Nobody knows anything.”

        Jul 14, 2022 14:20 PM

        So much text, didn’t read beyond the first sentence.
        I’ve only been posting my warnings here for a year, at most.
        Your wall of text, tortured data and charts refute nothing I’ve said.
        Keep listening to these self proclaimed gurus. They make money on their newsletters, not their trading (assuming the do any at all).
        You pay them so they can pay for their lifestyles, and your reward is that you get to lose money gambling on these risky junk stocks they recommend.
        Have fun with that.

          Jul 14, 2022 14:34 PM

          Joe, it’s a fact that you’ve been most vocal about your bearishness at each important low and never at a high of any kind.

            Jul 14, 2022 14:38 PM

            Bingo Matthew. Joe is a great contrarian indicator, and his latest hubris and Sell, Sell, Sell and go to cash calls must mean we are really close to a bottom here. 😉

            Telling people to sell now, at this point is the opposite of what they should be doing if they want to buy low, and then eventually sell high. It’s no surprise it is lost on him, or any other traders that consistently fail to buy when things are cheap, and then sell when they are dear.

          Jul 14, 2022 14:36 PM

          Joe – there is no cure for lazy reading…. or comprehension, so can’t help you there bud.

          In the last year your permabear wall of text has missed a number of rallies in the PM mining stocks, and had little to no technical or fundamental analysis. In most cases you’ve been a great contrarian indicator though, so thanks. Just like now, it is times like these when investors should be deploying their cash to pick up shares that are far oversold, not selling and going to cash, so your advice couldn’t be more upside down.

          When we see a big rally start in the next month or two and break up for many months will you be prophesizing Buy, buy, buy, and will you be apologizing to the people you advised selling at or near the bottom?

        Jul 14, 2022 14:28 PM

        Ex, wow that escalated quickly (Anchorman)

        I think we’re kinda on the same page here, nobody really knows, right?
        However, regarding the CPI, we know from Williams shadow stats that the real print is way higher than the official. So why did all the PM pros get surprised by it and didn’t act proactive? The initial response should be known to all of us?

        I recall when all of your guests and others on Palisade and other platforms claimed with 100% certainty that the PMs required a meltdown in order for capital to flow to PM and that the PMs could initially take a small beating. Well, that didn’t age well, did it. The beating became a massacre.

        And now everyone and their cat is waiting for the famous Pivot. Almost everyone and their dog is calling for the Pivot in order for the PM to turn. What if it does not happen anytime soon? How will our sector be impacted?
        Now, as I stated, I’m heavily invested in this sector and I pray to God it will rise again, but I ask for more humility. No one knows..

          Jul 14, 2022 14:06 PM

          Haha! Nice anchorman quote there. 🙂

          Yes, agreed, nobody knows with certainty in these uncharted waters what is going to happen, and I can think of nobody that has called everything correctly the last decade, the last few years, the last few months, or even the last few weeks. Using macroeconomic data, quantitative analysis, technical analysis, sentiment and breadth readings, etc.. are all just tools to stack the odds in our favor, but it is to help with probabilities not predictions.

          That isn’t to say some guests or some technicians or some macro pundits haven’t had good calls from time to time, or had good runs where they were in synch with the trends, but everyone gets wrongfooted and dinged up from time to time, or gets surprised. That is just Mr Market being an cruel and unforgiving teacher for all of us.

          As for those expecting we needed to see a meltdown in general markets for more people to rotate into precious metals, it was far from “everyone,” but yes there were a few prominent voices like Jordan Roy-Byrne, or Dave Erfle, or Craig Hemke that thought that had a high probabilistic likelihood due to historical precedent where it had happened like that before. However we bring on a range of guests with varying perspectives so we have plenty of other that clearly mentioned a sell down in equities would likely still hurt the mining stocks like Brien Lundin, Doc Postma, Dana Lyons, Christopher Aaron, Peter Boockvar, Adrian Day etc…

          I think there was more consensus around the idea that sure, everything may pull down together, but over and over, we’ve seen gold and then eventually silver and the mining stocks rebound back up quicker.

