Joel Elconin – Inflation Data Surprises To The Upside, All Markets Outside Of The Dollar Are Falling Hard
Joel Elconin, Co-Host of The Benzinga PreMarket Prep Show and Editor of the PreMarket Prep website joins us to recap the CPI number from this morning and the market reaction, which is all lower. It seems as though investors got a little ahead of themselves assuming inflation would come down and that would give the Fed clearance to slow it’s rate hikes. That is being turned upside down after the data today.
I thought Joel’s point raised on the increase in school food playing a factor in the higher CPI number was insightful, and worth looking into a little further. He disclosed it required more research, and it did set up a funny schtick about blaming it on the proverbial lunch ladies. Haha!
Yeah, the whole WEF plan to introduce insects as our future protein source is a bit spooky and not for everyone, but a number of politicians and media cronies with the WEF are strongly considering it. There are many countries that eat bugs, so it’s not without precedent, but what is will be controlling what foods people are allowed to have to “protect them from themselves” or for “saving the planet;” both of which are dubious claims.
Bugs Feeding the World: 12 Companies Selling Edible Insects
by Alexina Cather, MPH – January 25, 2017
https://www.nycfoodpolicy.org/bugs-feeding-world-12-companies-selling-edible-insects/
As long as there are eggs available, bugs won’t be on my plate.
+1
Let the chickens enjoy the bugs then kids can eat the chickens and/or the eggs.
+2
WHOOOOSH!!!
Another rug-pull for the PMs.
Hope you all enjoyed that last rally and SOLD!!!!!
You still have time to get out, DO IT NOW!!!!
SELL!!!
SELL!!!
SELL!!!
What are you waiting for, another rug-pull?
With the high CPI print today Powell is going to pull out all the stops and jack rates up 100 bps next week and that will NUKE the PM market.
If you aren’t selling now, you will later and for much lower prices. You’ll be BEGGING for someone to take your shares off your hands. You will be at the mercy of anyone looking to buy.
Stop hesitating and SELL NOW!!!!
Lol, where were you yesterday? If there was anything of merit to your “analysis” you could have identified yesterday as a place to sell. We had back-to-back gaps up and looming inflation numbers yet you had no confidence that today’s action would happen?
Keep it simple and buy low Joe. Selling low is a bad plan.
http://www.321gold.com/editorials/chan/chan091322.html
Unfortunately, most investors do not really like buying low, but many do love panic-selling at the lows.
David Brady put out a post yesterday stating he’s got a target of $1663 Gold if the $1675 support level breaks, which is an E.W. wave C extension down to finish that bearish A/B/C consolidation in the yellow metal. So it would be a brief dip below $1675 to trigger some sell stops, and then buying is expected to come in, and kick off a short-covering rally and the next big bullish 5 wave pattern.
We aren’t that far from that level if that is what ends up playing out, so selling now, when so many PM mining stocks have been pummeled for about 2 years, seems a day late and dollar short.
A new low for gold is absolutely possible but would probably not be too bad or long-lasting considering silver’s behavior lately.
JOE: I really wish you would take a vacation or go up to your cottage and do some fishing, maybe Lake will let you dock your houseboat at his place. Lake has a magnet that he uses to pull up precious metal from his dock. That is the only way he can make money in this market. Don’t you realize we’ve had enough excitement for today! LOL! DT
Joe:
It might just be me but I don’t recall you mentioning anything about if inflation got worse that managed money and the government were going to intervene in all the markets and take it all down in a counter intuitive fashion. I don’t remember you saying the dollar was going to rise in response to an inflation increase. I do remember you saying sell before the miners went went up.
So if we sell now, where do we put it.
Lake:
Where do you put your money. Lake, why don’t you look at what The Chinese and The Russians are doing, they especially The Chinese have been buying physical gold and silver for thousands of years, their civilizations dwarf The West in terms of timeframe. Where should you put your money, stocks can be diluted by all companies. Physical Gold and Silver must be mined.
