Craig Hemke – Slogging Through This Precious Metals Correction
Craig Hemke, Founder and Editor of TF Metals Report, joins us to discuss his technical and fundamental outlook for the precious metals sector, as they correct into the sideways slog of this seasonally slow time of year. We discuss that even though sentiment isn’t great, that overall gold and silver have actually done reasonably well in light of all the macroeconomic factors thrown at the markets over the last few years, and also year-to-date. It is really the underperformance of the PM mining stocks that have weighed more heavily on sentiment, but Craig is still optimistic that we’ll see that change later in the year as the metals break out of this trading range to higher levels. When pondering what will get more generalist investors to focus part of their capital in this sector; he reiterates that it should be the gradual loss of faith in central banks as their policies waffle from loosening to tightening over and over again, without reaching their stated goals.
All it’s gonna take is one more bank failure…. maybe after the Fed hikes again in June….sentiment in PM’s will turn on a dime; Then you’ll see $2500 Gold at an LCS near you!
Sentiment Speaks: Silver May Explode
Avi Gilburt – May 16, 2023
“So, back in January, I provided my latest assessment of the gold market, with an expectation for gold to rally to the $2,428 region in this current move off the early November low. I also noted that we can certainly even blow through that, depending upon the extensions we see in the upcoming rally, but that target was a solid one for now. Clearly, I will reassess the target once the next bullish phase begins in earnest.”
“And, then in April, I outlined my expectation for the metals market to begin its next rally to the $2,200-plus region. My expectation was that a break-out through $2,075 would trigger that next bigger move. Yet, while the market spiked to $2,085 in early May, I warned members of ElliottWaveTrader that the structure of that move did not look like it was starting that rally to $2,200 just yet, and I expected more of a pullback. So, while the market did spike through $2,075, it clearly was not able to sustain that rally, as we expected, and it immediately spiked back down below.”
“At this time, I’m still expecting a fast and strong rally to $2,200-plus in the coming months. And a break-out over $2,085 will likely now be the trigger.”
“But silver is providing to us a relatively low risk buying opportunity as it’s setting up to see a very strong upside follow through when this pullback completes.”
“To keep it very simple, we have been outlining to the members our expectation for the pullback we’re now seeing in silver, and it’s now striking our general target region for this expected pullback. As long as silver holds over $22.50, I’m expecting this pullback to complete over the coming week or two and set us up for a strong rally which should be pointing us north of 27 rather quickly.”
Debt Ceiling Negotiations Have Investors Eyeing Gold If US Defaults
Bloomberg News – May 15, 2023
Americans’ approval of gold as best long-term investment doubles from last year, says Gallup survey
Anna Golubova – Kitco – May 11, 2023
“Gold is catching up to real estate as the best long-term investment, with American investors’ perceptions shifting due to higher interest rates and increased stock market uncertainty. The number one preferred long-term investment asset remained real estate, but it dropped significantly from last year’s record-high approval of 45% down to 34% in 2023, according to the latest Gallup poll.”
“The view that gold is the best long-term investment jumped from 15% in 2022 to 26% — the highest levels since 2012. Gold has overtaken stocks as the second-most preferred investment and has come close to the number one spot, with more than a quarter of Americans viewing gold as the best long play.”
“Gold tends to be the beneficiary when confidence levels in both real estate and stocks are down. This is typically during times of economic recession or uncertainty, as happened around the time of the Great Recession, and is happening again today,” Gallup said.
Gareth Soloway – This Is The Catapult That Will Send Gold To New Highs
May 16, 2023
“Technical analysis expert GarethSoloway of InTheMoneyStocks.com joins Dave Russell of GoldCore TV for a monthly look at the gold and silver charts. GoldCore’s Dave Russell asks Gareth when gold will touch through its all time high and break out, why silver had a failed break out, and why investors are ignoring the (inflationary) elephant in the room.”
(LIO) (LOMLF) Lion One Commences Mining on Second Lode System at Tuvatu
18 May 2023
Not sure if this might be 1 Day Forward or 473 Back.
Two steps forward one step back..that alone was worth the price of admission.