Dave Erfle – Precious Metals Are Digesting The Recent Blast Higher From Banking Concerns

Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us to review precious metals rally of the last 2 weeks, fueled by banking uncertainty and upcoming Fed policy expectations.   Now that the PMs are digesting and consolidating this recent blast higher, he provides the technical levels he is watching in gold.  Dave points out that across the board, gold has been outperforming most other asset classes from stocks, to bonds, to energy,  and in relation to most other commodities or currencies.


It has been frustrating to see the gold and silver stocks not providing the anticipated upside leverage to the moves in the underling metals; however, Dave remains firm that seeing gold close on a monthly and quarterly basis over the key psychological $2000/oz resistance area is what should be a major driver to bring more generalists into the PM sector.  His advice to investors is that it’s better to be frustrated while accumulating into weakness, rather than to be out of position for a breakout and then be frustrated chasing the FOMO higher.




Click here to visit the Junior Miner Junky website to follow along with Dave’s comments on PMs and the stocks he is buying or selling.

    Mar 21, 2023 21:50 PM

    The Sprott gold trust PHYS traded at its greatest ever discount to NAV last November (which is represented on the following chart by the lowest reading ever) but that discount has been shrinking rapidly lately and is now back to a level last seen in August of last year. There’s clearly power behind the move so don’t expect the discount to stop shrinking near the current level.

    Mar 22, 2023 22:32 AM
    Current Gold (08:20)

      Mar 22, 2023 22:34 AM

      Dollar Index (DXY) pre-market MS(7).
      This may mark a swing low.

        Mar 22, 2023 22:15 PM

        Went much deeper, but could be a turn.
        MS(6). Earlier was MS(6), not 7.

    Mar 22, 2023 22:36 AM

    So far …. Running yesterday’s algos. Yesterday didn’t go well. Maybe Mr Powell will clear his throat wrong or stumble off the podium. Need something significant like that to get the metals turned atound.

      Mar 22, 2023 22:02 AM

      I have an idea, sue JPM for a trillion bucks and use it to cover the lost money in this latest crisis, that they helped cause… I think the judges should make an example of these pieces of sh!t and give them 5+ years, glad they made use of their university educations like good effin’ bankers.

        Mar 22, 2023 22:11 AM

        No impact on JPM until JD goes to jail or banned from Investment Banking.

        Mar 22, 2023 22:04 AM


        I like that idea Dan!

    Mar 22, 2023 22:04 AM

    /NG 240 minute…Final ABC down to retest or will it expand to new low?

      Mar 22, 2023 22:17 AM

      Reaction to Powell’s remarks could be the tell.

        Mar 22, 2023 22:35 AM

        Dr. Powell’s elixir may be more powerful than expected,
        but his bandages remain disease ridden.
        Bring back Glass-Steagall.

          Mar 22, 2023 22:43 AM

          How about this… give powell the stigma (stick ’em with an image) of Transitory Truth… truth when it helps the bankers, often fleeting, blame for being wrong will be transitoried to trump voters, something learned in the backrooms of learnin’ institutions.

            Mar 22, 2023 22:06 AM

            His short Jackson Hole speech showed grimacing reluctance.
            His actions may reflect an offer he cannot refuse.

    Mar 22, 2023 22:12 AM

    SEC vs. Ripple Verdict Could Come At Pivotal Time For Crypto Industry

    Eleanor Terrett – Tue, March 21, 2023

    “For nearly two years, the SEC has been locked in a high-profile lawsuit with Ripple and the outcome could dictate the scope of crypto enforcement proposed by SEC Chairman Gary Gensler. As FOX Business has previously reported, the SEC in 2020 filed charges alleging that Ripple and its executives violated securities laws by selling the digital token XRP to bankroll its business. The SEC contends Ripple should have registered XRP as a security. Ripple says XRP is not a security, thus the sales were totally legal.”

    “Gensler, who became SEC chief in 2021, has aggressively pursued the civil litigation. People close to him say he’s hoping that a legal victory will cement his status as crypto’s chief regulator. More importantly for Gensler, it could give him carte blanche to declare just about every digital coin, except maybe bitcoin, an unregistered security as he seeks to reign in what he believes is rampant abuse and corruption in the $1 trillion industry.”

