Excelsior’s Week In Review – Episode 4 – Major Market Trends Persist Over The Holiday Travel Week
In lieu of the lower volume trading in the markets over this last week and heading into the next, as many folks in North America are traveling to see families and friends over the holiday season, this Week In Review will be a bit more brief than usual.
In the last few weekly wraps, we’ve focused at length on macroeconomic data points like the trends in the inflation picture, dissecting the numbers feeding into the labor markets, Fed policy messaging and market expectations, and the overall health of the US and global economy. I’m sure we’ll get back into many of those areas in the new year ahead of us. For now, let’s just check in on how a few market segments ended this week, let’s highlight a few key interviews conducted over at the KE Report this last week, and keep expanding on some of the opportunities seen in the energy sector and growth-oriented gold producers.
Interest Rates:
With regards to interest rates, the overall theme the last 2 months in US Treasury yields has been a steady decline to lower rates. It wasn’t that long ago, (October) that we were discussing the 10-year yield piercing up through the 5% levels, and we closed up the week once again below the 4% level at 3.90%. The yield curve remains inverted with the 2-year yield at 43 bps above the 10-year, closing the week at 4.33.
As mentioned last week, it still shouldn’t be understated that the bond yield curve remains stubbornly inverted, with higher rates at the short end of the curve, and the 2-year yield consistently higher than the widely-followed 10-year yield. While this inversion is quite abnormal on a longer-term historical basis, it has become something investors for over a year now have become nonplussed about, and apparently desensitized to as simply the new normal. However, this will come to an end. When the yield curve inevitably does flatten back out and normalizes with higher yields back at the longer end of the curve, then that is often a signal that indicates a recession is more imminently at hand. We clearly haven’t seen that yet, but it will be something to keep our eyes on moving forward.
As per usual, we’ll take a technical look at the (TNX) CBOE US 10-Year Treasury Yield Index, because it is a good way for investors to trade the trends in interest rates is using the most widely watched bond yield in the 10 year as proxy. As noted last week, one can see that after a solid year of moving higher, this index topped out near $50 in mid-October along with interest rates, and over 2 weeks ago, it actually pulled back down below key support at the 200 day exponential moving average (currently around $41), before appearing to bottom this last week at $38.29.
We noted last week that after rallying the end of that prior week and then bouncing up higher on Friday to close at $39.60, that it would be key for the TNX to see if that $38.85 low from that week held. Well… that low did not hold, and instead a new low was made this last week. As a result, the bond bulls and interest rate bears still have very much been in control. Interest rate bulls and bond bears need to show that the TNX 10 year yield index can break back up decisively above that 200 day EMA on a daily basis and hold the line to build a new higher level of support and reverse the current trend. With the pervading message in the markets that the central banks are done hiking rates, and more likely to cut rates in the year to come, breaking out to new highs in the yields in the near-term seems much less probable, although, a counter-trend rally at this point is a bit overdue.
US Dollar:
The US dollar continued to drop again this last week, in sympathy with falling interest rate yields, and conversely to a few global currencies gaining ground on the greenback, closing the week at 101.36, after diving down to a new short-term low of 101.10 earlier in Friday’s trading session. The falling dollar and falling interest rates have continued to be a boon to most other markets, from US general equities, to cryptocurrencies, to the commodities.
We noted last week the wild rollercoaster ride that the US Dollar has been on the last few years, and this can been seen in the chart below. After surging from the mid 89 level in early 2021 it screamed up higher to a peak of 114.75 in September of 2022. Since that highwater mark, the USD has been falling and has generally been in a downward trend. However, we did see another counter-trend rally kick off this last summer where it bottomed at 99.22 and then double-topped in early October and again in early November around the 106.70-107 level. Since then, the greenback has again resumed it’s downward trajectory, and has been in declined for the last 8 weeks.
