Jordan Roy-Byrne – For A Secular Bull Market In Precious Metals Do We Really Need To See A Bear Market In US Equities?

Shad Marquitz
November 15, 2023

Jordan Roy-Byrne, Founder and Editor of The Daily Gold, joins us review his bigger picture technical and macro outlook for gold, silver, and the precious metals mining stocks, in relation to how they are moving relative to US general equity markets.  We spend some time breaking down this intermarket analysis for a secular precious metals bull happening in tandem with a broader market secular bear market is rooted in factual evidence from a number of prior periods. 


Next we dive down into the disconnect in valuations he is seeing comparing a number of factors in PM stocks on a fundamental basis, and lately as a result to fund redemption selling. Lastly he addresses the misconceptions and nuances around the often muttered comment that “technical analysis doesn’t work for junior mining stocks.”




Click here to visit Jordan’s site – The Daily Gold.

    Nov 16, 2023 16:56 AM

    US treasuries are in for a big countertrend move while gold is in for a massive move that will not be countertrend.

    Nov 16, 2023 16:56 AM

    Gold is prized by long term portfolio managers (like the permanent portfolio or all weather portfolio) precisely because of the lack of correlation with stocks, not because of negative correlation. It allows you to make money on the re-balancing premium with your long term holds.

    Secular markets take years to set up and arrive. If you trade the cyclical ones and are in after each time gold makes a proven bottom you’ll be in for when the secular one arrives.

    Breadth is mediocre but improving. Until it improves on both the bullish percent and silver cross indices and the price is making a higher high I’ll be sticking to boring dividend producing miners and royalty companies.

    A break to a higher high out of this nice round bottom base could be a nice cyclical move. If that carries us into the arrival of the secular bear market, that’s fine too I guess. If not, I’ll cut back to my long term dividend majors/royalty companies, physical and proper re-balancing.

    I avoid the juniors unless the majors are first doing well. Funds having forced selling from redemption are definitely going to hit the smaller companies harder.

    Nov 16, 2023 16:32 AM

    Open at +2% and now +.01%. Same ol algo.

    Nov 16, 2023 16:08 AM

    Hi Matthew…Impact silver is poised to break below into its lower price range from 11/18…Anything going on for this concern?….just asking because I was thinking of getting a position…However, if this inflation pop prior to 2024’s deflation collapse is preventing accumulation that IS understandable…any response welcome…thanks man…

      Nov 16, 2023 16:00 AM

      Hi Larry, IPT has already matched its 2018 low while the US listing ISVLF has hit its lowest level since February 2016. Today it even dipped slightly into that massive gap that only exists on the US side.
      I don’t see anything that should cause concern other than the inherent uncertainty surrounding the new zinc operation (which I think will prove to be nothing but a good thing). Maybe some simply don’t like the new zinc exposure? My guess is there’s no problem.
      With several hours to go today’s volume is already the highest since August while price is 7.5% above Wednesday’s low so sellers aren’t doing much to overwhelm buyers.
      Because of this week’s action in silver (which has confirmed gold’s October action) I’m expecting IPT to turn up very soon. If it “must” fill more of that big 2016 gap I bet it will do so quickly in a little spike.
      Now it is up just 5% since Wednesday’s low…

        Nov 16, 2023 16:29 AM

        ok Matthew i found the gap from late 2016…..the bar after the gap has a low of .1434 and as such, price has not yet closed the prior bars high eg gap bottom….I will study the volumes tonight for any messages…THANKS!

          Nov 16, 2023 16:07 AM

          Since today’s low so far is .14 price has dipped .0034 into that big gap. Sometimes simply engaging a gap even slightly can do the trick. We will know soon. You’re obviously right to base your actions on Impact’s chart and not silver’s. My aggressiveness is largely due to my confidence in the company at this valuation and the fact that it has always participated in the upside action that follows an important low for silver which I am convinced we have. Momentum usually tips its hand before price and that’s what’s happened this time.
          Impact’s upside is large so there really is no need to be hasty unless one is only interested in short term moves.

            Nov 16, 2023 16:07 PM

            IPT the only gold penny dreg I see. And at new lows on very good volume. Another bullish engulfing candle from couple days back.

        Nov 16, 2023 16:59 AM

        With the addition of the Plamosas property, IPT is no longer a pure silver play and base metals are not doing so well these days.

    Nov 16, 2023 16:19 AM

    Ok Matthew..Thank you mucho!!…I will have to wait for a true price and volume reversal….because i am in doubt….My monthly chart of ISVLF shows me the 11/18 low was .15 cent….But below that is a whole lot of air…and so, I must wait for at least a daily swing low to set stop against…That is me…because I know nothing about this company……

    Nov 16, 2023 16:15 AM

    Hecla jumped 25% in less than a week. As usual the low was marked by the bearish prognostications of some non-contrarians around here.

    Nov 16, 2023 16:58 PM

    ISVLF…Weekly…This final? ABCD down target is .1111….I will attempt to purchase 100k at .125….that is how I roll…..the gap bottom price is .1035……placed….glta

      Nov 16, 2023 16:04 PM

      It’s funny that volume and the move down took off right after I posted that it would probably be quick if it happens. The next 6 months will be nothing like the last 6 months.

    Nov 16, 2023 16:02 PM

    weekly isvlf……

    Nov 16, 2023 16:08 PM