      Mar 22, 2023 22:23 AM

      Will Gensler target his ‘friends’ too?

    Mar 22, 2023 22:16 AM

    John Wick @imUrB00gieman 6:46 PM · Mar 20, 2023 · Twitter

    “Electric cars being transported on an open deck burst into flames as saltwater shorts their batteries”

      Mar 22, 2023 22:46 AM

      Hi Ex, I guess it’s time to short electric cars. They use too much energy to build, run, they are expensive to purchase, and they short themselves. LOL! DT 😁

      Mar 22, 2023 22:36 AM

      Who’da thunk it?

    Mar 22, 2023 22:31 AM

    120 minute /NG…Target coming into focus….on weekly we will have low-high-low symmetry from december 22 low…glta

    Mar 22, 2023 22:07 AM

    Short The Fed!

      Mar 22, 2023 22:04 PM

      You short the Fed by buying gold and becoming your own bank.

    Mar 22, 2023 22:10 AM

    SCZ, finished buying back in this morning…

      Mar 22, 2023 22:14 AM

      Looks like support. Looks like also a great drop in price for the buy.

        Mar 22, 2023 22:15 AM

        I have to have a certain amount of disrespect for this sector to make any $$$.

          Mar 22, 2023 22:30 AM

          That’s the attitude! I am going to go find some sacred cow to cook for dinner. Staying with the program. I wonder if I should invite Chair Powell or just the chair?

      Mar 22, 2023 22:20 AM

      Santacruz gave up all its gain and then some, at some point it won’t be worth trading, good for you Dan! DT

    Mar 22, 2023 22:16 AM

    The decline continues unabated. Current -$64.83. What Fed?

    Mar 22, 2023 22:46 AM

    Got my long dated calls on NEM and AEM. Leverage good here, already up a smidge with the dollar tank.
    NG, in particular BOIL also look interesting for a scalp, maybe end of day.

    Mar 22, 2023 22:00 PM

    Powell continues to suck and blow at the same time. Market knows he’s cornered on further rate rise as long as MSM keeps pumping fear on banking crisis for which he’ll be blamed, with past rate increase and any hint of more to come.

    Gold doing its thing heading for another eclipse of recent Jan highs which most don’t own yet exalt, yet most any sector equity underperforms as with past and sits well below its recent pop up Jan high. Where the crowd keeps accumulating for the nirvana moment.

      Mar 22, 2023 22:19 PM

      Re: “Gold… which most don’t own yet exalt…”
      Lol what a douche of a dude you are. Some of us bought more than enough gold a long long time ago while others accumulate it regularly year in and year out.
      As for performance, my miners have annihilated gold’s performance during every bull move I’ve played and this one will be no different except for the fact that the outperformance will probably be much greater.
      You’d probably be better off punching a time card than bothering with your little scalps.

        Mar 22, 2023 22:26 PM

        You’ve done so many things long long ago. And continue to do the same with useless babble and it wasn’t buying gold at least with any post in the past couple years but the penny arcade dregs.

          Mar 22, 2023 22:21 PM

          Gold is money and hardly my focus with respect to this site except as a technical tool for the sector. My average price is WAY under $1,000.

            Mar 22, 2023 22:14 PM

            Ditto on gold is money………. and average way under $1000

    Mar 22, 2023 22:08 PM

    GDXJ and SIL have poked above Monday’s highs today but GDX and SILJ have not.

    Mar 22, 2023 22:28 PM

    Despite the moves green in the paper market, my account is staying red. I have noted a recent disconnect in OTC and Cad miner prices, often up to 5% or more at any point in town. One day was an overnight +$ 2,000 account adjustment for currency differences. My thinking is that the OTC is getting some shorting pressure that the Canadian exchanges are not. In the past, price adjustment has been more real-time. It throws you off on trading if you don’t check Cad first. Other than just giving a false impression of pricing, I guess it balances out over night.
    Figures: as soon as Powell quit, my account turned green. I have always said he overstays his welcome.
    Back red….
    Going down another day. Trend continues.

      Mar 22, 2023 22:58 PM

      sorry to hear that Lake. However according to Matthew, not going down another day and the trend continues.

    Mar 22, 2023 22:35 PM

    I see there is now a Sprott nickel ETF. Just another reason to own nickel plays. Setting up nicely for a nice big bull run.