It is going to be very interesting to see if the $USD pulls back to test that lateral price support zone from 3 recent troughs at 100.68, 100.42, and the summer low at 99.22. I’d anticipate that support zone to hold if tested in the weeks and months to come, at least for another bounce, as there is a great deal of pricing memory and congestion in that area. However, another bearish signal for the USD is that the shorter-duration 50 day exponential moving average just pierced down below the longer-duration 200 day exponential moving average, which could portend of more weakness to come for the dollar. If that 99.22 level does eventually break to the downside though, then Katie bar the door…
How high the dollar goes on the next bounce or how low it goes if key support in the 99-100 range does finally give way, will be due to a confluence of factors from technical levels, to patterns in US treasuries, and also global moves in the 6 largest currencies in the basket weighted against the dollar in the index. Again, the greenback remains a key market to follow for investors, as not only the world’s reserve currency, but also a key number in high-frequency trading algos.
US General Equities:
We’ve talked a lot recently about the strength seen in the US general equity markets, and there does seem to be a lot of optimism amongst general investors and the mainstream financial media. In last week’s review we noted that the Dow had climbed up to a fresh all-time high, and that the S&P 500 and Nasdaq had at least made new 2023 highs (eclipsing their prior summer peaks). Those moves in the broader averages were quite significant for the technical setup, and played into the improving sentiment and optimism on the street, and most pundits believe we’ll see this Santa Claus rally continue into Q1 2024.
I had posited the question last week: Will we see a big hangover after the recent Powell Pivot Party has run it’s course? From a technical perspective, at least on the more short-term daily chart, we can see that if the (SPX) S&P 500 large cap index has yet to break to a new higher level and hold it above the current all-time high of $4818.62. The SPX did close on Friday at $4754.63, roughly $64 off this all-time high. All eyes are on that prize in the week(s) to come, but looking at the RSI and MACD, we are seeing the SPX still in overbought territory, but sometimes in a bullish trending market, these indicators can stay overbought for longer than most are anticipating… so maybe there still is enough gas in the tank to get the S&P 500 up to new all-time highs in the near-term.
On our podcast show on the KE Report, we featured yesterday on our Weekend Show, two different analysts that we respect a great deal, Jesse Felder and Dana Lyons. They both have very different takes on the health of US general equity markets and the economy in the medium-term, along with the technical and macro factors playing into those outlooks. Jesse sees the recent rally in the stock markets as getting a bit ahead of itself, and questions the sustainability of the this move as we move forward into the first half of 2024. Dana’s quantitative and technical models have them more constructive on the markets for the medium-term, noting that while we could see a pullback in the short-term, that there seems to be a lot of pent-up demand for “buy the dip” in the markets, as well as improving market breadth in the small cap stocks, as evidenced in the big surge recently in the smaller cap stocks and equal-weighted stock indexes.
- Here is a link to that Weekend Show with Jesse Felder and Dana Lyons:
With regards to those small cap stocks found in the (IWM) iShares Russell 2000 ETF, Dana’s point is worth considering, as the index of these companies has really jolted higher over the last 2 months, off the late October low at $161.08 and then surging higher past the 3 most recent peaks at $197.09, $196.34, and $197.10, to close the week at $201.48 for a new recent peak, and levels not see in the IWM since early 2022. Aside from the recent prior resistance and peaks around $197 level, that should now act as support, there was a gap created around the $192-$193 region, that may be a pricing level that will need to get tested on any pullbacks.
Commodities:
Oil and energy stocks continued to get a bounce last week, albeit it was mostly sideways action just hanging onto the gains from the prior week, and the question remains whether oil and energy stocks can hold the line here, or if they are in danger of rolling back over. We saw WTI popping up over $75 on Wednesday, and then ratchet back Thursday and Friday, to close the week at $73.49. When we talk with analysts and investing thought leaders on our show that follow the energy space, most of them are a bit mixed on how they see the sector setting up, with neither a very intense bullish or bearish tilt in the near-term. Most analysts are still bullish for the longer-term though for the sector.