When The US was at the top of it’s game in the 1920’s and there was little Government, gold flowed into The US. They had a real economy. In 1924 America had 25,000 tonnes of gold. They were smart enough back then to realize that they were beating The World in all norms so they started to distribute their gold holdings so other countries could follow their lead. Now The US is a basket case that doesn’t allow their gold holdings to be audited. Where do You Think The West has failed. DT
I was considering liquidating all assets and splitting them evenly between Dogecoin and Shiba Inu coin.
A millennial investor I met at the grocery store check out told me it was the future. 😉
Joe, thank you for being the sere/prophet that you are—because of you I’m in the best position I’ll ever be with my PM average share price. The candy store is now open 7/24 except for the large cap PMs which have farther to adjust yet. The candy store has yet to discount those prices but juniors and some mid tiers are now buys—-if only others had listened to you they wouldn’t be living under viaducts in their sleeping bags cooking their beans over a hobo stove. Thanks again, Joe—-please keep posting and let us know when the bottom is in for the stocks.
Doc:
LoL: Last time I heard you were less than 20% invested. Joe’s advice doesn’t apply. The rest of us are not going to respond to anyone that says sell sell sell or buy buy buy without reasons given. Joe may be the best guy on the block but if he is going to predict the future, one has to give some strong evidence and also prove their will not be intervention. I have gut feelings but I would not rely on them for anything nor would I expect anyone else to. That’s my only point.
Lake, every board needs a Joe on it—he’s very entertaining and you can almost predict when he’ll come out of the woodwork.
🥸
Good one Doc! We are blessed to have Joe here screaming at us every week to SELL!!! in all caps every few days.
For example he was screaming to sell on the weekend show on Saturday, and then as fate would have it, a number of my gold and silver stocks were bigly on Monday (some double digits). Silver was up over 6% at one point on Monday. He didn’t say to sell at that point, but now that things corrected back down today, he feels more emboldened to advise all investors here to go to all cash. He tells us we are going to need it, but doesn’t specify what we should be buying or when.
All we are missing to counterbalance such sage advice is ole’ Franky back. Remember he came on here for years pounding the table to “BUY, BUY, BUY Gold!!” “Cool is the way!” That was also very wise and well-reasoned, with no supporting data or timeframes either. Brilliant analysis from them both.
Doc:
There are certain people on this site who look back for precedents. They are comforted by the recollection that every crash in the past twenty years has been followed by a recovery, and that every recovery had brought prices to a new high. But the speculative memory is short. Two steps up, one step down, two steps up again, that is how the market goes for them. There are people on this site who see trading that way. There are people on this sight who trade that way, there is a revolution going on in financial matters that will catch the person who trades as if everything is a cycle, IT IS NOT? DT
I don’t want to name names but if you can’t see, you loose! DT
dt; we are in an investment environment the likes of which we have not been for years—the cows have finally come home. Where we land, nobody knows—the piper eventually needs to be paid—most of us on this site have known this for years and bad things may finally be upon us. Chaos reigns globally—-I believe the conventional markets are now getting ready for a second leg down sometime in the weeks ahead—only after then should the PM stocks get some significant traction. I do know I’m getting ready to purchase that lovely gold relic sometime in the months ahead, something which I’ve not done for years.
Good thoughts Doc. A number of guests we’ve had on the show like Dana Lyons, TG Watkins, Rick Bensignor, and Steve Penny to name a few believe we’ll see the general markets go down and retest their June lows, and then likely plunge down to lower lows. That is based on both their technical analysis and quantitative analysis, and while nobody has a crystal ball, those folks believe it is more probable that this is how things play out, versus the stock market being in a brand new bull market ready to rocket up to new highs for years to come.