          -When you look at coming out of the Dot Com Bubble (1999-2001), PMs did great in 2002-2007.
          -After the Great Financial crisis (2008-2009) from 2009-2011 the PMs moved faster and further then general equities
          – 2018-2019 after the failed Fed rate hike the PMs outperformed
          – even coming out the Pandemic Crash (Feb-March 2020) the PM stocks launched out of the March lows and greatly outperformed many other sectors.

          Personally, to me, that seems likely that after the dust settles in the Everything Bubble popping, that the PMs will still garner a bid sooner and move further than many of the general equities will.

          In life, in the media, on our show, and on this very blog, there is rarely a point of view where everyone is all in the same camp… on any topic. That’s what makes a market and that is just human nature. But definitive proclamations, especially ones trumpeted over and over in an extreme fashion with little supporting data or rationale, are of little value and do more damage than good for investors trying to take a measured approach to risk adjusted returns.

          On this Fed pivot there are a range of opinions we’ve had from a ton of different guest (about 2 dozen different people have come on with their pet theories), and it has ranged from — “The Fed will never be able to hike even once,” to “the Fed will only hike once,” to “maybe a few 25 basis point hikes,” to “a hike every month all year long,” to “the Fed will normalize rates until they’ve actually hiked up over the inflation rate.”

          Most of those varying positions have already proven to be wrong as nobody called for 50-75 basis point hikes or even entertaining 100 basis point hikes. I joked in Q1 that the Fed could do 4-5 back to back 100 basis point hikes and we’d still be in deeply negative real rates, but didn’t actually expect them to get to the point where 100 basis point hikes were actually on the table.

          We’ve also had about a dozen guests flip-flop constantly from interview to interview as to their views on what the Fed would do, whether or not they’d taper or not, whether or not inflation would be transitory, whether or not we’d even see rate hikes in 2022, then how long they’d go on for, etc… People flip-flop on where they think a bottom is in the PMs, where the top in the US dollar will be, where the top or bottom in Oil will be, and on and on. There are PLENTY of times we are doing an interview with someone proclaiming a strong point of view, that just recently had argued the exact opposite view in prior segments. It’s just human nature to blow with the prevailing winds, and really sometimes new data presents itself and people then have to change their thesis so some that will be ongoing…

          Even recently we’ve had a range of expectations from July will be their last rate hike, to they’ll announce a change at Jackson Hole in August, to September will be the last rate hike, to November or December will be their last rate, or a few people still mentioned hiking into Q1 of 2023 is still a potential. Some think they’ll stop when the Fed funds rate is 2.25%, 2.75% 3%, 3.5%, 4%, etc… although nobody has been calling for a Fed Funds rate that would match or exceed the CPI reading of 9.1%. 🙂

          Some think they’ll pause for a month, some think they’ll pause for a number of months, some think they’ll immediately start cutting…. A range of opinions….

          Again, nobody knows…. Not even the Fed or Jerome Powell knows….. They are flying by the seat of their pants and making up the plan as they go along, based on CPI & PPI readings, based on the labor markets, based on the housing market, based on GDP growth, and based on general stock market conditions.

          That is why anyone coming and proclaiming they know the outcome is full of it, and there are no prophets.

          Wishing everyone prosperity in their investments and in life, no matter how this all plays out, but it is likely we are going to have a lot more pain in store for the economy, general markets, and labor markets and volatility with wild swings will still be the flavor of the day. Every upward!

            Jul 14, 2022 14:33 PM

            Well said Ex!
            You are a fountain of knowledge!

            Yeah, a lot of Pros claimed that the FED couldn’t raise and even if they did it would be symbolic. Well, I’m afraid we might be in for an ugly surprise.

            Here is a “conspiracy theory”:
            What if the FED, ECB, IMF et al, don’t want to save the economy, but rather want to crash it in order to build a new economy, based on WEFs wet dream, CBDC. With that they’ll have total control over the ppl.
            I mean, every damn sanction against Russia (and soon China) has exacerbated the situation and the world economy. It’s as if they want to weaken the EU, crash the economy, blame it on Russia, start a war and win against Russia —> start all over again. As Gerald Celente says: “When everything fails, they take you to war.”
            They sanction Russia but accuse her of damaging their own economies. It’s too stupid to be stupid, like Jim Sinclair said. Restricting oil&gas flows into the EU while killing American (world) citizens with inflation and high gas prices are all deliberate. Some ppl are calling it deflatory and a way to curb inflation but I beg to differ. Too much crap has come out from the likes of WEF so that we now understand the evil agenda behind everything that’s happening.