In Jesse Felder’s closing comments on his segment of the KER Weekend Show (already linked above in this article), he outlined his bullish outlook for the medium to longer term picture in the oil price and energy stocks. Additionally Jesse noted that the possibility of a recession next year was already priced in at these current levels, and that if we don’t see as much economic pain next year that the sector still has much room to expand to the upside.
We had 2 other commodities and energy analysts on our KE Report podcast show this last week, where they also weighed in on the mixed picture in the energy sector. Both Joseph Schachter and Sean Brodrick’s interviews are well worth the brief time to review, for investors focused on the oil and natural gas sector and related equites in the energy sector.
Josef Schachter – Oil and Natural Gas; Geopolitical Factors, OPEC vs US Production, Stock Valuations
Sean Brodrick – Outlook For A.I., Defense, Uranium, Oil, Lithium, Copper, Steel, And Gold Stocks
We noted last week that we have seen a recent turn in the key oil & gas stocks tracked in the EFT (XLE) Energy Select Sector SPDR Fund for the last 2 week, after this index had previously remained under pressure for most of Q4. (XLE) had double-topped at $93 in September, and again at $92.56 in October, and then has pulled back down for the latter part of October, November, and early December. However, the last 2 weeks trading action has seen pricing blast back up through the 200 day Exponential Moving Average (currently at $83.40), and importantly consolidating above the 50 day EMA at $84.24, closing the week at $84.98. This has been pretty bullish action in the XLE and energy stocks, and we’ll be watching this next week to see if can maintain this upward momentum, working on the recent peaks up near $86.80, with a decisive break and close above $87. As far as downside support levels, if the XLE loses that toe hold above the 50 day EMA which is first support, or worse the 200 day EMA down below that, then there is another layer of downside support down where that price gap was created in the $81.50-$82.50 range.
With regards to Gold, it has continued channeled sideways above $2000 for the last few weeks, and has started consolidating these levels in a constructive way… not really breaking out, but importantly not breaking down and retreating immediately from these loftier levels as it has the last few attempts to hold the line above $2000. For the 2 months, and especially the last few weeks, the bulls have been back in control, with gold still solidly above both the 200 day EMA (currently at $1952) and 50 day EMA (currently at $2004). Gold closed the week on Friday at $2069.10, which was up a bit week over week, and kept the yellow metal well-bid on an overall quieter week.
On the KE Report, we speak with a number of pundits and thought leaders in the sector on how they are viewing the larger set up in the precious metals sector, and how they are trading the gold and silver equities. The 3 interviews from last week that most stuck out in my mind as having some great kernels of wisdom in it for investors to consider were the discussions we had with Adrian Day, Jordan Roy-Byrne, and Christopher Aaron:
Adrian Day – Gold, Gold Stocks, Royalty Companies, Strategic Stakeholders, Mergers, And Acquisitions
Christopher Aaron – Gold And US General Equities To Make All-Time Highs In 2024
(note the accompanying 4 charts on this page that compliment the audio interview)
Jordan Roy-Bryne – Focusing Less On Macro Noise And More On Company Micro Fundamental Value Drivers
In that interview linked above with Jordan Roy-Byrne, he makes a number of cogent points on why he also likes gold-oriented producers, and I agree wholeheartedly with some of the key areas he focuses on for stock selection. This is a topic I’ve been touching on in the last few articles, and on Friday I put out a bit more of the rationale behind investing in these “Holy Grail” type of growth-oriented gold producers with exploration and development upside.
> If you missed Friday’s missive on this then here is that link as a primer to future companies we’ll unpack together where there is a solid growth trajectory on tap.
