TG Watkins – Precious Metals Outperforming, Will Market Weakness Continue?

April 29, 2024

TG Watkins, Director of Stocks at Simpler Trading and Editor of the Profit Pilot website joins me to share his view on the recent market weakness and the precious metals (and commodities) outperforming for the last almost 2 months.


We start with TG’s assessment of the markets and if the correction this month is a natural correction or the start of a larger downtrend. We discuss the mixed moves in large tech stocks and the pullback in AI chip manufacturers. We also discuss time frame of the market pullback, which happened on the first day of Q2.


We then move to the sectors that are outperforming the market, which are commodities. We focus mostly on gold. Is this sideways move simply a consolidation of the recent gains?



Click here to visit the Profit Pilot website to keep up to date with what TG is trading.

    Apr 29, 2024 29:29 PM

    Might be wrong but wouldn’t be surprised if impact is about to announce another pp.

    Apr 29, 2024 29:06 PM
    Michael Boutros, Technical Analysis:
    02:54 – US Dollar (DXY)
    10:12 – US 10-year (US10Y)
    34:26 – Japanese Yen (USD/JPY)
    44:15 – Gold (XAU/USD)
    49:12 – Crude Oil (WTI)
    51:40 – S&P 500 (SPX500)

    Apr 30, 2024 30:27 AM

    ‘My take’ appears to be working out.
    Excellent buy opportunities coming.
    Initial spot targets: 2213 / 25.64.

    Apr 30, 2024 30:24 AM

    Jim Grant was on CNBS this morning telling the truth. Joe Kernen validated Grant’s comments by trying to “joke” them away. What’s new….

      Apr 30, 2024 30:35 AM

      So, we really didn’t land men on the Moon?

        Apr 30, 2024 30:59 AM

        That is correct …it was all women except for a miniature white poodle.

          Apr 30, 2024 30:41 AM


      Apr 30, 2024 30:49 AM

      CNBS actually allowed Grant to speak? Kernan attended the same high school that I did. Not something I’m proud of.

        Apr 30, 2024 30:19 AM

        Yes … they let him speak but attempted to discredit him through jokes. Jim Grant, up until the financial crisis of 2008, was sthe “go to” guy on mainstream TV on interest rates and banking issues. He even admitted himself, that after he criticized Fed Policy, he was no longer asked to speak on national TV. However, now that The Fed has painted itself in a corner, Financial “experts” want to distance themselves, but not panic the serfs with truth about about the loss of value of the dollar, loss of Reserve Currency status, loss of the Petro Dollar, bankruptcy of the banking system, false data of the government, etc. They are phasing back in some people that don’t work for the Federal Government or the Banks but don’t want to acknowledge people like Jim Grant have been right all along.

          Apr 30, 2024 30:35 PM

          Not a fan of the way the 2008 meltdown was handled, but for me personally, it was not a bad year.
          Paid off my mortgage, then took a short position in Lehman Bros., proceeds from which met
          80% of my expenses for the year.

    Apr 30, 2024 30:08 AM

    US sanctions Russia and takes funds for Ukraine
    Russian Court orders seizure of $440 million of JP Morgan funds.
    Wonder if the $440!Million is US Treasury funds with the people being the losers.

      Apr 30, 2024 30:34 PM

      Crime syndicates stealing from each other.

    Apr 30, 2024 30:40 PM

    SLV has gapped lower and filled most of that gap that I’ve been watching. Notice that today’s low (with 20 minutes left) happened at a fork support so the gap isn’t completely filled yet.

    Apr 30, 2024 30:46 PM

    IPT could fall further without hurting the overall bullish picture. There’s fork support as well as the sharply rising 50 day MA at about .235:

    Apr 30, 2024 30:50 PM

    SILJ also looks fine and is currently 10 cents above its 150 week MA.

    Apr 30, 2024 30:59 PM

    Thanks Matthew.
    Such a Circus …

      Apr 30, 2024 30:45 PM

      Wolfster’s suspicion about an IPT private placement was correct:

      I’m sure the new zinc operation is going to get the bulk of the new capital.
      Interestingly, this PP will not have the usual 4 months-and-a-day hold on the new shares.

        Apr 30, 2024 30:25 PM

        Warrants have 24 months. I guess it is all moot if prices are allowed to achieve fair value. Not sure if Wall Street knows how to find fair market anymore. Hard to stop picking losers and winners when you are always on the winning team.
        Anyway…. the rest of the World is tired of Wall Street.

        Apr 30, 2024 30:02 PM

        About a month ago when IPT uncharacteristically got ahead of itself, it was pretty obvious a pp was coming soon. Sold the whole shitaree at that time and wiped it off my watchlist. IPT is too small and inconsequential, with this steady diet of pp’s every 6-8 months.

          Apr 30, 2024 30:00 PM

          “Every 6-8 months” is a byproduct of last year’s purchase of Plomosas (which I believe was a great move).
          The only thing that’s changed compared to previous great moves is that IPT has far more going for it this time. It smoked large companies of consequence in 2020, 2016, etc. and it will likely do so again.