Dave Erfle – More Short-Term Weakness In The Precious Metals, Setting Up A Longer-Term Bullish Run
Dave Erfle, Founder of the Junior Miner Junky, joins us to discuss the upcoming monthly close in gold tomorrow, the potential weakness still to come in precious metals and general markets in the near-term, but why he believes the longer-term picture is still quite bullish for the metals and mining stocks.
Dave provides some technical levels he’s watching, and points out the fundamental factors that would make any further corrective moves lower short-lived, and set things up for the larger move higher.
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Larry, if you see this, I just now got back to you on your comment on the Fed on the Weekend Show.
Cheers!
https://www.youtube.com/watch?v=hIqwzQ7g-Cc
They were smart clever composers…no doubt…..my wasted youth in the Vietnam era….We all wasted time back then……now we watch it to closely…LMAO
I can’t believe the sell off today in Santacruz Silver, I mean, how can anyone justify it, but I think it will turn around very soon! I don’t know what people were thinking, did they see something I didn’t, were they hoping for more, maybe, but I don’t think they understand even the basics of investing 101. Maybe I should have a few beers and start my life over again. This is not investing advice, this is a personal rant. LOL! DTDT
Hi there DT. I agree with you on the market selldown today in Santacruz Silver being illogical. The results looked encouraging enough to me, and they are now stepping up production at multiple mines to become a legit mid-tier silver producer. They still have some work to do on getting all their mines optimized, but all-in-all they put out good numbers and didn’t deserve to be sold off 18% today.
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Santacruz Silver’s net income jumps 273% in second quarter as silver equivalent production up 406%
Vladimir Basov – Tuesday August 30, 2022
“Santacruz Silver Mining (TSXV: SCZ) announced today that its consolidated silver equivalent production increased 406% in Q2 2022 to 4,046,328 ounces as compared to 799,057 ounces produced in Q2 2021.”
“The company said that this increase is largely due to production from Bolivian operations acquired in March 2022, a 21% increase in silver equivalent production from the Zimapan Mine offset by no production from the Rosario Project following its sale in December 2021.”
I’ve not added to my Santacruz Silver position for a little bit, but it is almost back down to where I had added in early March and late July. If we see continued selling in the near term, then I’ll likely add some more to SCZ.
IT IS ALL ILLOGICAL
I can’t believe the sell off today in Santacruz Silver, I mean, how can anyone justify it, but I think it will turn around very soon! I don’t know what people were thinking, did they see something I didn’t, were they hoping for more, maybe, but I don’t think they understand even the basics of investing 101. Maybe I should have a few beers and start my life over again. This is not investing advice, this is a personal rant. LOL! DT
Intervention. My theory is that all they are seeking is managed money accounts. They don’t want the serfs trying to pick stocks and screwing up their guaranteed earnings and bonuses. That is what is wrong with corruption. Corrupt markets pick winners and losers, corrupt markets take the other side against their clients, corrupt markets run algorithms to control direction of stocks, corrupt markets have no Regulators to protect all investors, corrupt markets have no legal basis for operating. You get what you ask for and at the moment they prefer that their leaders are thieves.
Already up alot since July. Just a stutter step here.
I am not having your success. Congrats.
Last Thursday I said the following and posted the following chart:
Perhaps they can get it down to 1720-ish to really embolden the bears and shakeout new but weak bulls.
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=D&yr=1&mn=5&dy=0&id=p10939079005&a=1232021571
The above is based on December gold which is the contract that StockCharts, Yahoo Finance and others have been using for weeks. The low so far for that contract today is 1722.10 while Kitco and GoldSeek show a low more than 10 dollars lower because they’re still not using the December quotes.
Hey Matthew, funny you’re talking about $1720 gold, that’s my objective to buy silver $17.20 + premium. Bought silver for the 1st time in 1976, and gold in 1977 from a NY co. Manfra, Tordella & Brooks, privately minted. Wish I has kept some of them just because of the low, low mintage. Did a double on them from $280 to $570 in 1979. Have never sold an oz of silver, but have exchanged gold & platinum, never to have been in platinum since. Did buy this month 5-$5 1999 gold eagles @ $200/coin only because the old Russian shop owner said things were slow and had treated me well over the years. That was the 1st time I’ve bought gold Eagles since 2002 graded 1oz PCGS MS-69 for $321. Just a little history!