Opportunities With Growth-Oriented Gold Producers
Excelsior Prosperity – Shad Marquitz – December 22, 2023
https://excelsiorprosperity.substack.com/p/opportunities-with-growth-oriented
In that piece I listed 11 of these growth-oriented gold producers that I hold in my own portfolio, and highlighted again in a little more detail the opportunity I see ahead for i-80 Gold Corp (IAU.TO) (IAUX). On the next mid-week missive I’m going to dive into a few more of the companies from that list, and will likely kick things off next time with Calibre Mining (CXB.TO) (CXBMF). Synchronistically, on Friday, we released an interview with Ryan King, Senior VP of Corporate Development and IR at Calibre Mining, with regards to their proposed business combination with Marathon Gold. Calibre Mining is a sponsor of the KE Report and a heavier weighted gold position that I hold in my own portfolio for full disclosure. I’ll link to that interview below, as a precursor to some comments to follow from me about this company in the week to come.
Calibre Mining – Unpacking The Proposed Business Acquisition Of Marathon Gold
May your week in trading and in life be very prosperous, and if you haven’t subscribed to my substack page, please come over and do so, as I’ll be periodically throwing out 1-2 other shorter articles mid-week continuing to delve more topics as they come up.
https://excelsiorprosperity.substack.com/
Thanks for reading and Ever Upward!
- Shad
Agreed Terry. B2Gold is a well-run company with exposure to a lot of intersting projects… as you mentioned their exposure to Calibre, their takeover of Sabina, their JV with Aurion in Finland next to Rupert’s property, and I’d throw in their strategic stake in Snowline Gold.
Their African assets in Mali are solid (one producing mine, one project in development, and one more earlier-stage exploration). However, then their other mine in Namibia may be more risky based on the recent political upheaval in that country. Then they have the producing mine in the Phillipines, and the development project in Canada. Overall, a very diversified solid mid-tier producer and developer, with all the hallmarks of becoming one of the big boys down the road.
I think B2Gold, Equinox, and Alamos are some of the best run gold mid-tier producers that are on the path to become the next Majors as this next secular bull cycle unfolds.
Out of that batch, I only have a position in Equinox, but that’s because I’m mostly focused on the smaller to small-medium producers that are ramping up production growth and development to become the next batch of solid mid-tiers.
BTO is a perfect Jordan Roy Byrne stock.
Yeah, it has all the ingredients of the “Holy Grail” stocks with production growth on tap, paired with intense development and exploration upside.
Happy Holidays! Always stay Happy, and Healthy, remember how important friends and family are, and God Bless to All! DT
Well-stated DT. Happy Holidays to the KER Crew!
Wishing everyone a fantastic end of this year, and a very prosperous 2024.
Another superb excellent summary statement on the markets we follow…I like your charting approach…..It says most of what is required to trade from…..I always have a stop in case the pattern disappoints…that is my peace of mind…I think the dollar is setting up to bounce here into intermediate low cycle…So be careful as per usual….
Much appreciated Larry, and good points on the technical analysis best practices.
Strange: Schwab only showing activity in 3 of 37 stocks. IBKR appears normal. Anything going on that We don’t know about like not trading miners.???
(Found out: Canadian closed today so Schwab won’t track OTC)
Hi Jerry (OOTB), Platinum is now on my radar, you have been banging the platinum drum here for all to see but few have spotted the re-rating that is coming for this metal. Platinum has had a terrible price suppression for many years, it is so unloved, when something is shunned by mining investors and precious metal buyers it is time to start buying. Remember contrarian investing, buy when nobody wants it and sell when they are greedy. LOL!
Even The Gold and Silver Bugs don’t like Platinum. That is amazing! Platinum supplies are tightening up, Russia is dishoarding, and South Africa has trouble keeping their mines open due to rolling blackouts. Technology is moving so rapidly that I believe EV’s are an ill-considered industry that will only play a minor role in the near future. The catalytic converter is not going away. Platinum stocks and the metal are going to have “meme ” status after years of being ignored. DT
Stillwater Critical is still hammered.
Sibanye Stillwater Ltd. (SBSW) is down over 55% in one year. Impala Platinum Holdings is down 70%.