It makes sense that the worst of the bear market has not played out yet, as most bears are at least 12-18 months, and sometimes over 2 years. We are past the first big orderly drop starting in Q3 and Q4 last year, and then we saw the relief rally from late June into mid August. Now things are starting to roll over, right in time for market crash season from late September – October. We’ll see if there are any fireworks in the next 2 months as it relates to the general markets, and if it takes down other sectors like cryptos, commodities, precious metals, and starts to further impact the wealth effect, trickling over into real estate and collectibles.
Jordan Roy-Byrne feels that initially it may be a “sell everything” type of move, as the “everything bubble” finally pops for good. However, he also believes that eventually the PM sector will start to attract capital fleeing the general markets and bonds, and that Gold, and eventually Silver and the PM mining stocks will diverge from the general markets, and begin a true bull market in real terms, not just in nominal terms. That seems to line up well with what you just outlined, so maybe we need one more round of pain, before the cycles of gains.
Fed To Stick With Aggressive Rate Hikes After Hot Inflation Data
Ann Saphir – Reuters – Sep 13, 2022
“The Federal Reserve is expected to deliver a third straight 75-basis-point interest rate hike next week, with more increases to come, after data on Tuesday showed consumer prices in August did not ease as anticipated and price pressures appeared to broaden.”
“The consumer price index climbed 0.1% last month from July, and gained 8.3% from the year-earlier period, the Labor Department reported.”
Wall Street slides as CPI data locks in another hefty Fed rate hike
Stephen Culp – Reuters – Sep 13, 2022
“Wall Street tumbled in a broad sell-off on Tuesday after hotter-than-expected inflation data dashed hopes that the Federal Reserve could relent and scale back its policy tightening in the near future. The S&P 500, the Dow and the Nasdaq all veered sharply lower, snapping a four-day winning streak and erasing a sizeable chunk of recent gains.”
https://www.investing.com/news/stock-market-news/futures-rise-ahead-of-key-inflation-report-2891103
(SLVR) (SLVTF) Silver Tiger Intersects 2,271.8 g/t AgEq over 1.6 meters within a Broader Interval of 8.7 meters Grading 596.4 g/t AgEq in the El Tigre Vein
September 13, 2022
https://ceo.ca/@accesswire/silver-tiger-intersects-22718-gt-ageq-over-16-meters
(DV) (DOLLF) Dolly Varden Silver Intersects 1.60 meters of 4,326 g/t Ag, 4.2% Pb, 1.4% Zn and 1.0 g/t Au within 19.85 meters Averaging 584 g/t Ag at Wolf Vein Extension
13 Sep 2022
https://ceo.ca/@newsfile/dolly-varden-silver-intersects-160-meters-of-4326
(JAG) (JAGGF) Jaguar Mining Reports Confirmed Continuity of Mineralization at Pilar Gold Mine – Life of Mine Extension Drilling to Follow
September 13, 2022
104.72 g/t Au over an estimated true width of 2.8m
15.77 g/t Au over an estimated true width of 3.2m
9.53 g/t Au over an estimated true width of 7.5m
Months ago when gold was at 1883 and had $205 further to fall I said:
“As for gold, we now have big short term risks that could turn into something considerably worse…”
— — —
I don’t have the same concern today but we might see a little more weakness tomorrow…
https://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=2&mn=2&dy=0&id=p33426827119&a=897433489
Priced in dollars or gold the financial sector is having a hard time today.
Here’s XLF vs GLD:
https://stockcharts.com/h-sc/ui?s=XLF%3AGLD&p=W&yr=7&mn=0&dy=0&id=p55021646901&a=1101859294
SLV still has a 2%+ weekly gap below:
https://stockcharts.com/h-sc/ui?s=SLV&p=W&yr=5&mn=0&dy=0&id=p45743068601&a=1230908007
This is fascinating…..World wide money flows clamoring into the safe USD fiat dollar currency for a secure trade away from their toasted butt cuts currency….