            The BRICS intend to back the basket of goods with gold and that’s really good for the sector, but it would definitely be problematic as TPTB wouldn’t let the Comex/LBMA surrender without a fight.

            So with all that in mind, how do you think the impact on our sector would be under such a scenario?

            Jul 14, 2022 14:59 PM

            Hi Battaglia and thanks for sharing your perspectives, making some good points, and asking some thought provoking questions today.

            Yeah, your theory makes a lot sense to me, and we’ve mentioned on here often that much of what we’ve seen play out since the Great Financial Crisis seems scripted, orchestrated, and is classic “Problem, Reaction, Solution.”

            Think about some of the nonsense we’ve all seen since the G.F.C. with the “too big to fail”, 12 years of “emergency” quantitative easing, constant market interference by global central banks, constant raising of the debt ceilings, and endless “kicking the can down the road.”

            Even the last few years have been stunning with forced lockdowns by politicians for 2 years that created the supply chain interruptions in the first place, the summer of love where 60 US city downtowns were torched, looted, people hurt, cops defunded, and small businesses were decimated. Then as things have a modicum of opening back up, we see the planned and purposeful aggressive nature of NATO forcing Russia’s hand to escalate into a war with Ukraine (not to mention dozens of other proxy wars fought the last few decades), then kicking Russia off the SWIFT banking network (raising they eyebrows of other countries like China, India, Saudi Arabia that they could be next).

            This of course only further exasperated the ongoing energy crisis, decades of oil/nat gas companies being attacked, defunded, and shunned, and now they want them to pump pump pump and drill baby drill. Too funny, after so much effort to get everyone into EVs and solar power, wind, and hydro. This all ties into the huge bias and incentives for cronyism companies and power brokers in the obsession over Climate Change as a means to control more areas of life, ESG, Carbon Credits, smart meters on homes, smart phones with contract tracing, smart cars that eventually could be remotely disabled, proposed human habitation zones and no-travel zones, travel restrictions….. and on and on….

            Then there is the narrative around crypto currencies and digital currencies leading to central bank digital currencies and eventual social credit scores, the rising US dollar reserve currency crushing emerging markets holding debt in US dollar, the dismantling of other fiat currencies, making cash dirty and criminal, etc…

            All of this on top of the social breakdown in many countries politics & morality.

            Sure, this could absolutely be a coordinated takedown of many aspects of life, and that would be in total alignment for long-held and open initiatives of the Agenda21, Agenda2030, New World Order that have now been nicely wrapped up and hiding in plain sight at the World Economic Forum’s wetdream of “The Great Reset.”

            It’s hard to believe all these things happened as a random string of bad luck… and there is plenty of factual evidence to tie the deep state elitist cabals, corporations, media, celebrities, and politicians together into a nasty web of power, money, corruption, and tyranny if one does the homework and connects the dots.

            Personally, I think there area plenty of other areas of life, relationships, spirituality, health, mental preparedness, and emotional well-being that are far more important than just the financial side of the equation. However, having the capital to allow for different options is a great lubricant in times where the walls are closing in and individual liberties are being shed in for groupthink, identity politics, social justice warriors, and whatever the latest tribal woke narrative of the hour is. It is helpful to have some “Screw You money” to just do your own thing, and not be a slave to debt or an employer.

            It seems important for one of the spokes of the wheel of life to build a financial life-raft to navigate the treacherous seas we are sailing in, and on this show we try and focus on that financial part of the much larger tapestry. Precious Metals countercyclical nature and gold being an “uncurrency” and just money, seems like a worthwhile part of that discussion.

            If gold and to a lessor extent silver do well and move against the grain, then the gains that can also be compounded in the PM mining stocks will give savvy investors outsized gains to offset the eroding of purchasing power experienced in holding troubled fiat currencies being eaten alive by inflation, theft through taxation, and give them a bit more leverage to create their own reality for their family, friends and community.

