Jordan Roy-Byrne – Balancing The Technical Outlook With The Macroeconomic Trends
Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us to share why he is counter-balancing his technical outlook on the US general equities and precious metals markets with the developing macroeconomic trends. He points out that some analysts are simply 100% chart dependent, and miss important developments in economic data and trend changes that would provide more clarity to the technical data.
Jordan pushes back on a number of the claims that many technical and economic pundits are making, when they are suggesting we are now in a new bull market for general us stock markets. He outlines why any remaining bull market action won’t last long or be meaningful, with the inevitable move towards a recession later this year or the beginning of next year, and cautions investors not to get too bearish on the precious metals markets. We wrap up with Jordan providing some key technical support levels he is watching in gold, silver, GDX, and GDXJ.
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I followed Jim starting about 10 years ago, but found over time that he has been fairly consistently wrong/inaccurate.
Copper is looking better and better…
https://stockcharts.com/h-sc/ui?s=%24COPPER&p=D&yr=1&mn=3&dy=0&id=p80176819640&a=1079142485
Copper: what are the best explorers for copper that have drill results?
Brixton is a good start and $150B BHP agrees if their 19.9% stake means anything!
Hi Lakedweller2 – there are dozens and dozens of copper explorers, many of which seem to have some interesting projects of scale or grade and in a number of jurisdictions (mostly in South American countries, but there are some Canadian and US based projects in the mix as well).
One of those copper explorers that has caught my interest over the last year is Arizona Sonoran (ASCU). It’s adjacent to Robert Friedland’s company similar but far more richly valued project, and that could be another boon for this project, as far as a rerating potential.
> Here’s a little summary from one of their recent press releases:
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“Within 2.5 years (beginning Nov 2020), ASCU has drilled out an inferred resource of 2.9 B lbs of copper @ 1.015% TCu*, completed the indicated drilling and has now begun infill drilling to the measured category”
– “In 2023, after six months, the Company has now drilled 100,000 ft at the Cactus and Parks/Salyer deposits”
– “Drilling better defines the east and west margins of the inferred mineral resource area…”
https://ceo.ca/@businesswire/arizona-sonoran-releases-final-pfs-drilling-results
I don’t have a stake in yet, but Arizona Sonoran has my attention, and now that it’s pulled back quite a bit, I’m considering starting a position in it at some point here.
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One company I do have a position in with a substantial copper resource and drilling planned is over at Metallic Minerals at their La Plata project in Colorado. (so another US based copper project)
La Plata’s inaugural resource estimate has 985 million lbs of copper equivalent, and they are still drilling it and hitting some very interesting intercepts.
Additionally, Newcrest just recently took out a 9.95% stake with a $6.3 million initial investment, and a an additional millions in proceeds with the eventual exercise of warrants, which this option would take Newcrest’s stake in MMG up to 15.5%. That’s a pretty significant endorsement.
https://mmgsilver.com/site/assets/files/2469/2023-06-15-mmg_presentation_live.pdf
Probably the hands-down best copper explorer of the last 2-3 years has been the epic move (and epic current valuation) from Filo Mining, with consistent bonanza grade long drill intercepts at their Filo del Sol Project in San Juan, Argentina. However after running so hard in 2021, 2022, and in 2023, the company now has a CAD $3.32 Billion market cap, so it’s pretty much fully valued at this point.
It’s worth highlighting the meteoric rise of Filo Mining the last few years, just to show where the upper end of the range is in valuation for the very top notch projects being developed by copper explorers. Filo is best-in-class, so most projects won’t get such a rich valuation, but still if some of these other projects only capture a fraction of that kind of valuation in their market caps, then there is still plenty of room to run in many of the better copper explorers.
Thanks. I owned Arizona Sonoran at one time, but have to look at it again. I own Brixton, Metallic, American Eagle and Nine Mile. I am losing interest in Nine Mile as they are not putting out any drill results to prove their claims of “massive sulfides”. Filo is on the higher price side of things, but it has dropped back like most others. I will look into Arizona Sonoran and Filo today. Thanks guys. (I might just want to add to those I have).
Today’s open is telling me that Powell’s presence before Congress is artificially suppressing prices to get everyone “wrong—footed”. He has no good answers to anything important, but markets are not responding in kind. Looks like intervention until he “leaves the building with Elvis”.
I took a few Fathom Nickel +100% profits and rolled into American Eagle for a swap. That is separate to looking at other copper options. American Eagle has some interest that is not quite proven yet, but I am adding and not starting a position, just in case something more develops.
Question: Mr Powell, Would it be OK if We did an “immediate in-depth Audit of Central Banking” whether you approve it or not.
(CNBS is scrambling as fast as they can to tell us what to think. They want no one to hear the hearing or make a conclusion on their own.) We will hear prepared statements but very selected Committee questions. Watch when they break for commercials and comments.
David Rosenberg, something to ignore if you are in the conventional markets, look away, look away, no one wants to hear the ‘R’ word…
Wow. Too many ads. Haven’t got that amount of time. Headline says it all anyway.
Yup, headline is very descriptive of the content, the S&P crowd are in recession denial IMHO… the light in the tunnel is the coming recession that returns capital back to it’s owners…
bloomberg is worthless…………….. JMO……..
well, maybe not totally……. gives you a clue on the scam….
considering the drop with gold/silver today, there are at least some green shoots with sector equities. Nothing to cheer about yet. But should gold continue to work it’s way lower and the washed out equities at least hold steady to up, finally some outperformance missing for quite a while.
Good comment… the micros have a bid for now.
This last 30 minute take down is becoming a habit. I really don’t think my account should get the brunt of The Fed’s massive thefts and corruption.
Jim Rickards has an article posted on the Gata site (gata.org) that talks about the Brics starting a new monetary system partially gold back around Aug 20-24. That could make a difference on market estimates.