Jordan Roy-Byrne – Silver, GDX and GDXJ In Danger Of Going Back To Last Year’s Lows
Jordan Roy-Byrne, Founder and Editor of The Daily Gold joins us to share his outlook for silver, gold stocks and gold (in that order) now that selling pressure has continued. The downside target for silver and gold stocks are the lows from last year which would be another 15% for silver and 20%+ for GDX and GDXJ. Listen in to find out why he is looking for these lower levels.
Click here to visit Jordan’s site – The Daily Gold.
For those who believe the huge delay in COT reporting since January was/is not for nefarious purposes I have a bridge and a vaccine to sell you.
Although we’re still missing the last two weeks of data the convenient problem has clearly helped the smart money reduce its short position size dramatically and quickly.
The discount to Sprott’s PHYS has been shrinking for the last three weeks despite gold’s significant price drop. Those who understand the picture are taking the reins from jon syl’s crowd which is forever confused and myopic.
Priced in dollars or commodities silver is a long ways from threatening its August low.
SLV is very oversold versus GLD and is about to fill the rest of its big Sept. 12 gap.
KTN on Goldseek, nothing to see here, worthless, sell sell sell, there’s a big buyer buying below .10, sell sell sell, silver has no value anymore, don’t fight the fed, do as yer told by a banker, they just need more money to advance, sell some more, going down for ever………………. saarc, but seriously, better sell every share as there is no value here, look away look away… couple hundred million ounces is nothing, sell sell sell, silver is never going up again, sell some more! Do as the bankers want done on to them… buy some so you can sell at the bottom, good plan, then sell some more, tell a friend to sell too!
David Rosenberg on BNN (This website sucks, no searching for articles and no truncating of commercials ) at the 5 minute mark.
Recession coming very soon and stock market lows many months out… Earnings recession is almost a year old… Fed loosened into a bull market and tightens into a bear market… Fed follows trailing indicators… friggin’ idiots or liars, highly educated so prolly liars… That last statement is mine…
absolutely Dan, loosening into a bull (destroying savers with zero interest returns), now tightening into a recession, All explained by a bunch of babble that they are doing this to save the group which they skewered in the first place.
IMHO lots of delinquencies on the near horizon, then an ‘oops’ moment by the Fedsters…
BTW, I think the Fed pivot happens later this year, far sooner than almost anyone else thinks…
on Powell, the mendacity is strong in this one… haha…
Peak Jobs… haha!;-D
Rosenberg is a dummy, now trying to stay relevant with his private practice preaching fear throughout the rise in housing , markets and everything in between. This is his I told you so moment.
If we know the Agenda of Central Banking is transfer of wealth, it all makes sense. Stopping them is a more difficult issue.
They need a recession to lower inflation now, the service industry is facing higher rent, higher labour and higher food costs along with non binary and covid stuff, once a slow down starts there may be a snowball effect. I think that will put enough service industry businesses out of business they will get their way.
Every sheepls is screwed….. just face it….. as long as there is a central bank….and govts who like the idea…..
Biden out with his new plan to raise tax and increase the debt…$6.8 TRILLION….
No real problem with gold, it’s the continued underperformance with the sector equities.
Nice to watch.
Gold looks great, Gold/Silver is signaling a recession. Silver will get it’s monetary mojo back sometime this year and get the G/S ratio back in line, IMHO.
Well, Jordan wasn’t the only technician we talked to today that is anticipating a high potential that the lows of last year get tested again, not just in the PMs, but in US general equities as well. We interviewed Doc Postma for the weekend show and it was a similar theme, and then I observed some other technicians and other chat forums where investors were expecting a similar theme.
Of course, a W-shaped double bottom is a solid bottoming pattern, should that play out, but that is just going to drag this whole sector through the mud all over again, and sentiment was pretty bad by last September around those lows.
Sure, after a 4 month run in the PM sector a corrective move was overdue, which is why I put on a JDST position in February as a short hedge against my long portfolio exposure. While many were calling for a corrective move to cool things off a bit by late January, I don’t remember anyone expecting a corrective move have come on so quickly and gone so deep. After the last 6 weeks of February and March, this sector got ugly again pretty quickly, and all the jubilation of the January Effect is already gone, and the PDAC Curse definitely played out once again.
However, investors should not loose all hope as anecdotally there were some positive reports back about the PDAC and general sentiment. This video clip really does a nice synopsis of the vibe on the floor of the PDAC for anyone that was unable to attend.