Robert Sinn – Goldfinger – Beaver Creek Conference Recap, Technical And Macro Analysis For Precious Metals
Robert Sinn, aka Goldfinger, editor of Energy & Gold, joins us to share a recap of the Beaver Creek mining conference, his technical outlook on the precious metals sector, and some macroeconomic trends that could be headwinds or tailwinds moving forward. One of the key themes lately, that was evident at meetings from Beaver Creek, was that there is a clear gulf developing between quality companies that are cashed up to keep working, and those companies that will struggle to finance their operations moving forward. Robert also highlighted two recent financings done in the gold developers that occurred near their share price lows for both Skeena (SKE) and Lion One (LIO), demonstrating how tough it has been to raise capital in this low precious metals sector sentiment.
Next we shifted over to reviewing the key support and resistance technical levels, noting that a close in gold above $1700 this week, and more importantly a close above $1720 next week for the monthly and quarterly close would be a step in the right direction to get things turned around. We also noted the key support at $1670-$1680 that gold has been hovering around the last 2 weeks, and that if it fails, there isn’t good support again until $1625. With Silver, it has been more encouraging lately, as it diverged from gold and rallied higher the last 2 weeks, but ultimately it needs to see a monthly close next week above $20 to keep that momentum going.
We wrap up with the macroeconomic data points around the Fed, the US Dollar, and looking at the interest rates yield curve to assess what expectations the market is signaling.