Dave Erfle – Volatility In Precious Metals and Stocks
Dave Erfle, Founder and Editor of The Junior Mining Junky joined us yesterday to recap the volatility in the precious metals markets. Yesterday was a weaker day for the stocks over the metals although today the metals and stocks are popping even higher. This week is going to be the best week for metals since March, which interestingly follows one of the weaker weeks at the end of September.
You can tell that yesterday we were a bit worried about the sector but the action today is definitely more encouraging.
NEM is at important resistance and up about 15% in 1.5 weeks:
https://stockcharts.com/h-sc/ui?s=NEM&p=D&yr=1&mn=1&dy=0&id=p57433792441&a=1514039675
The final washout for most including K92 is behind us.
https://stockcharts.com/h-sc/ui?s=KNT.TO&p=D&yr=1&mn=1&dy=0&id=p58440493533&a=988774876
Big day for HL, pullbacks will find aggressive buyers…
https://stockcharts.com/h-sc/ui?s=HL&p=D&yr=1&mn=0&dy=0&id=p60507426403&a=1475891696
Sell stocks; buy miners. SILJ:QQQ is at resistance that I believe will be overcome very soon….
https://stockcharts.com/h-sc/ui?s=SILJ%3AQQQ&p=D&yr=0&mn=11&dy=0&id=p88589805939&a=1478719364
We couldn’t ask for a better week from gold.
https://stockcharts.com/h-sc/ui?s=GLD&p=W&yr=1&mn=5&dy=0&id=p46263057238&a=1516969634
Launch time for silver vs gold…
https://stockcharts.com/h-sc/ui?s=SLV%3AGLD&p=D&yr=1&mn=6&dy=0&id=p94398771718&a=1516970278
Just a backtest? I don’t think so but maybe we’ll get a stall or another one-day pullback…
https://stockcharts.com/h-sc/ui?s=SLV&p=D&yr=1&mn=2&dy=0&id=p45076385463&a=1510114065
Best daily volume in 3 months for SILJ…
https://stockcharts.com/h-sc/ui?s=SILJ&p=D&yr=1&mn=0&dy=0&id=p03173051252&a=1512155157
The silver miners have been in a downtrend vs silver for the last year but that underperformance is coming to an end…
https://stockcharts.com/h-sc/ui?s=SILJ%3ASLV&p=D&yr=1&mn=1&dy=0&id=p61210003904&a=1499864692
SPY looks ready to crash vs IPT and is down 14% vs IPT since the ratio topped on 9/13…
https://stockcharts.com/h-sc/ui?s=SPY%3AIPT.V&p=D&yr=1&mn=3&dy=0&id=p65729724009&a=1338511083
Gold’s washout of the last 2 weeks was just another backtest of the uptrend channel that began at the 2015 low. The sharp move that followed is bullish and a sign of the significance of that backtested level…
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=8&mn=1&dy=0&id=p48541866131&a=928400183
Zoomed-in a couple years:
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=6&mn=3&dy=0&id=p76551215600&a=928400183
Gotta love CNN and their millions of hapless humanoid followers!
Funny stuff…
https://www.youtube.com/watch?v=rWtwjDhgN3Q
HMY looks superb: Up 40% since last week’s low and forming a huge H&S bottom while also logging its best weekly close since early May…
https://stockcharts.com/h-sc/ui?s=HMY&p=W&yr=5&mn=0&dy=0&id=p32366234714
Almost forgot the weekly golden cross that happened today (50 MA crossed above the 200 MA).
Thanks Matthew. Finally something to feel good about. Appreciate your contributions to our sanity.
AU up 32% in less than 2 weeks:
https://stockcharts.com/h-sc/ui?s=AU&p=D&yr=1&mn=1&dy=0&id=p42653977454&a=1514759270