            I don’t ultimately care much about the numbers on the screen in my trading account or in my bank account, but I do care about the options they give me to purchase real things (like whiskey and toilet paper), and have real experiences – going out to eat, traveling, visiting friends and family, donating to charities, etc…

            That’s my take on it, but of course that’s just one opinion out of billions of opinions. 😉


            Jul 14, 2022 14:21 PM

            That is a well thought out piece, these Harvard etc. grads can’t be stupid enough not to see what is right before their eyes unless they think they get and deserve part of the prize in the end.

        Jul 14, 2022 14:49 PM

        I would feel better if price was not determined by bankers in a paper price market. I think the current system undermines everyone’s projections and is meant to gain advantage over retail at all times. When was it, maybe a couple years ago, where someone looked at JPMs trading desk’s record in silver or the metals, and they hadn’t had a losing trading day in over a year. That is not possible in a fair market.

    Jul 14, 2022 14:00 PM

    Be honest….the standard MACD daily had not yet yesterday crossed bullish which did allowed for another stab down…The slow stoch was crossed positive while still embedded below the 10% level..So all we had was a buy signal and not yet a confirmed buy mode…break it down!….So we were a bit early….OK…fine…The question is was today’s pop down the end of it…Remember /GC did close over yesterdays key of 1704.5?…my charts are closed and da wife is pulling at me w voice for an event thing…

    The technical will work it cannot fail us because they will show the intentions of the market participants….The close over 1704.5 on light volume? matters!…Sellers ran out of steam and less buyers bid it back over yesterdays close…think about that…lmao….Still some more jockeying around I imagine to confirm this intermediate low…glta

    Jul 14, 2022 14:05 PM

    Joe is no more a stopped clocked on this site than the majority regulars who persistently claim victory with each pop up rally in gold yet where sector equities they actually hold have lagged persistently, Underperforming on upside and overperforming on downside , some of the past most touted and promoted into oblivion.
    From my own account, I posted vacating equities in mid April, then added a quarter at May and June lows when gold traded a hundred bucks or so higher from it’s close today, say 7%. The equity collection I now baghold and down four times that percentage. Fortunately not holding a 95% investment position but with plenty cash left to make something of any pop up recovery should we get some equity outperformance to gold.

    Jul 14, 2022 14:41 PM

    For months I’ve stated that on long term charts (monthly) it would be highly unusual for an asset that has traded sideways to down for months to move higher without pricing first challenging the lower BB of the monthly chart—we are now doing that. The bulls better hope that we don’t close the month below $1700. That would be an ominous sign. “Nibbled” a little on Osisko mining today since it’s challenging its’ lower BB. It wouldn’t surprise me if it moves lower yet. Still in 87% in cash. I believe we’ll get a relative capitulation for a lot of these junior and mid tier PM stocks over the next 6-8 weeks. The conventional markets look very unsteady. Powell is surprising a lot of folks with his aggressiveness. The candy store will be open 7/24 pretty soon but it won’t be crowded with purchasers since there aren’t many folks with cash. I’ve never commented on Joe and Jonsyl’s comments in the past (or others) since I felt the odds were in favor of their outlooks—the long term technicals were pretty prophetic about what has occurred in the PM markets. I believe and I’ll mention it again —–when we have capitulated and bottomed for a lot of these PM stocks the odds of a V-shaped recovery similar to 2020 are probably not in the recipe this time around. There will be plenty of time to add to these stocks and not to worry about missing the next bull market.

      Jul 15, 2022 15:19 AM

      I wasn’t really defending you, your calls have been abysmal, except for this latest.
      Your “ Well just have to wait and see” in every interview didn’t give much confidence in your calls. Further, as Matt stated, your calls that have been tracked speak loudly for themselves.

        Jul 15, 2022 15:42 AM

        Wasn’t responding to you at all—-my last “we’ll just have to wait and see” comment was just at the end of the last month when (if you had listened carefully) I mentioned once again that we should see gold pricing challenging the lower bb on the monthly chart and then I would be able to try and ascertain what would happen then. Well, listen carefully now—-I now will say the “odds” are very high that we will move lower and take out the lows that some have said in the past are the lows for this gold move. I’ll put up my record on long term trends and significant turning points against the vast number of pundits—the fact I’ve been saying I’m heavily in cash for months speaks for my transparency and the accuracy of walking my talk– once again I didn’t even read your comment until your response to me. There, unfortunately are some people on this site that evidently are in an uncomfortable loss position because they listen to the same hype over and over and then get upset at voices that didn’t listen to siren calls of ever higher prices and tried to warn caution.