When the institutions finally fither out what is happening…this rally will be epic…Alas those long dreamed of limit up morning gaps…lmao…
Meanwhile in the reality zone the next GDX volume unconfirmed ABC down on the 10 minute chart is at 23.50 which is a .786 retrace of this entire move up since the recent low on 9/1/22…glta
So that either caps the downside or sets up for a quick steep undercut below…If you know which call me…🔊😜🎯☎️📞
Yep, the Greenback is up to 109.60 (and was just down around 107 2 days ago, so that’s a big reversal).
The VIX is also up 14% so people are hedging for safety and getting more defensive in the face of the higher CPI print today, and the general markets tanking by 4-5%.
Crypto markets are down 6%-9% on the day.
Precious Metals and Base Metals mostly down today about 2-3% (except Palladium down over 7%).
It’s just one of those risk avoidance days in the markets.
Gold has formed what might be a bear flag but silver looks great…
https://stockcharts.com/h-sc/ui?s=%24SILVER&p=D&yr=1&mn=3&dy=0&id=p63653845790&a=1250146834
Falling stocks and bonds continue to push the dollar up by default…
https://stockcharts.com/h-sc/ui?s=UUP&p=D&yr=1&mn=7&dy=0&id=p45479185868&a=1241356308
Bought Dolly Varden back today. Nice drill results and suppressed price (not that it can’t go to zero under todays corrupt markets). Also got a starter position in Go Metals. Will now wait for drill results on the cores which had heavy visuals in their release today. Nickel and Copper potential in Canada. Over 7 mil shares turned over and only 20 mil shs or so out. Small market cap in a greenfield area. Very interesting at the moment. Possible new discovery if visuals are of value.
One of my biggest fears is that Central Banks want to own all property and operate under a Fascist Regime. In that case, all property ownership and personal freedom is ended. So Sell SellSell is moot. However, Sell SellSell and move somewhere there is property ownership may be more appropriate, if there is someplace. If we will retain property rights, then sell may not be timely.
Large % of DV owned by Eric Sprott, Fury Gold, Hecla, Sprott Asset Management. You’re in good company Lake.
Agreed Terry. Synchronistically, I spoke to Shawn Khunkhun, CEO of Dolly Varden, earlier today, and we were trying to get something recorded, but it ended up that his schedule was too tight at Beaver Creek (back to back presentations and events the next few days), so we punted until next week. We’ll have him on the show though, to unpack those stellar drill results released today and linked up above somewhere on this blog.
I’ve been invested in Dolly Varden and trading around the core position for a few years, and it is still a profitable holding in the green within my portfolio. I had sold a chunk of my position in mid January on the 19th, but now it has retraced back down about 1/3 from where I harvested gains, so I may join Lakedweller2 in adding some more DV to my core position to beef it up, if it stays down at these lower levels a bit longer.
FYI: Commodities Trading Glossary by Price Waterhouse Coopers
https://www.pwc.com/gx/en/energy-utilities-mining/pdf/eumcommoditiestradingriskmanagementglossary.pdf
If … if the US is failing then the US dollar is temporary and a world- wide reset is in order most likely. If that is the case, then hard assets are to be considered ( normally includes precious metals and base metals/commodities, real property, farms, etc). Mining stocks represent hard assets in ownership. If all traditional things of value are negated, we can assume that Central Banks would not want them. They appear to want them. We should want them too. No point in price suppression of metals/miners if they aren’t a threat to fiat currencies …. That always have failed.
So Joe must provide an alternative to Sell Sell Sell and explain why it will be something other than a fiat currency which is failing in real terms as his alternative choice.
As Robert Kiyosaki often states…. “Cash is trash.” He is referring to the continual erosion of purchasing power due to inflation, as it has lost 97% of it’s purchasing power just in the last 100 years. Currently in 2022, it is losing at least 8.3% based on the CPI reading this morning, but as most know, true inflation and loss of purchasing power is really double digits.