Hi Marc, Yes, I still hold Impact Silver in my portfolio and still like it for a highly-torqued up silver producer, that will have good optionality to rising metals prices as it’s margins will expand so much on a percentage basis (as a higher cost producer overall), but also with solid exploration upside on multiple targets across their properties.
I actually showcased IPT as a good example of beta optionality in my first substack article. I’ll post a link to that here below, as it summarizes my thoughts on Impact Silver (down at the very bottom of the article).
https://excelsiorprosperity.substack.com/p/excelsiors-week-in-review-episode
Hi Marc, Here are the current crop of gold stocks I hold in my portfolio. Ranked more by the size of their current (or projected) production, then size of development project (ounces in the ground), and then 2 explorers at the end.
— gold producers —-
Equinox Gold
Calibre Mining
Karora Resources
Argonaut Gold
Orezone Gold
Galiano Gold
Thor Explorations
I-80 Gold Corp
Cerrado Gold
Minera Alamos
Mako Mining
Lion One Metals
—- gold developers ——-
Integra Resources
Skeena Resources
Montage Gold
Wallbridge Mining
Liberty Gold
Probe Gold
—- gold explorers —-
Scottie Resources
Goliath Resources Ltd
_________________________________________________________________
My largest portfolio positions change quite often, as I’m a more active investor and swing-trader/position-trader. For example, at a few points in the last few months Impact Silver, Hecla Mining, Sandstorm Gold, Calbre Mining, and Karora Resources were all in my Top 5, and based on trading since then, only one of those is still there (Karora), and the others moved further down the batting order. For most of this year, Sandstorm Gold was my biggest position, but now it is weighted 7th.
For example, I decided in December to book a big portion of Impact Silver as a tax loss for 2023 (keeping only a smaller core position for now), but will be adding back to it in 2024 after the wash period is over. It will likely be back up in the top 10 position weightings once I buy more of it back, as it is one of my favorite smaller silver producers to play for the coming next leg of the bull market.
Additionally, at one point recently my Top 5 positions all became Uranium stocks, which I wasn’t comfortable with, and they’ve already had a big run, so I sold some of those positions back down some and now only 1 is in the Top 5, and 3 of the other 4 are far down the Top 20 list.
—-> So this portfolio list is constantly in flux and changes weekly.
>> Currently my largest 20 positions in my trading account are:
Coeur Mining
Silvercrest Mining
Gatos Silver
Energy Fuels
Karora Resources
I-80 Gold
Sandstorm Gold
Santacruz Silver
Silvercorp
Uranium Energy Corp
Vizsla Silver
Calibre Mining
Encore Energy
Equinox Gold
Denison Mines
AbraSilver
Galiano Gold
Dolly Varden Silver
Hecla Mining
Lion One Metals
I currently have about 58 overall positions in my portfolio, but I’m not going to name the other 38 positions here in this post, as I want to save some stuff for just sharing with my substack subscribers.
Thanks Ex for that listing. Really good holdings. I have got about 45-50 across my Schwab and IBKR accounts with some duplicates like Firefox, Aston Bay, Heliostar, Murchison Minerals, Surge Battery, American Eagle.
Others of interest are: Hercules, Bayhorse, I-80, Dolly Varden, Snowline, Vizsla, Lion One, Banyan, Benton Resources, Tectonic, Fathom Nickel, Magna Mining, Reyna Silver, Dynasty, Stillwater Critical, Brixton, District, Erdene, Emerita, Condor and some misc others.
We don’t have too many overlaps but I probably only have a couple that I have held a year. Every day may change if we get some movement of substance.
+1 Thanks for sharing what stocks you have in your portfolio Lakedweller2. Looks like a solid list as well. I’m familiar with all of those except Murchison and Dynasty, so I’ll take a peek at those sometime soon.
Out of those stocks I mentioned, my top 4 today were stocks not mentioned: Northwest Copper, Max Resource, Altiplano, and Golden Lake. Weird.
Checked OTC prices and Schwab has everyone of them wrong.