    Jul 14, 2022 14:39 PM
    Senate Banking Committee

    (Would you let your daughter date a Fed Governor)

    Jul 14, 2022 14:47 PM

    ngd has been taken to the cleaners secondary to a disappointing quarter.

    Jul 14, 2022 14:17 PM

    There could be another reason Powell is aggressive as he is and willing to hurt the consumers with a severe recession—-it could be a coordinated government program to lower the price of oil to hurt Russia and make the sanctions bite harder.

      Jul 14, 2022 14:43 PM

      That would make for a good longer term US objective to hurt Russia as Russia right now is thumbing it’s nose at the west with their sanctions. But somehow I doubt a guy like Powell is into any strategy connected to Russia, He’s just trying to survive the stupidity of his past with the money pump by going in the other direction.

      Jul 15, 2022 15:02 AM

      No Doc.. What they’re doing is…Greatly diminishing western civilization..FREE MARKET CAPITALIZATION:: THE WHITE-MAN..EDOM…Russia is the excuse for this agenda .All government’s are controlled by the same entity… The people who control the energy, controls the country…The people who control the food, controls the people’s. The people who control the money, controls the world..Herny Kissinger..Tikkum Olam…Black is white, women are men, A man righteous is radically evil..The Truth is censored.. Etc…Troskyism. Chaos…

        Jul 15, 2022 15:58 AM

        You nailed it Poppie. All important truths are labelled misinformation and censored by these people because truth is their mortal enemy. Like most people, Doc doesn’t understand the picture which is why he sided with fraudulent authority figures and their propaganda rather than science when he chose the C19 vax.

          Jul 15, 2022 15:42 AM

          Sorry, Matthew; you’re habitually wrong since you have a predilection for making assumptions—I didn’t take the vax from listening to “fraudulent authority figures and their propaganda” but for the following reasons: 1.Canada requires vaccination for adults in order to enter the country—since I wanted to take my grandson fishing and it would be the last opportunity I took the vaccine. 2. It is science that the vaccine decreased the odds of hospitalisation and death for the delta variant.

            Jul 15, 2022 15:34 AM

            Sorry yourself, you are 100% wrong about the science if you think ANY of the benefits, singularly or combined, outweigh the risks. You absolutely did trust authority figures since you did not personally discover that “the vaccine decreased the odds of hospitalisation and death for the delta variant.” Like more than half of the population, you trusted whatever source provided you with that stat.
            Honest experts with firsthand knowledge of irrefutable terrible evidence like pathologist Dr. Ryan Cole in Idaho and countless others have been censored, threatened, slandered and demonized by the criminal machine that gave you your info. Shutting down debate and independent discovery in the manner that they have is pure politics of the worst kind and the enemy of science.
            The truth about the medical system and the “experts” it churns out is finally becoming clearer to a lot more people but at a heavy price. Remain in denial if you must.

            Jul 15, 2022 15:55 AM

            When you’re caught in one of your famous assumptions you start obfuscating your rigid thought process like a well seasoned politician spouting generalised narratives—-the lack of flexibility in cognitive reasoning results in dissonance.

            Jul 15, 2022 15:12 PM

            Considering your decades of quackery-derived god complex, your reply makes perfect sense. The same goes for your delusions about your track record in the market.
            Like most people, you choose denial as a way of life. You can avoid reality, but you cannot avoid the consequences of avoiding reality.

            Jul 15, 2022 15:20 PM

            Sorry Doc……….. you lost your license to practice……… on this site………
            Get real on COVID……… you just have NOT BEEN PAYING ATTENTION…….to many of the post concerning COVID HOAX , that have been discussed and backed up……. since FEB 22, 2020 and before…..
            Doc, you should have been visiting the Orphan Section, (political section)……. you might have learned something.

