There is a divergence between the gold price and the gold stocks today
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“Along with other critical industries presently in private and foreign hands, today Greece is the second largest gold mining country in Europe, and is projected to have the capacity to overtake Finland (the largest) in 2016. … Greece ought to have among the largest – or at least fastest growing – supplies of gold in their central bank in their neighborhood, and eventually in all of Europe. They could almost mine themselves out of debt…”
Good stuff as always Al, Cory, and Doc!
Great point Cory on the strength of the Gold Stocks and the ETFs. This shows that the miners believe Gold is going higher after this short term correction, and is a leading indicator that there is at least some floor to all this.
Doc, I agree that 1250-1240 zone will likely be the bottom before things turn back up, and likely we’ll have to get through the Fed “Non-event” first. It is also clear that the Greece vote was already “baked in” hence hum-ho general markets and continued sell off in the fear currency – Gold. This has been the case on the telegraphed news blips, where things are a non-event or there is slight selloff in PMs (because there is not as much fear when things play out as expected, and after the news is announced, people sell the fact). It is like all the steam being let out of the room on Christmas day when the anticipation of the gifts just turn out to be neck ties and socks.
Gold does better when there is a surprise like the Swiss and Canadian decisions of the prior 2 weeks.
GREECE IS TOAST…………….
Greece has to default if they want to get out euro, no other choice. Otherwise they have to tighten. It is end of road for them
I agree…………but, do they……………………….j
Richard,
Couldn’t agree more w. you re: your observations AND your conclusions on price action wether it’s about PMs vs. PM stocks or the Greek vote and what was backed in.
I kept thinking during your whole interview that you had implanted a chipset in my mind ๐ ๐ :-).
Just one thing I wanna add for ALL readers, and fwiw: March 15 is when the ECB QE programme start being implemented.
I’ve got it in my “mental calendar” and will be paying extreme attention to the price action on the PMs around that date – not that I don’t usually, but I’ll specifically monitor the price action on a) the few days before (any trend or trend reversal?), b) on the day itself, and c) the following 2-3 days.
Finally, as I’m mentioning events due to occur at around mid-March, please note that Cory’s wedding a few days later is not expected to influence the speed of the ECB bond purchase programme on its 1st week ๐ ๐ ๐ But at the end, who knows ??? ๐
Best to you and GL to all investing/trading.
LPG
LPG; we must be twins. Other then that, I believe as I’ve said many times in the past that the PM stocks will now start a long advance and back filling move. There is no hurry to jump in on moves up. Just over time, work the technicals on pull backs and add less to your base position . If you do that over the next 3 years, you’ll be ready for the next leg up in the bull run for gold.
+1 Richard
Best as always,
LPG
I’ve inquired a couple times about opportunities newsletter but have received no response. Third time a charm??? How is one able to acquire this new newsletter?
Don; Al or Cory should see your note and take care of it. In spite of that, I’ll red flag your comment and mention it to them as well tomorrow when I talk to them.
Hi Don, I will send you the most recent issue right now. Sorry for the delay your emails to us must have snuck by us.
Be careful folwes option experation is coming up this week and also fomc minutes. In past murks occured that week.
Also if gold did topped in daily cycle top then we will head lower towards daily cycle low. Can’t imagine stocks holding where gold goes down.
You’re using that word again – murks – and we are all still wondering what it means? ๐
Stewie,
Not sure for who your comments are re: the “be careful”.
As you might have noticed, Doc did NOT mention stocks were A BUY here. Rather, he said:
* about gold: (quote – sec 26 sqq in the podcast) “we’re going to probably move down to at least to $1250”
and
* about stocks (quote – sec 34 sqq in the podcast):
“that will be interesting to see HOW MUCH the stocks sell off because IFFFFFF they don’t sell off MUCH, that’s gonna be an opportunity I feel for me – PERSONALLY – to purchase some more that I (Doc) liked”.
FWIW, I personally agree w. his observations re: the divergence between many PM stocks and PMs today (I had this in my portfolio for both gold and silver stocks) and also about the conclusion he draws assuming they don’t fall off TOO MUCH if/when gold retreats further toward $1250
I will finally note that several PM stocks which had performed extremely well YTD had started to take a good breather since last week, even w. gold flirting w $1300 for 2-3 days last week. What it meant to me was that they were starting to discount gold and silver about to make a pullback very soon – which has since started to occur.
So I can’t say about what the magnitude of the pullback in PMs will be in the next few days, but to reiterate, I believe that IF the PMs stocks that I like don’t sell off much, it will mean “something”, and as Doc, I will likely buy a bit more of them (those that I like, on a selective basis).
As I mentioned in a post last week, I’ve got a few orders already in place (since Friday to be specific) in order to deploy capital on a further pullback of stocks (which hopefully will occur in the next few days, courtesy of the FOMC, other events, daily cycles…).
Best to you and GL to all investing/trading.
LPG
My comment was not for doc but rest of us, me included. Why u so touchy. lol
At the end your statement you basically said what i said so we are in agreement. lol
All’s good Stewie.
This one’s for you (brining back memories):
https://www.youtube.com/watch?v=pJqNM19ueMs
๐
Best to you,
LPG
Doc
Why would the gold stocks sell off with the oil positioned at these levels.
In the intraday charts the gold miners GDX have turned today after a brief pullback.
Peter
My opinion.
Peter, some of the momentum indicators are starting to turn sideways and signalling a move sideways to down. if the indicators as they move down do so gently, it usually says your sell off will not be significant. You get major sell offs in an asset class when the inicators drop like a rock or as I’ve learned over the years when they move down at a pricing of 45 degrees or greater. it doesn’t appear to be the case at this point in time but we’ll know by the end of the week—if you get the gentle sloping down it more often then not recommends that you add to your positions for the next upleg. Hope this helps—-Doc.