Ex: listed some of my stocks but probably messed up an address again
Thanks Ex
👍
Gone negative after 20 mins. Today’s goat is Condor Resources. They painted the tape at yesterday’s close on the OTC by running price from .30 to .40. Today they showed Condor at a brief increase then ran it from over .40 back to .30. Those two trades from yesterday and today made someone quite a bit of illegal money that is supported by Regulators. Complain to your Broker as they are liable for allowing fraud to be committed by their clients. (Harrington Global Opportunity Fund Limited v CIBC World Markets) Southern District of New York.
(If your Broker doesn’t think he should be liable, then suggest he notify Regulators and maintain records of reports so that when there is a Class Action Suit or Criminal Case, the Brokers can put it on the Government. Also, if the Government does not want to be liable also, then they should consider doing their jobs of Regulating)
Time to rethink Marc. The case comes out of the SDNY and the main trial arm of the Justice Dept comes out of the SDNY. The significance is that neither the SEC nor Justice has been enforcing Regulation. This case decided right under their noses says that if you guys are told not to do your jobs of enforcement then the Court side of the Equation is telling you that you can’t pawn it off on your clients, but rather Brokers and Regulators have to start doing their jobs. Since Wall Street is appointed into all the key positions like Gensler, Head of the Sec, is a former Goldman partner and has been clogging things up for years between the CFTC and SEC, the message is that the Judges have had enough of watching corruption and specifically within the jurisdiction of SDNY.
The second thing that is significant is that the ruling, if followed, puts the responsibility for Madoff thefts and Epstein money laundering on the back of JP Morgan and Central Banking. Yes they can print and cover, but if you can make Justice do Criminal Cases to avoid criticism or liability, then we may see some Humans reconsider being criminals.
Couple it with the “Save Canadian Mining” initiative which is working toward getting similar case law in Canada and the ability to prove intervention with a couple of data firms that can do the research, the attitude of investors may change concerning the “fatality” of corrupt markets. It really says something about those that prefer to accept criminality as cost of doing business rather than at least try to stop it. After all, these cases are criminal fraud for the most part and Wall Street likes to claim the “regulations” have been removed to make the criminal actions they do legal. They have ignored that “Criminal Statutes” still exist at the State and Federal Law which apply to Wall Street as they do business in every State. In fact, the States could all bring a combined Criminal Case against all the Banks as they do business in every state. Stockholders have to quit being bullied into falling for the Wall Street rhetoric and quit putting Bankers in appointed government positions and “take back the markets”. The Law is there and that is the “real reason” that Justice is under attack as Central Banking is a criminal activity and are vulnerable to “existing” criminal statutes. A dictator always undermines the authority of law enforcement and then lies to the people. We can’t fall for this crap any longer.
Yes…I worked in government for over 40 years and the bad guys are the elected and appointed officials that bring agendas into the system. Wealth has corrupted to the point of controlling most media and preyed on the vulnerability of the readers lack of knowledge and experience to discern fact from truth. However it is pretty easy to determine right and wrong if one makes an effort to read a regulation or statute applying to a situation. Many feel that is unnecessary if a false claim is consistent with their personal beliefs or prejudices. Then they become victims of false narratives and are absorbed in diversionary messages and missing the source of real destructive activities that are being masked. For instance: Central Banking is hardly ever labeled as a threatening activity that is the source of economic failure. Rather it may be thought that Mexican Cartels are the basis for all our ills.
Yes corruption is hard to stop once having a foot hold. But, it is not as hard to alter if enforcement of laws are held to be a priority. The criminals are in the henhouse and the people keep electing more foxes.