Going to Cash is basically a guaranteed losing proposition, but I guess it is less bad than losing 30%-80% of one’s funds in correcting markets. Still, the idea is to make more than 8.3% in returns to at least break even on this loss of purchasing power, or ideally, make much more than that and actually grow one’s assets. That means one has to put that Cash to work in something that will outperform, instead of just cowering in cash and having ones assets diminish.
It’s a long term perspective one must take. Cash for short term during downturns that get deployed when buying opportunities arise still keeps one ahead of inflation…..but there’s always something going up too even if it means buying bear funds. So the case can be made for both sides. Bottom line is cash will deteriorate in value in the long run so it certainly doesn’t qualify as a long term solution during protracted bear markets
Wolfster – Good thoughts on Cash for people to consider. Yes, short-term it can be useful, but longer term it is dreadful.
Doc has finally given the GREEN LIGHT to accumulate JR miners. That is significant—
Yes but be aware that his last green light was on the eve of the gold crash of 2013. 😏
I feel a little nervous as they have been intervening more and more over the years. Central Banking and Wall Street are pretty much like a cornered and rabid animal. They care about nothing but survival at all costs.
Yes but Doc moved to cash early and avoided much carnage. Many of us stayed in & took it on the chin. Hindsight 20-20
Matthew Apr 13, 2022 13:33 PM
Matthew
Mar 23, 2022
I couldn’t agree more with Jordan’s bullishness and the way he intends to play the setup… I disagree with Jordan’s view that it will be 3-4 months before gold breaks out to new highs. I think it will happen in April or May but we agree that those who haven’t bought their miners should do so now.
Matthew
Apr 13, 2022 13:52 PM
The miners are finally in for a bull market that sees them smoke real money, not just dollars. The 36 quarter MA for XAU:GOLD is just now turning up for the first time in 25 years (in addition to countless other bullish factors). The XAU needs to rise more than 4 times versus gold just to reach its 1996 high. If gold happens to be $5,000 when (if) it does so, the XAU would trade at $2,000, well over ten times the current price.
https://stockcharts.com/h-sc/ui?s=%24XAU%3A%24GOLD&p=Q&yr=45&mn=0&dy=0&id=t2388740039c&r=1649900470293&cmd=print
Those mid April calls at the high for gold and most gold sector equities in the past year were pure genius.
Buying Gdx at 42, and favourites such as Hl at7.50, and of course your market bellweather ipt, a penny stock with next to zero trading volume, at .60.
All down by half and counting. All of which need to at least double to break even.
Then, with surgical technical precision (your babble) you recommend buying each of the lows that followed.
The site guru, who backs his calls up technical savvy. Give me much maligned Joe and his dart board calls anytime.
As for Doc, he’s been saying wait it out during this entire period, not bad advice.
Technical analysis is about using charts in real time and Doc has proven that he never does so. Until now, he’s been bearish and looking lower at every single low while he maintains that “he’s been right all along.” He never once fessed up to the obvious fact that he completely blew it in 2016. Instead, he insulted everyone’s intelligence by downplaying the move repeatedly as if it wasn’t one of the biggest and quickest in many decades. The major lows of 2018 and 2019 saw the exact same from him: Bearish and looking lower AT THE LOWS. Gold doubled in 2 years while the miners did much better and he never once called a low even after the fact.
I said repeatedly that I’m wrong all the time which is something Doc is incapable of doing.
If you knew anything worthwhile about using charts you’d know that you execute based on the odds/setups and have an exit plan when (not if) something goes wrong. You’d also know that predictions are a sideshow as I’ve also mentioned over the years. Even those using methods that provide precise targets still have to have a plan for the inevitable failures.
You’re dishonest and a fool if you think I bought GDX at 42 instead of near the lows that I called (the lows that always cause you to whine like a child).