            Jul 15, 2022 15:00 PM

            Has it been 2 years since you said we were all going to die in 2 years?
            Must be getting close.
            Nobody has died yet.
            Just sayin.

            Jul 15, 2022 15:54 PM

            That’s called willful ignorance, b. Deaths and serious ailments have exploded way beyond anything we’ve ever seen. Insurance companies and funeral homes know it and people like Dr. Cole and many others knew it first but were blacked out by both the left and fake right media. CNN, FOX, Trump and Biden all have it wrong and it’s no accident. Of course your Tru-duh has it wrong as well.
            Then there’s this article which has been up for several months:

            Jul 15, 2022 15:55 PM

            As for what’s coming next, this Dr. will explain it to you in 33 minutes:

            Jul 15, 2022 15:46 PM

            Poor b………. got jabbed and got silly…………. lol………
            b,……endorsed the jab from day one…….
            b…… you are way off your figures, concerning the deaths from covid….. jab.
            just sayin….

            Jul 16, 2022 16:10 PM

            Just for the record…………
            Steve Kirsch on Substack has conducted a survey (done by a third party) and the results are so disturbing that nobody in the corporate media will touch it.

            Ten million Americans have heart injuries.

            Ten million Americans had to be hospitalized after taking the vaccines.

            Five million Americans can’t work after being vaccinated.

            At least 600,000 Americans died after getting vaccinated.

          Jul 15, 2022 15:38 PM

          Matthew, you obviously have a horrid existence in the conspiracy world you live in. The sheeple are the lucky ones considering where your profound societal observations have taken you. Get a life.
          It’s the losers who perpetually bitch and blame others for their misery.
          And then there’s your wisdom and success with the markets.

    Jul 14, 2022 14:16 PM

    If our government wanted lower oil, we could pump our own. This administration only funtions in color codes.
    So much for transitory inflation. So much for dollar collapse. Turns out, PM’S just as worthless as bitcoin???

      Jul 14, 2022 14:32 PM

      Well, the PMs have a 5,000 year track record of preserving purchasing power, whereas Bitcoin has a 13 year history of being insanely volatile and trading like a speculative tech stock.

      Bitcoin has been in that $19K-$20K range the last few weeks, down over 70% off it’s all time high of $69K — just from November of last year. That’s not the kind of moves real currencies make.

      Gold sure didn’t lose 70% of it’s value in the last 8 months.

      In 2017 Bitcoin got up over $19K during that peak mania phase and then in half a year was down at $3K, down about 84%. During that period of time Gold sure wasn’t down 84%.

      They are apples and oranges really, but do have some areas of overlap between the two audiences. Both pools of investors distrust global governments ability to back fiat currencies with any real value, knowing that over time excessive printing of paper money always leads to inflation, and thus renders all fiat currencies more and more worthless. This is the point about the perception of a “strong US Dollar” versus the actual weakening purchasing power of the greenback. The only reason that the Dollar is “strong” is that the Euro, Yen, and Pound are even more troubled and their backing nations are struggling even worse than the USA.

      As a result, both Gold investors and Bitcoin investors want to get a portion of their capital out of the traditional monetary and banking system, in a scarce and somewhat finite asset. In that sense, there are some similarities, but gold is FAR more stable than Bitcoin, and the rest of the several hundred altcoins don’t have the same attributes as BTC, so they are simply speculative tech assets to trade and gamble on.

      Jul 15, 2022 15:39 AM

      it’s not gold that’s acting like bitcoin with 70% losses or will it. The apples and oranges comparison is with the producers of the stuff, in particular the much promoted junior dregs that have come down as with the blockchain equities.

        Jul 15, 2022 15:39 AM

        Give me a break Jonsyl. Nobody has been out there comparing Bitcoin to mining stocks…

        Mining stocks are nothing like the precious metal and you know it — Mining stocks aren’t decentralized, are not a currency, are not scarce, and are not stores of value. They are speculative equities, and trade like speculative equities, as does Bitcoin, as do all Cryptos, or Biotech, or Pot stocks.

        In contrast to that silly argument, the crypto community has constantly compared Bitcoin to Gold itself… for years now, claiming Bitcoin is “Digital Gold” or “Gold 2.0” and stating BTC is a “store of value” (when it clearly isn’t).

