Gary is concerned.
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Lol is Gary should be more concerned he first bought then sold PMs at the bottom then bought 10% 2016 S&P puts only to then buy S&P long ETF with the remaining 90% of portfolio at the recent top.
“only to then buy S&P long ETF with the remaining 90% of portfolio at the recent top”
Is that true? I missed it.
This guy trades like the dumbest of dumb money. Flip flopping like a fish out of water. If you insist on interviewing him giving the perception of ‘expertise’ then you must hold him accountable for his (terrible) track record on your show. Anything less is a disservice to your listeners.
Good point JJ
Still short gold at $1252. Boo yah.
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Gary has some good charts posted here……………..
I agree, his read makes sense to me.
Chris,
People have to admit that he at least makes no excuses. Then again neither do Doc and Rick. (Or any of our other guests for that matter!)
Cool is the WAY ! Don’t miss the boat !
Who are the “Sellers” and what is their motivation? If it is the big banks like Goldman Sachs then are they shorting with their own money or with money from their clients.
yes i agree PF day have all the money day need BANKSTER BASTERS !
I would think it would have to be, Pf
I don’t see anything negative about today’s action in the miners. GDXJ just had it’s top three volume days ever in just 6 trading days. It also became short-term overbought and its uptrend had begun to steepen. It remains above even the very short term moving averages. Money is flowing into the space and heavy accumulation is underway. To see a pullback now on lower volume is not only not negative, but welcome and positive for the health of the uptrend. The weekly chart looks great to me.
The action in gold also doesn’t warrant much fear just yet, in my opinion.
Agree 100%. Yesterday afternoon I mentioned that we were getting overbought on daily charts and that selling could come in at any time. Well, today it arrived right on schedule.
But let’s put the selling in perspective. Let me give you some examples to show just how good this recent bounce in the mining stocks has been. Since the December lows, ANV up 65% at yesterday’s high. DRGDF up 74%. NG up 42%. MUX up 55%. For a broader barometer, GDXJ up 32%.
When you look at the daily charts, today’s action was a blip. Remember that this rally took place with physical largely going sideways, and in the face of a dollar rally. So a very significant divergence.
Now, I grant we are reaching the moment of truth. That is because we are going to get to see whether the sector folds and gives back the gains, or if we are in the midst of a consolidation — from which we launch the next leg higher.
Given that many of the stocks have taken out resistance around moving averages and you’ve got the 50-day averages curling up now, I think we’ve got a good chance to see further gains. The dollar has already had a run here. So a reversal lower in the dollar now is a better possibility and would help to put the wind to our back,
I agree. The intact and towering wall of worry suggests that further gains are likely. The MSM continues to push only bearish views. At the same time, many experts remain extremely cautious. I’ve seen this play before.
http://www.marketwatch.com/story/gold-futures-push-back-from-losses-2014-01-21?link=MW_story_latest_news
The Canadian dollar looks to be very near a low that could hold for many years. The last time it was this oversold on the weekly chart was in late 2008 —precisely when the miners made an important low. Before 2008, you’d have to go back to November 2000 to find another weekly RSI (14) below 30. Again, that oversold reading for the loonie also coincided with a major low for the miners. The XAU was hitting a low near 40 at the time. Just one year after the low for 2008, the XAU had tripled. Eighteen months after the low of November 2000, the XAU had doubled. Imagine what good juniors will do if (when) the seniors double or triple.
excellent analysis, Matthew.
the folks on CNBC were uniformly bearish on both the metals and the miners at the end of the year. I haven’t heard a thing out of them regarding the size of the rally in the miners, calendar year to date.
by the time it hits their radar, the mining stocks will be up 100% off their lows
And that would be appropriate Eric!
I am, as I have said before Matthew, counting on it.
Good perspective Eric.
Thanks, Matthew!
Thanks, Eric. You guys are gracious and prolific with your information…I am sure I talk for A LOT of people on this site. U guys are great with ur analysis and PRACTICAL application for investing in the gold miners…..
Pretty much what Dooc said today and for some time now.
Didn’t India buy a couple hundred tons of gold several years ago @ ~$1180? If they did, why would they wait for gold to hit $1030 before picking up some more?
The average price they paid was estimated to be $1045/oz.
http://online.wsj.com/news/articles/SB125722876971624729
carl icahn likes ciggarette stocks. I just cleaned up on Vector Group VGR, I still own MO PM and Renolds . I am a happy camper it took nearly 6 months , but i got good dividends in the meantime. there are some overseas tobbaco companys to look at as well . best to you all. S
Are they going to be allowed to make wacky backy cigarettes?
Tobacco companies?
Look at LO and UVV.
UVV owns a lot of land in Colorado and they plan on growing pot.
Opps. I own UVV, a butt ton of LO and RAI.
Mathew, reading Stwert Thomson on 321 gold, he agrees with you.
Sounds logical to me.
Last week the German regulators came out and announced that it appeared that the P.M.’s were more manipulated than Libor was. Based on this weeks hit It sure looks to me like those same manipulators are giving those regulators the finger. These crooks are totally out of control and must be stopped.
Of course they should!
One thing that concerns me is unlike 1929 the average guy is not invested heavily in The US market, the man on the street doesn’t have the capital and the stock market is being fed by The Fed, sometime soon some Big Bank will collapse and this could happen in China, England, or The US, only this time because the rich are propping up the market they will sell immediately and down it comes; and there won’t be a bail out this time. The money will be in money heaven. DT
That is a frightening but probably accurate prediction!
Fresnillo, the silver stock that I unfortunately(!) own is up 14-15% from its low, which was on 09 January. That looks bullish but may just be a dead cat bounce. The low was quite a way below the June 2013 low inthis stock.
Gold looks rubbish here. The Japanese yen is turning down again and gold has followed the Yen, which also crashed last April 2013.
I dunno but I wonder if the gold crash is connected to Yen depreciation and some kind of portfolio adjustments related to it. No-one says anything abut Japan and gold and the way they have been correlated.
just look at stockcharts.com and view the $GOLD and $XJY charts. Look at the April drop in BOTH. Look at the July and August rallies in BOTH. Look at the pennant formed in the Yen especially.
In September / October, the downtrend in BOTH resumed. Now gold made a double bottom low and the Yen made a lower low, than its late May 2013 low. BOTH are near the lows. The Yen appears that it may have tested its Mayv 2013 support level from below after breaking down below it. If it continues, the target could be about anlther 25-30 points down on the Yen index in a big Rick Ackerman style ABCD move (the VCD leg of it).
If this also happens with gold, the target is $816.
A = 1798, B = 1180, C = 1434, D = 816.
Doc thinks gold is capped by the 50 day moving average. Also, it has hit the long term resistance downsloping line, which is in the 1250s. It turned down from that level so looks bearish from here, at least for a little while at best.
Gold has rollover. My target is 1180.
There is no big seller – stop creating boogyemen to blame for your horrible predictions.
cant have it both ways, TA and manipulation do not compute.
“NO BIG SELLER” Who’s the idiot then that consistently come’s in when the market is thin and dumps huge amounts of paper contracts. Anyone wanting to unload their holdings would only sell small amounts when the markets are active.
With all the evidence out there, I can’t believe there are still fools out there disputing it!!!!!
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