You’re fine with Doc being wrong at every major low and pretending otherwise in perpetuity because it suits your weasel-like and chickenshit personality.
https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=2&mn=1&dy=0&id=p56705258848&a=1174575513
I would value doc assessments if he admitted to willingly participate in the pill selling anti-health medical scam…. e.g….If I knew he was aware of reality, in other words…Until that Mei Culpa he is not mentally attached to reality…imho
Dollar Index : Summer 2022 : ‘Euro’ Pop : Gap Defined Trading Range?
https://saturationtiming.blogspot.com/2022/07/dollar-index-summer-2022.html
(IAU) (IAUX) i-80 Gold Drilling Expands South Pacific Zone High-Grade at Granite Creek
13 Sep 2022
New Assay Results Include:
– 44.4 g/t Au over 6.4 m
– 19.6 g/t Au over 10.4m
– 10.7 g/t Au over 14.5 m
https://ceo.ca/@newswire/i-80-gold-drilling-expands-south-pacific-zone-high-grade
I’ll reiterate for I-80 gold on these fantastic drill hits, the same thing that was said yesterday in regards to the stellar results Calibre had put out.
If a little Canadian drill play had put out results like that then the penny dreadful drill junkies would have been doing cartwheels and back flips over it. Sometimes those investors are not tuned in to what the producers are doing, but it is the producers that can more quickly monetize these great results anyway.
I maintain that some of the best exploration going on right now is with the growth-oriented producers like Calibre, or I-80 Gold, or Karora, more so than most of the grassroot explorers.
Fantastic is definitely the word for these drill results from this producer, IAU.
+1
GDXU……There is a 3x miners index……I think stewart thomson article laid it all out….Use these tactically on clear signals….that is, a clear swing low from oversold technicals…….like almost now……glta
For those traders/investors who follow cycles on the charts, what is your view in regards to the 8 year cycle low?
For example gary believes the 8 year cycle low in gold/silver will come in 2023 and that the low will produce a slightly lower cut low of golds current level. Meaning it will break that $1685 level give or take in 2023. He does mention we will have an impulse move to the mean as I write this only lasting 2/3 months possibly. I believe green is in this camp as Gary mentions gold will only rise to the 200 dma and then break lower in 2023 all the way back down.
Others have a different outlook stating that gold will rise from here into the all time high or slightly below it, correct possibly 2-3 months and break higher before putting in a 8 year cycle low in late 2024 or early 2025 but that the correction low in that 8 year cycle will only come back down to test the all time high break out which means we would have an event that takes gold to $2600-$3000 before we turn hard back down into that 8 year cycle low and move back down to the scene of the crime as graddy would say and test the all time high breakout in gold.
I’d like to know all your views.. I’m currently leaning towards the latter but won’t discredit the other view. If Gary’s scenario does workout at that point the handle imo to the cup seems a bit stretched does anyone else agree? The handle is going to be longer then the cup lol if we head lower.. I really can’t see that scenario working out.
Doc, green, Matthew, ex, everyone else in here what are your thoughts on this?
Glen…….at this time… the handle might be the longest handle in history….
But., I did say go LONG….. lol………. J.the Long… 🙂
Remember,…..I think Guru Gary’s batting average is less than 50%…
Ha ha J the long such a provocative name lol.I’m long with you my friend 🤣forever up!
Sorry Jerry for not including your name as well as Wolf, Dan from Calgary, Charles, Larry, the whole clan LOL
Batting average is a difficult thing my slugging percentage has not been good as of late but there’s always room for improvement and always room to have an all-star year I just thought that discussion would be great it’s two complete scenarios which can be detrimental to one’s account.
Glen………… You can still be on the team….with a .285 batting average…. lol
Hey and no problem with not mentioning my name…. lol…..
Oh, sorry…….. J. the Long,…. might be provocative, …but, remember
we are talking GOLD.. …… 🙂
And……….. thanks for putting up the two complete scenarios….
Good to see you posting again Glen……you were almost posting less than me for a while.
