Dave Erfle – A Number Of Positive Macroeconomic And Technical Factors Stacking Up For Precious Metals

Shad Marquitz
November 29, 2022

Dave Erfle, Founder and Editor of the Junior Miner Junky, joins us review the more volatile moves in the gold stocks compared to other sectors, and the technical levels and economic data he is watching in the near-term.  As we get ready to close up the month of November, it appears gold will be putting in a green monthly candle, after 7 prior red monthly candles.  In addition, both GDX and GDXJ have broken up to higher levels which is a more bullish overall posture.


There is also a number of key economic reports coming out over the next few days with the Q3 GDP, JOLTS Report on job openings, PCE inflation data, ISM PMI manufacturing, Powell’s address, and the Non-Farm Payroll Report for jobs data. We should expect a lot of chop and market volatility on the back of all this data, as investors assess what it means for Fed policy moving forward and the health of the economy.   Other key factors moving the markets have been concerns over the China reopening from its repressive Covid policies, the large increase in central banks buying of gold recently, and the trend of more countries exchanging gold for oil, bypassing the petrodollar.


We wrap up by discussing what factors will get more generalist investors interested in the PM sector, and how the crypto crash will not be a headwind on the next move higher, but how it could be a tailwind. Dave outlines some strategies he looks for with volumes and daily trading candles to signal that the majority of tax loss selling may have been exhausted in junior mining stocks, and when and where he likes to add to positions within his portfolio.



Click here to learn more about Dave’s newsletter – The Junior Miner Junky.

    Nov 29, 2022 29:37 PM

    Brixton Metals, Hog Heaven, has The Hog gone to heaven, Ag, Au, Cu. Not yet but it will! Buy orders coming in on The Hog. Traders love The Montana Hog! Pigs get slaughtered, Hogs go to heaven. LOL! DT😊

      Nov 29, 2022 29:42 PM

      Yep, Brixton has essentially doubled in price since it’s mid September low around $0.13 to today’s close at $0.255. Congrats to those BBB investors that were positioning into the weakness in mid-Sept and caught this recent rip higher over the last 2 1/2 months.

      There are actually a lot of mining stocks that have had really nice runs since their mid-Sept lows. For example, one of my heavier weighted positions is in Karora Resources and it has moved up from it’s late Sept low of $2.40 to close at $4.41 today, just about doubling itself.

      Those that were advocating “selling everything to go cower in cash” a few months back chose poorly.

        Nov 29, 2022 29:52 PM

        Even playing it safe with an ETF like GDXJ is up about 32% from it’s late Sept low of $26.13 to where it closed today at $34.47.

    Nov 29, 2022 29:19 PM

    Fireweed Announces Lundin Family Leading $27 Million Private Placement. (TSX.V: FWZ) formerly Fireweed Zinc. The Private Placement includes lead orders by members of The Lundin family and other key shareholders. The Lundins’ participation in the offering makes them collectively Fireweeds largest shareholder. That is one heck of a lot of money and one heck of an endorsement. Like Rick Rule say’s follow The Lundins. DT

    Nov 29, 2022 29:19 PM

    Many of the guests we’ve had on the show believe the action we’ve seen in the general equities in Oct/Nov was nothing more than a bear market bounce.

    Nov 30, 2022 30:51 AM

    Dollar slips lower; Powell speech, GDP data due

    Peter Nurse – – Nov 30, 2022

    Nov 30, 2022 30:53 AM

    (IAUX) (IAU) i-80 Gold Expands High-Grade Gold Mineralization at Ruby Hill

    29 Nov 2022

    Results Include 9.0 g/t Au over 51.2 m, 14.4 g/t Au over 14.2 m & 11.0 g/t Au over 9.9 m

    Nov 30, 2022 30:39 AM

    Nice charts as always Matthew. Could easily see it getting into .40’s looking at that

    Nov 30, 2022 30:38 AM

    Great charts matthew 😃

    Your charts are confirming my .46-.50 region I spoke of yesterday. The 50/50 chance of getting to the higher numbers I mentioned are now set at 70/30 with gold trying to break out here. The fork lines up perfectly

    I’m now expecting gold to break the $1800 and hit that $1840 ish region pause and hit $1880-$1912ish are before pull back and that sets the stage for .46/.48 for brixton. Brixton is going impulsive here or/getting ready to soar.

    I think the timing couldn’t be better with a rest in December brixton is set to release there drill holes for the Mother Earth copper they have found and it’s release was set as first quarter 2023..

    On a side note any idea what’s keeping the explorers down for example Scorpio and many others from going higher? I know there tends to be a lag and when they do they move faster than any other stage of mining. But man either they catch up quickly or brixton at some point needs to come back to earth after it’s move and digest. I’m hopeful it’s the former

    Nov 30, 2022 30:53 AM

    Santacruz Silver released quarterly report today, can’t find a link yet, it was a big loss.

    Nov 30, 2022 30:32 AM

    Silver losses very well could be price suppression. Self fulfilling prophesy by the Bullion Banks.

    Nov 30, 2022 30:13 AM

    So far before the supreme confusion edict … alternating days. And the beat goes on …and the beat goes on.

    Nov 30, 2022 30:08 AM

    Something fishy going on: Powell still talking, Gold back up, Surge Battery Halted and Magna mining up another day. Just not right …

      Nov 30, 2022 30:32 AM

      I like what I’m seeing but can see the trepidation in the market as Matthew has stated before, the first impulsive move after a fed babble is usually in the wrong direction. I don’t think that’s the case this time IMHO only. I think silver can build a new base around $22.

      As silly as this story may seem for overpriced silver jewelry this is all it may take for another impulse leg up to another support… all in my silly opinion

        Nov 30, 2022 30:40 PM

        Looks different this time as the walk to the bottom of my long term range got cut short by some good drill results. Hasn’t really mattered most of year …the # in the green up. We will see as still in the range.

    Nov 30, 2022 30:57 AM

    Powell Growl now Powell Poof?