ONE OZ……….. really…….. ?
Funny…………. I deleted this comment, when I reread the Year………….
Sorry for the confusion……….
Thanks Marty, that’s an interesting history! It’s been a long time since I last bought any Eagles or Buffalos but not 20 years… Now I need to look at my silver charts and think about your 17.20 level!
I see there’s a pivot support at 17.18…
https://stockcharts.com/h-sc/ui?s=%24SILVER&p=D&yr=1&mn=5&dy=0&id=p28471054581
Next week Sotheby’s will auction Wayne Gretzky’s final game stick. They are expecting upwards of $200,000USD for it.
DXY 240 minute chart…RSI and all technicals diverging w past highs significantly…rug pull could be anytime…..The day chart macd strength allows for 1 more higher pop, no problem…
Hey larry…………… noticed you are popular in the ORPHAN Section…………..
hang in there……..
right Jerry…HG just showing his love for a fellow scum human…
🙂
Speaking of going down on good news:
Yesterday I found out after close that I-80 had put out some great drill results and I didn’t see it posted on the news sites. I did see it on the i-80 site and i-80 went down 8%. Nonsensical but that is the game they play when winners/losers are chosen outside of markets. Anyway…take a look at the drill results.
Orea Mining secures 100% 0f 5 million ounce Gold deposit Montage d’Or in French Guiana! DT
DT:
Is Robert Giustra related to Frank Giustra. I noticed Robert has been around the mining and finance business for a while also. I am going to read more about it.. Looks like Norgold had some US Sanction problems but with this proposed sale that could clear up permitting issues. Anyway 5 mil ounces potential is something to think about.
Lake, The French appeals court is looking at The French Government for interference and this is the second appeal the first one went in the favor of Orea and Nordgold, now with Orea having 100% control, they will get approx. $3 million if the second appeal is successful. As far as Robert Giustra is concerned I believe they are related (don’t hold me to that) but like you pointed out Robert is a success in his own right. With infill and expansion drilling this resource could become much bigger.DT
Thanks DT. I need to go read it as it sounds like more government corruption…just another government. Thanks for posting this one. Sounds a little like the Emerita situation of having a good resource but all the politicians trying to figure out how to circumvent law. But I digress without knowledge.
Trends: https://tinyurl.com/4ypebbv9
Gold Holding Target $1707 Level
NatGas Nearing Bottom?
September added.
Russia Officially Halts Natural Gas Flows Via Nord Stream 1
By Charles Kennedy – Wednesday, August 31, 2022
“Russian Gazprom has officially halted gas supplies to Europe via the Nord Stream 1 pipeline, cutting off flows completely to Germany for a period of maintenance that began at 01:00 GMT Wednesday and is scheduled to end at 01:00 GMT on Saturday.”
“Fears are mounting across the European Union that Russia will delay flows beyond September 3rd as the Kremlin continues to use natural gas as a weapon against Western sanctions – an allegation Moscow has repeatedly denied.”
Since it is Aug 31st, is this one of the days of multiples of witches defraud investors. I am referencing Wall Street going into their computer programs and seeing where all the options fall for expiration or something, look at the most favorable point for Wall Street to maximize money, then drive the prices to that point as if everything was free and fair. Maybe I am confusing it with the Sewer Authority. Just think the trading somewhat ridiculous again.
Systemic Inflation & Euro Wasteland: Got Gold?
Stewart Thomson – Aug 30, 2022
“In regards to rate hikes specifically, I’ve asked investors to think about a scenario where Fed boss Jay Powell has watched the US government become the main driver of US inflation with its crazed levels of spending and debt… And Jay is forced to raise rates until the government finally begins to shrink itself. ”
“There will be an ebb and flow to US rate hikes, but the general trend of hiking is likely “here to stay” for decades, because that’s how long it will take for the US government to ween itself off its hideous addiction to debt, spending, and global meddling.”
http://www.321gold.com/editorials/thomson_s/thomson_s_083022.html