I’ve never come out and said that gold will make a lower low a year out, but I will acknowledge it could happen for purely technical reasons.
From a contrarian standpoint, you rarely get huge moves from plateaus. Rather large moves to the upside are typically preceded by severe shakeouts. Look what palladium has done over the last 20 years and particular the huge dip it took between 2014 and 2015. Gold could easily do something similar before it moves higher. Perhaps a test of the rising 600 WMA is needed before it can break above $2000?
I am not expecting such a shakeout but I am incredibly biased. The impending 200 and 600 WMA cross of the hui:gold chart is something I see as extremely significant and historic, and if we do get that cross I find it very hard to fathom a crash in gold in the future.
Re:Northern Superior/Royal Fox merger. Gentile is a holder of both. It’s a friendly merger with Royal management taking senior positions like president and CEO. Also Royal shareholders get something I’ve never gotten before and that’s a contingent value right for the upcoming reserve calculation.
Bottom line is like Ex said Royal already trading at below value to share exchange without the CVR even being taken into account. Look forward to hearing Jayants opinion if he’s even aware the 2 companies .
Looks like I am back to almost even. That will restart my trend of one day in a row of having some up, some down and Emerita being down to make sure it happens.
Hey Jon Syl. While you’re in copy/paste mode from past comments could you repost all your calls and actual contributions towards investing. 😏
There you go wolf, to jog your memory on our exchange of respective contributions LOL
As I have stated repeatedly, until there is an actual change with upside rather than downside leverage of gold sector equities vs gold, this thing is a bagholders deep hole. Buying successive lows for the big one is a mugs game. Simple as that for me.
Anything can happen, who knows. Putin could launch a nuke as a gamechanger. He certainly helped with the buildup and eventual Ukraine invasion going into this year.
WolfsterAug 10, 2022 10:08 AM
The only ones in a deep hole with equities are those who bought the top Jonsyl ….sorry if you’re one of them. Try buying bottoms and selling some into the rallies next time. My free warrants from orezone that I bought at .07 are trading at .80…..even with copper my free kodiak shares that I bought at .45 are still in the money. Yes I’m down 30-40% on 2-3 of them but can’t win them all and those are coming back nicely too. Brixton Kootenay and impact. My fault on those for being too greedy and breaking my own rules.
jonsylAug 10, 2022 10:22 AM
No need to feel sorry wolfster, as clearly posted here in past, very clear with my entries AND exits. After being out early april, bought it mid may and mid june, far from the top. Yet as I stated before, with gold basically where I purchased my assortment of dregs, still down on my 25% by about half with this pop up. The same old underperformance.
Unlike the bagholders that claim they bought for the long haul, LOL, and keep accumulating successive lows for more than a year, claiming each to be the next launchpad.
Still a bagholder but with plenty cash to leverage up once sector equities show some relative life.
syljon Sept03, 2022 03:59 PM
Same old repeated over and over again, now going on a couple of years, each of which was the apparent low. The bagholders lament.
In this period gold has stayed in a consolidation, little more than a couple hundred bucks say 10% or so. Peanuts vs the sector equities which have been absolutely crushed. Nothing will change till the upside leverage returns with sector equities vs gold. This last couple week pop up in July shows no difference with that possibility, as was the case with the past exalted previous pop ups.
All the babble gab with pitchforks, comparisons amongst lesser losers, claims that it has to go up because it’s so oversold, doesn’t change the trend of the past, and to claim otherwise is simply stupid.
Reply
That’s it……still sounds more like you bought only dregs cuz I see some green ones with what I’m holding …..and sitting on lots of cash. Well that’s down 10% in the real world. Sector rotation. Stock selection. Both very important when it’s not all rosy. Look forward to hearing IN ADVANCE when you’ve decided to redeploy all that cash. 😎
will do Wolf.
right now just a boring watch, except for an ocassional scalp. Considering a pickup in some of the uranium players as alternative.