        There were even those stupid Grayscale Bitcoin Trust commercials with the theme “Drop Gold” back in 2017 making those same arguements that GBTC could digitally replace Gold in investors portfolios right before it dropped 84%. LOL!

        The animosity between Bitcoin and Gold investors was completely created by the crypto HODL’ers that blazed onto the scene full of hubris and were convinced that BTC had supplanted Gold and they were the ones that made all the claims Bitcoin was a replacement for Gold, but in fact better. They have been wrongo in the Congo…

        Bitcoin and Gold are apples and oranges. That was the point.

          Jul 15, 2022 15:21 AM

          Sorry to have offended you EX. There’s nothing ridiculous to my post.
          If you read carefully, we’re in violent agreement bitcoin and gold are apples and oranges, and as I said gold most likely never have the volitility of bitcoin.
          However, comparing the performance of equities in either sector is not an apples and oranges. The players buying equities in either sector have become bagholders. Particularly as most here buy the gold sector equities with surgical precision and not the commodity. They just talk a whole lot about it. Now, one can agrue that the gold bagholders will likely have a preferred chance of recovery, which I happen to believe.

            Jul 15, 2022 15:16 PM

            I’m not offended as I don’t run Bitcoin or Gold… nobody does. It is just a little irritating to see continual redirecting of points from gold to the gold equities when nobody has been comparing Bitcoin to the gold equities, but the crypto HODL’ers have been banging on the table for many years now that BTC is the digital (and better) replacement for gold which it is not.

            The same thing happens if we state that Gold has held up well compared to other asset classes, on a relative basis as a portfolio hedge. People will jump in with “yeah but the mining stocks haven’t done well…” but that is a totally different asset class and totally different point.

            Look people invest in gold and silver (the precious metals) for very different reasons than they do in gold and silver stocks. They are also apples and oranges, even though they get covered in the precious metals sector all as a group.

            It is important to cover them both, but the types of investors are often quite different between the metals and the miners, and they are at totally different ends of the risk spectrum if someone holds them both within their portfolio.

            Longer term investors stack up wealth in the precious metals as a store of value, but most of the largest high net worth investors of gold or silver are typically not traders, and many larger gold investors don’t even have exposure to the mining stocks. There are some that feel both are hedges, but they are in the minority.

            > Gold is a defensive hedge and is an inanimate object on the periodic table, which is seen as money or an “uncurrency.”

            > Gold stocks are completely different speculative vehicles that may have gold as product, but they are based on so many other factors that can cause them to outperform or underperform based on what the management team decides to do.

            Gold or Silver equities can completely unhinge and diverge from the moves in metal prices if they hit or miss with drilling, depending on what kind of resource they delineate, depending how they do operationally as producer with costs and output and revenues. Ultimately, with mining stocks individually it is much more about if they are building more shareholder value with the funds raised, or doing the opposite and diluting down shareholder value with funds raised.

            Many mining stock investors often have no or just limited exposure to the precious metals (5% – 0% exposure) because they are speculators at heart. People don’t get into mining stocks as a “store of value”… they get into them to speculate… .and play the volatility to the upside and downside.

            In that respect, speculators in the cryptos or crypto miners are quite similar to those that speculate in the resource stocks, as it is hot money playing the volatility. They’ve both pulled back in similar manners due to their fickle investor bases and the extreme volatility we’ve seen since the end of last year.

            This is however a totally different topic and separate point than those longer term investors storing money in Gold and Bitcoin in specific. In that kind of comparison, Gold has absolutely trounced Bitcoin as stable “uncurrency” and store of value.

    Jul 14, 2022 14:25 PM

    Rick Rule & Brien Lundin – Commodities Setting Up To Boom Higher?

    Wealthion – 07/13/2022

    “Veteran hard asset investors Rick Rule and Brien Lundin are both so excited by the future prospects of this sector that they pulled together an impromptu webinar this week to update their respective followers on why they think the current price action is a cyclical correction in a much larger secular bull market for commodities – meaning it’s offering a chance to buy in a very attractive valuations before prices resuming rising up to new highs.”