Supreme Court Justices used to have superior qualifications as Judges that most of the time made them a-political. However, once any judge acts politically as the primary basis for a ruling rather than consider the Constitution and supporting case law, then there is a serious question as to whether they are still qualified to perform in the ultimate Judging position. It is the same as wanting to be President but not believing in the Constitution. Maybe President should not be your goal but maybe building houses would not be ruled out. Being a Supreme Court Justice and wanting gratuities outside your official salary may be an indication you should maybe be a civil attorney and limit it to that as selling yourself for influence is not normally an aspect of Government service that is condoned. Failing to understand that may indicate a shortcoming in qualification to be a Supreme but doesn’t mean you can’t serve in occupations that don’t require the highest of moral and ethical beliefs. Having strong political beliefs that seem to dominate your thinking in all issues, should always be a consideration in performing as a Judge. There is always a complicating issue as to the qualification of an appointed Judge as to the motivations and agenda of the appointing official. That is a complicating factor compounded by the agendas of the approving officials. If the appointing and approving officials start deviating from the guidelines of the Constitutional authority, then you run the risk of a faulty appointment with faulty decisions the end result.
It is going to be difficult to find qualified candidates all the way around. There should be a higher standard than “breathing”. This goes back to the start of our conversation where selectivity becomes an issue and not someone that will conform to the wealth-generated corruption. We will see how it falls out, but if violence is the only solution, it does not say much for the people that prefer that over Democracy. It is basically saying that they would prefer an alternative non-democratic form of government giving up their freedoms rather than electing an effective and honest leader to head up the Republic. Wouldn’t it be easier to just put criminals in jail, get rid of Citizens United and elect leaders that work for the Citizens rather than Corporations and Banks.
Hi Marc. Yes, I’m a big believer in #BuildYourOwnETF and will likely write about that soon, as the PM ETFs are heavily weighted to a bunch of stocks I don’t want in my portfolio or that I feel won’t perform as well as the ones selected in my ETF. I measure my performance against GDXJ and SILJ to make sure I’m regularly outperforming them, and like rebalancing runaway moves myself, and getting the dividends and spincos as they come, rather than all of that being missed holding the ETFs.
As you mentioned, my portfolio is currently more heavily weighted to the silver stocks at present. However, last year at this time I was actually more heavily weighted to gold and royalty companies, taking a more defensive nature.
In the current PM setup, I feel that fortune favors the bold and that silver stocks (many of which also have a healthy amount of gold or other base metal credits), will have the most upside torque when bullish breakout really heats up in this sector.
I’m still mostly focused on the PM producers, but have a fair number of PM developers further down the batting order. At this point I’m mostly fully invested with only 6% dry powder at present, but some of that is going to be utilized to buy back, or add back to positions trimmed or cut for tax loss selling.
As for I-80 Gold, I’m pretty happy with the position I hold in it, and one of the keys I’ll be watching for the middle of next year is the arrangement they’ve announced for strategic partner on their polymetallic projects (Hilltop and Blackjack at Ruby Hill, and the nearby FAD deposit they picked up in their acquisition of Paycore). That deal will fund a lot of the work at those polymetallic deposits, but also allow for some additional exploration at Ruby Hill and Cove, and will move the ball down the field. If all looks well, at that point, then I may add a bit more to my position, but overall, I pretty happy with the way things are progressing and see the current undervaluation in the stock as something that won’t last much past the middle of next year…. Also as they update the resources at their various projects, it should get a beefier valuation. (they aren’t even getting that much credit for the 14 million ounces of gold or 180 million ounces of silver they already have defined, much less everything else they’ve been exploring for over the last 2 years).
… aaannnnddd that’s it fer Canadian tax loss selling 2023… yeah!!!
TSX.v, getting close to overbought on the daily but open to 600+ on the weekly IMO.
It bottomed this month at the rising lower monthly Bollinger Band…
https://stockcharts.com/h-sc/ui?s=%24CDNX&p=M&b=5&g=0&id=t5321811729c&a=1567459108&r=1703728486080&cmd=print
I like the BTO, which has a sizeable chunk of CXB, the Sabina properties, a number of other producing assets, a big piece of the Finland Greenstone belt near Aurion and Rupert and….pays a 5% dividend.