Just maybe powells rate rise declaration will serve as a buy the news event after this retrace in the metals.
I’m sure glad I’ve been diversified into the Uranium stocks the last 2 years, as they’ve had fantastic moves, and likely have a whole lot more where that came from if nuclear power keeps gaining traction, and we see Uranium prices head higher with longer-term off-take contracts pulling prices up to where it incentivizes production.
I just posted a new daily editorial with John Rubino, and he veered into the bullish picture for Nuclear power and related Uranium stocks. TG Watkins also mentioned Nuclear & Uranium in his interview this week. That is interesting to me as a longer-term bull on the sector, as those are 2 guys we have on regularly that haven’t talked about nuclear or uranium previously, so the awareness is growing.
globalization was deflationary…..eg…..transfer of manufacturing etc..onto slave wage labor is now being unwound…inflationary….makes sense to me…
https://www.oftwominds.com/blogsept22/recession-different9-22.html
In the article it says……………..
“Everything costs more in developed economies due to their high wages and social costs (pensions, healthcare, disability, etc.), high taxes, strict environmental standards and extensive regulations.”
Question……… How may companies are paying the pensions and healthcare NOW…….?
Seems to me, a lot of the cost shifted to the employee in the last decade…JMO, and food for thought.
Good article BTW……………. JMO
Not all bad news………………
5. Wealth will take a hit, affecting the top 10% who own almost 90% of the wealth.
If history is any guide, all of the $400+ trillion in private wealth globally will not find a new home that preserves current valuations.
*****The losses will fall lightly***** on those who own few assets, i.e.*** the majority.*** The heavy losses will fall on those who own most of the assets–the top 5%.
This reverse wealth effect will reduce their ability to spend / consume, shrinking luxury / discretionary spending.
Demand for essentials will remain steady, demand for non-essentials will drop.
KLAUS/Elites….. SHOULD WATCH OUT………….. LOL
Gosh … good news and it is only Wednesday.
lol……….. Freaky Friday………. just ahead………. 🙂
GDX 10 minute chart….Only managed a .382 retracement back up from high Monday…..The D point of 1:1 ABC down is 23.53…… which is .786 retrace pullback of swing low rally of 9/1……Will that price hold or will this set up a plunge below that S.L……bets?….This is where candle analysis is meaningful…imho..
GDX 240 minutes chart…IF this ABC down from 8/23 S.H. plays out over next 6/7 trading days it completes w the scary undercut of 9/1 S.L…..but in a very controlled descent…So that the big players never jeopardize their ever enlarging mining share positions…just a thought…..
Daily, weekly, monthly the TSX-V looks fine and is well above its low of two months ago but volume has yet to return…
https://stockcharts.com/h-sc/ui?s=%24CDNX&p=D&yr=1&mn=0&dy=0&id=p51225976653&a=1219911686
Monthly volume has collapsed to levels last seen in 2004…
https://stockcharts.com/h-sc/ui?s=%24CDNX&p=M&yr=25&mn=0&dy=0&id=t9125272734c&a=1227129438&r=1663180903654&cmd=print
The high so far for the HUI this week was a backtest of broken fork support.
https://stockcharts.com/h-sc/ui?s=%24HUI&p=W&yr=5&mn=0&dy=0&id=p51919354302&a=1153732189
It also marked Fibonacci fan resistance…
https://stockcharts.com/h-sc/ui?s=%24HUI&p=W&yr=5&mn=3&dy=0&id=p05689898267&a=1197925784
Steady walk down of Gold since morning. I will be glad when all the MMS have kids of college age and have to pay irrational tuition.
GDX month…C to D leg has price to the left of the symmetric A/B and C/D line…So price is weaker than the A to B leg down ….not what you want really…Makes 1.272 expansion more likely or at least the 22.11 TAS profile support bottom….
School food.. The kids will eat bugs…………..The 7 laws of Noah…Number 6#…Google it. .Tikkun Olam .Good times..