Jordan Roy-Byrne – Technical Update For Gold, Silver, GDX And Junior Stocks

June 12, 2024

Jordan Roy-Byrne, CMT, MFTA, Editor of The Daily Gold, joins us to provide his updated technical outlook for gold, silver and the underlying stocks. 


We start with the potential directions for gold, focusing on support levels, resistance, and the possibility of a double top pattern. Jordan explains why it’s too early to predict a definitive trend for gold, emphasizing the importance of monitoring the $2,300 level and potential gaps at $2,240. 


For silver, the conversation highlights the recent breakout above key resistance levels and subsequent correction, with analysis on support levels and moving averages. 


We also delve into the mining stocks, particularly GDX, examining its performance relative to gold, support levels around 32-34, and the influence of the broader stock market. Jordan shares insights on the potential for these stocks to break out and the factors possibly driving that breakout. Additionally, look at the relationship between gold and silver stocks, the potential for silver stocks to catch up, and the impact of cost inflation and margin expansion on miners.



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

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    Jun 13, 2024 13:10 AM

    Like Exploration? Buy Gold & Silver Producers

    By Jordan Roy-Byrne CMT, MFTA • The Daily Gold – June 13, 2024

      Jun 13, 2024 13:35 AM

      Agreed 100%. So many resource investors think the only gains from exploration are in drill plays that may or may not find an economic deposit (sadly, the odds of most companies finding an economic deposit that matters and becomes a mine are not that good).

      In contrast, when a producer makes a big discovery, it can be monetized in their mine plan, and as Jordan laid out, it can matter to the share price performance as it is digested by the marketplace. Think about how Newmarket Gold made the high-grade Swan Zone discovery at Fosterville, that then got Kirkland Lake to acquire the company (that then was acquired again by Agnico Eagle). Think about K92 and their Kora North discovery that changed the game and valuation of the company, from assets that Barrick discarded as non-core and “too small”. Think about the multiple discoveries that Wesdome made that spiked their valuation to a premium and that they could bring into their mine plan and monetize those exploration wins. Then there was Gold Corp when it made their high-grade discovery at depth at the Red Lake Mine, which really had a huge impact on that mine and their valuation back when Rob McEwen was at the helm. Look at how well Calibre Mining has done continuing to make discoveries on discarded B2Gold projects where they grew resources in Nicaragua by about 240% from where they were when they took over the project, along side of their mining. Look at how the high-grade gold and nickel discoveries that Karora Resource made turned that producer around, to the point where it is now being acquired by Westgold.

      There are plenty of other examples one could list, but the point being, exploration wins inside of a producer, may not cause that immediate pop like a tiny drill play gets (that are often fleeting and typically reverse back down again as reality sets in); but if they actually matter, then they can transform the valuations of producers over time. In contrast to a small explorers perpetually raising money and then burning through it, further diluting shareholders as they hope to find something that matters,
      companies with active mines are producing revenues and they actually have economic deposits that are greatly enhanced by new discoveries with the drill bit.

      This is beauty of growth-oriented producers.

        Jun 14, 2024 14:32 AM

        If you bought Calibre Mining 3 years ago you would be down 20%, if you bought it 2 years ago you would be up 50%. Not a great return on investment. These stocks are meant to be traded not held. Most investors buy a stock and think that if they hold it and if it is a good stock they will do fine. Most of them do no Due Diligence they just live on listening to others and buy based on a notion. If you want to win you must always be prepared to trade, that makes people very uncomfortable and so they lose because it challenges their thinking about what is investing. On the contrary if you buy a junior and you know when to sell you will make much higher gains than being a trader in a stock like Calibre. But you must know when to sell, and because most buy on hearsay, they will never be good at this dangerous extremely speculative game. Buying physical would be the best option for the other 95%. The bottom line is only traders make money, but most so-called investors still don’t understand, and they think investing is buying and holding so they lose. DT

          Jun 14, 2024 14:24 AM

          Making stuff up again, you knucklehead.

            Jun 14, 2024 14:44 AM

            Get lost numbskull! LOL! My post up ahead was aimed at idiots like you Grumble who don’t even check how many shares a company has before you buy in, doing even that much hurts your pea brain. DT

    Jun 13, 2024 13:22 AM

    I thought about a year ago analyst were saying gold needs to break 2100 for miners to breakout, now I’m hearing 2700? We just keep pushing the gold target higher and higher because there wrong on miners. Maybe I’m reading this wrong but I as many others been hearing for a year or two miners will over perform when gold breaks out and hold monthly close above 2000, then it was 2100 then 2500 now Jordan saying 2700, I wish someone can explain it. What am I missing. I’m just beginner and been investing in miners but it’s very frustrating seeing gold move from 1800 to 2400 and many miners are still not performing like gold.

    Jun 13, 2024 13:49 AM

    I’ve been a buyer today including EXK, IPT and BBB.
    Silver’s low today (28.73) happened at the level I’ve been expecting and there’s a good chance it will hold.
    This chart won’t include today’s action until later today.

    Jun 13, 2024 13:31 PM

    Chris Martenson w/ Mike Maloney

    Jun 13, 2024 13:42 PM

    Copper’s low for the week so far happened at an interesting level…

    Jun 13, 2024 13:32 PM

    Here’s one to spread far and wide amongst the sheeple in your lives, just 6 minutes…