Doc I’m not asking for advice, I’m make a statment.
Thank you.
Peter
Catherine Austin Fitts………….great listen to at Gregg Hunters watchdog usa……..talks about gold and the NWO………….
The big picture…………..USA is going down in income, The globalist are in charge, and the bankers are the puppets…………………..
Woohoo! $1250! I made 10% selling gold last week and missed a shot at 30% shorting it today when my FIOS crapped out. Maybe I will get a second shot tomorrow.
I love FIOS unfortunately i’m stuck with comcrap.
GOOD…………….GOLD UP……………
GDXJ is up $1.30 since I typed the following yesterday.
“GDXJ: A bull-bear battle rages over the 26.96-27.29 area. Advantage: Bulls
http://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=1&mn=0&dy=0&id=p94564639196”
——–
Glennfidish, I thought of you when I saw this today:
http://www.321gold.com/editorials/thomson_s/thomson_s_012715.html
(Since you said you’re not real into silver.)
Hello Matthew,
Hope all’s well.
I saw this while surfing, and thought of you ๐
Best & GL today,
LPG
Hello and lol, LPG, all is well! I hope all is well with you. It’s funny, your link reminded me that I have an old HK turntable in storage! (No J, not a Heckler & Koch! ๐ )
Best and GL,
M
it is way early in the day……….you have out thunk me…………………j………..
which is not to hard to do……………………..
๐ฎ
lol Matthew !
Better keep the turn table………………plastic is coming back……..
Vinyl!
YES….today vinyl…………..1960 it was plastics(the graduate)…..he,he……..
Ya got me. ๐
Matt,
Im having problems posting with my original email. Iโve tried everything imcluding deleting cache and history. I have had to use a different email.
Can someone please contact Al or cory? Im beginning to think itโs on there end.
Every time I post, I get a thank you for your comment in red below this box yet it does not display my post.
kind regards
Matt,
Im very sure silver will outperform. I just feel more comfortable with gold miners. Most of my work has been done with them.
Every comment I make is awaiting moderation. Frustrated. ๐
Oh my…………gold up…………1291
1296…………….at kitco
DOW……….DOWN 333 PTs.
GDX AND GDXJ…………………UP………………..
Whether it is a counter-trend to the US$ (-1%)or US stock market (-2%) I don’t really care, as long as the trend continues. JNUG and UGT (+7%)
the trend is your friend……………………………………j
Matt,
Im having problems posting with my original email. Iโve tried everything imcluding deleting cache and history. I have had to use a different email.
Can someone please contact Al or cory? Im beginning to think itโs on there end.
Every time I post, I get a thank you for your comment in red below this box yet it does not display my post.
kind regards
Matt,
Im very sure silver will outperform. I just feel more comfortable with gold miners. Most of my work has been done with them.
Every comment I make is awaiting moderation. Frustrated. ๐
Hi glenfidish,
Your right your comment got put in our moderation section. It looks like you tried using a different email address a couple times. Anytime the username is changed or the email address is new to the system the comment get put in moderation. We will watch over it today encase this continues. If this happens again please email Al or myself directly.
Thanks Cory ๐
BIG OWL IS WATCHING YOU…………..GLEN…………………………LOL
The gold miners will hold up better if the metal falter or fail to go up much from here. A profitable gold miner is much easier to find at current metal prices.
That’s weird about your commenting issues…
Does anyone here think that GDXJ is going to fill its gap below $23?
http://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=0&mn=3&dy=0&id=p94348217866&a=386884943
I tried to ask you that question yesterday regarding gap on gdxj..You have answered it now. In the past and I mean years back, did you see yourself weekly gaps not get filled and bull continued? There are a few weekly gaps with some companies including iag. Do remember any weekly gaps left behind in 2008/2009 run?
GG has an open monthly gap that was 2.8% of the price at the time —March 2000. Btw, GG is having its best month since May, 2009, in terms of price gains. The 233 month EMA appears to be strong support.
I’m going to see if I can find example of weekly gaps from 2008/09.
Thanks Matt,
This is the type of work and research needed. If you can verify that it sure helps with future projections.
Your a pal ๐
Not in my opinion. What’s a gap? ๐
the space between your teeth, which needs to be filled with gold………..lol
J you are one funny guy ๐
J your one funny guy ๐
Bird……….said ……”do not encourage him”
thanks ……………………………I think………………………….j
Haha +1
That’s the spirit, lol. I agree, btw.
GDXJ is now above the 377 EMA on the 2 hr chart and the 610 EMA on the 1 hr. All but the longest EMAs on both charts are again pointing up and looking good.
Kirkland Lake Gold Appoints Eric Sprott as Chairman of the Board
TORONTO, ONTARIO–(Marketwired – Jan 26, 2015) – Kirkland Lake Gold Inc. (“Kirkland Lake Gold” or the “Company”)(TSX:KGI)(AIM:KGI), is pleased to announce the appointment of Mr. Eric Steven Sprott as Chairman of the board of directors, subject to regulatory approvals. Upon receipt of regulatory approvals Mr. D. Harry W. Dobson will retire from his position as Chairman.
Mr. Dobson stated “I am extremely pleased to have Eric succeed me as Chairman of Kirkland Lake Gold, especially in light of his expertise and reputation in the sector, I am very confident that shareholders are in good hands. I continue to believe in the future prosperity of the Company, and remain an avid supporter of the management team and story.”
Latest ‘Greece’ analysis (I’m reading now):
Syriza’s Service for Empire – Unless There’s a Syriza Surprise!
http://fortruss.blogspot.com/2015/01/syrizas-service-for-empire-unless.html