Robert Sinn – Precious Metals Are Continuing To Climb The Wall Of Worry
Robert Sinn, aka Goldfinger, editor of Energy & Gold, joins us to review the technical and fundamental factors that have continued to drive the precious metals sector higher for the last few months and to kick off 2023, as well as other commodities that have his attention for the year to come.
We start off by breaking down some key support and resistance levels in gold and silver, and also take a look a sentiment indicators as more and more main stream analysts have also jumped on the precious metals bandwagon lately. While some commentators are still guarded for another big leg down or a final washout, Robert is more constructive that the bottom is in and that pullbacks will find support at higher levels. We then get into some comments on trading versus buy and hold value investing, and investor psychology as things turn from a bear market playbook to a bull market strategy.
Wrapping up the discussion then leads into the base metals and energy metals of both copper and nickel, and how Robert sees the macro fundamentals setting up, as well as his approach to investing in the related mining stocks.
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I continue to think the first half of the year is going to better than the second half of the year. Sell in May and go away should work well this year. I think GDX runs to $40 and that’s where we shall start getting some resistance and likely a correction, but that’s 20% higher from here. GL to all longs!
Next year will be great ….🥸
Why wait? This yr is shaping out to be great.
I know. Next year is always the “safe theme”. Gave up on a theme other than “be nimble” years ago.
Yep… It’s always next year. 2024 is going to be a real hum-dinger! Haha! 🙂
So Goldfinger talked about Copper in the interview above, and I had posted this yesterday, but it seems relevant to post again here today, so since I mentioned COPX’s performance in the interview as well.
Copper has been doing better lately, back up over $4 (currently at $4.17-$4.20 in today’s trading).
Also the larger Copper producers have started gaining traction lately as seen in the ETF (COPX).
COPX got down to $25.72 in the summer, then retested that general area at $26.40 in late September, making a W-shaped double-bottom of sorts. Since then it has surged higher to close today at $41.04.
We’d heard some chatter last year about Copper going down and staying down due to the recession concerns (with some calls for it to break back down below $3 again, and into the mid $2’s). Also people were flogging the copper stocks as dogs for the next 1-2 years in the latter part of last year….. Nope.
Dr Copper has put back on his dancing shoes lately, and the larger cap copper stocks (as evidenced by COPX) have really had a nice move now for the last 4 months off their September lows. This move in the copper stocks was running in tandem with the move we saw in the PM stocks over the same time period.
Nice to see some life coming back to the resource mining stocks once again lately.
Gold Vaults Above $1900, Bandwagon Begins To Fill Up
by @Goldfinger on 13 Jan 2023
https://ceo.ca/@goldfinger/gold-vaults-above-1900-bandwagon-begins-to-fill-up
Zeberg Report- Henrik Zeberg – Elliott waver still calling all of last year for GOLD $860-960 low in 2023.
That’s just a shock-and-awe price prediction, and is incredibly improbable. Anything is possible, but that is just like Harry Dent calling for $700-$800 gold for the last dozen years, and he uses that eye-catching number to get clicks, sell books, and gain subscribers, but he has been wrongo in the congo year after year now. It’s just the inverse of people that have perpetually called for $5,000 – $10,000 gold for the last dozen years to get eyeballs, and they’ve been just as wrong.
I think DOC totally blew this one. These moves are once in a blue moon and similar to what transpired in early 2016. EVERYTHING is going up.