    Jul 14, 2022 14:25 PM

    (KRR) Karora Announces Strong Second Quarter Gold Production of 30,652 ounces and Sales of 30,398 ounces

    14 Jul 2022

    Paul Andre Huet, Chairman & CEO, commented:

    “I am very proud of our gold production of 58,141 ounces for the first half of 2022, including 30,652 ounces in the second quarter, which remains in line with our full year 2022 guidance, despite very challenging conditions experienced during the first quarter associated with COVID-19 related impacts. Full year guidance is weighted to the second half of the year.”

    “…capital expenditures related to advancing work on the second decline at Beta Hunt, which is continuing to track on budget and ahead of schedule, with an estimated completion date of Q1 2023 (see Karora news release dated May 24, 2022), among other projects. The second decline at Beta Hunt and the pending acquisition of the Lakewood Mill are the key drivers of our growth plan to increase gold production to an anticipated range of 185,000 to 205,000 ounces by 2024.”

    Jul 15, 2022 15:45 AM

    Michael Boutros Monday (43:25): Last ditch support 1729 else 1682-76.

      Jul 15, 2022 15:18 AM

      thanks BDC…will review this weekend…i will try to hold nugt over weekend due to probability dollar has a tippy outed in here

        Jul 15, 2022 15:49 AM

        Cool. The Dollar had a near spinning top candle yesterday (12hr) and a downside gap has begun to fill. They often ‘paint’ these with sideways action for awhile.

        I think Boutros is more concerned with the weekly in that 1729 call. Have a great weekend!

    Jul 15, 2022 15:21 AM

    gdx…10 minute chart now has a confirmed buy mode…with OBV and RsI participating correctly…..but at this instance the PSAR has not reversed…..glta…duff me…PSAR gifted the support signal…lmao

    Jul 15, 2022 15:28 AM

    GDX is now below it’s volume-weighted average of all of its prices since its inception in 2006 as well as since the lows of 2008 and 2018. The one important anchored VWAP that it remains above is the one based on the early 2016 low. It came within 11 cents of that one yesterday morning.

    Jul 15, 2022 15:12 AM

    IPT hasn’t made a new low versus GDX since June and is up about 20% vs GDX since then (+30% this morning). Of course that guarantees nothing but it (risk beating safety while sentiment is extremely negative) is a good sign for the sector.

      Jul 15, 2022 15:41 PM

      I’ve been waiting for IPT to lead the charge higher, as it is one of my larger positions, but it’s been a long wait… Looking to see the smaller producers with exploration upside like Impact take the reigns soon. As we’ve discussed on here for years, IPT tends to be a good bellwether stocks for the PM miners.

    Jul 15, 2022 15:34 PM

    McEwen(MUX) doing a 1:10 reverse split.
    They will not do 1:10 on the authorised shares, only reducing those from 675M down to 200M.
    Does this mean they are giving themselves plenty of room for future dilution?

      Jul 15, 2022 15:39 PM

      It sure looks that way Terry. MUX has been a train wreck for a few years now. I’ve completed 4 trading cycles (a number of trades within each period of time) in it over the last few years once at a nice gain, once at a wash, and twice for a loss. I finally jettisoned the position a few weeks back, figuring there were better run companies to pile those funds into.

      I was back in it playing it for a turnaround, but they’ve yet to get out of the hole they’ve dug for themselves, which is a shame, as I like Rob and like their assets, but their operations teams have not executed on hardly any of the mines they’ve bought or brought into production. Maybe they’ll get it figured out eventually, or get bought out and put out of their misery by a larger and more competent operator, but they’ve been serial diluters that has only punished longer term shareholders. Rob has been so vocally against taking out streams or royalties in the past, but maybe if he had, they would have had more capital to have fixed things at mines earlier on. I don’t see the honor in snubbing one’s nose at a big capital influx from a royalty or streaming company, but then perpetually diluting shareholders in capital raise after capital raise.

      Maybe if they announce another capital raise, post share rollback, I’ll give it one more go with MUX, but for now, there are much better options available in the mid-tier gold and silver producers in my opinion.

    Jul 15, 2022 15:03 PM

    Over 1,600 of the Brightest Scientific Minds in Technology Have Signed a Letter Calling Both Crypto and Blockchain a Sham