Comments on US markets, oil and gold
A brief recap of what we are seeing in the US markets, oil and gold. As bearish as I would like to be I explain why I am not buying into this being the start of a huge drop around the corner. I also explain why oil continues to sell off and why it may continue. Finally gold needs to break a level it is close to before rolling over.
Click download link to listen on this device: Download Show
Jason – I exited the rest of my UVXY position today on the continued volatility. Happy Ending.
Matthew – I’m glad we talked yesterday. I was able to exit my Pure Gold for a small profit, and skipped the selloff later in the day. Just wanted to say thanks.
I’ll get back into it during any summer doldrums we may experience.
That’s great, Ex. I’m glad it went your way.
Wow, it was down over 10% intraday…
http://stockcharts.com/h-sc/ui?s=PGM.V&p=D&yr=1&mn=0&dy=13&id=p89951092796
Yep. Luckily I went into the trading day on a mission in a few different stocks and cycled out it early (but may have started the ball rolling downhill…)
I was a bit surprised that February 2017’s US CPI inflation came in at 2.7% only 0.2 aboveJanuary 2017’s at +2.5. I was expecting a 3.06 print, let’s say 3.0 or 3.1. Most of the inflation spike (all of it really) was caused by oil prices. I am looking at a possibility for one mige high inflation figure in March (to be announced 14 April I think) and then a decline in inflation back to 2% or perhaps even lower unless oil perks up again. EIA forecasts are for oil to be likely to stay near $54 all year but they have a large range above and below that. If oil stays near $50, inflation is likely to decrease by April’s figure.0 The hige year over year oil price and gasoline price increases were really centered around Feb-Mar 2017 with respect to 2016’s prices, driving this mini-inflaiton spike. This might worry goldbugs a bit because it could take away the inflation trade on gold a bit ovwer the summer anyway.
http://1000gold.blogspot.com
Chart:
https://www.youtube.com/watch?v=F30FOs42J34&t=3m13s
(Recorded before Feb’s BLS CPI report on 15 March)
This oil price based model gave slightly high results but because of scatter in the oil/CPI data there is some error. Modified models still show a likely 2.5%-3.0 print for CPI-U in March and then falling towards 2 later in 2017. The greatest uncertainty is in the March CPI figure because the largest yoy changes in oil and energy are around now but the exact timing of their filtering through to inflation is uncertain.
GDXJ reversed at fork support today:
http://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=0&mn=6&dy=13&id=p37018603474&a=514473783
The KAMA also served as support today:
http://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=1&mn=0&dy=13&id=p04028963835
GDX managed to close on fork support after breaching it today:
http://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=0&mn=9&dy=0&id=p65782214583&a=514184409
still learning pitchfork… is this good or bad?
Holding above support is always good if you’re bullish.
thank you
POLITICAL……….Trump issues warning to Repub……..act by Friday…or Obamacare stays….zerohedge…..
drain the swamp…………term limits……..these dumb bunnies need to retire…..
Term limits limit voting rights. Another move away from freedom. Not a good idea.
are you sure on that one……
I would like to know more on why, and how …..term limits limit voting rights….no argument just would like to know your thoughts……thanks j…
I want to vote for Mr. Soandso who has served his country with honor and distinction as a senator. Suddenly, you say I can’t vote for him. You just denied me the right to vote for a candidate who is perfectly qualified to run. I think that is a bad idea.
Term Limits….does not deprive you of your ability to vote for Mr. Soandso, it only limits his time in office, …….
What is a bad idea…….is having lifers in office , who do not serve in the best interest of the country……which is what we have now….
thanks for the video……I have to disagree….It sounds nice. Big money keeps the lifers in office, not the people. Think about the amount of money it takes just to run in office.
The example of reelecting Boxer is enough said.
The idea of the lobbyist , mentioned in the video…..bar the lobbyist, which are the special interest, and generally not for the people as a group, but represent a small group desiring special ideas, wants and desires, contrary to the general population.
I hope some other watch the video and chime in on the discussion………TERM LIMITs or NOT………..thanks j.
Jerry,
You’re right on regarding term limits. Ultimately, it’s up to an uneducated or apethetic public that could care less. The founding fathers set it up where we could remove them, at will. But no one has that will.
When you have the likes of McCain, Shumer, Pelosi and many more elected for several terms, we can only blame that on our selves (as a society)
There are some good Jack Abramoff interviews online. What he was doing is how Washington works. He said term limits were necessary to reduce corruption, because the longer people are in office the more deeper their corrupt networks of grow. I think he’s right.
Term limits were changed a while back, I think 80s. But, it just meant they would come up for vote sooner. They always can get re-elected. As I said before, it’s up to the people to decide and take action. So uh.., best of luck to us, eh?
What I meant to be clear about was, a term is just when they come up for re-election. It doesn’t mean they can’t serve another term.
( regarding house and senate )
Statism: Ideas so good they have to be mandatory.
Thank you , Chartster and GH…for your added contributions…….Jootb
Term Limits……..have it………case closed…… 🙂
You have the wrong worldview. People are born corrupt; corruption has nothing to do with education or apathy. That is why we must be born again. If you are not born again, you are part of the problem and will never see or experience real freedom.
Columbus gold:
https://www.streetwisereports.com/pub/co/3373
OFF TOPIC:
Whistleblower, CIA Contractor, Dennis M. Montgomery has approached the FBI with evidence that Obama’s administration Surveilled not only Trump and his team during the election period, but also all republican Presidential candidates and many judges, including all Supreme Court justices, since approx 2009.
The FBI and CIA appear to want to cover this up.
Must Watch:
Wake up America:
Klondex Mines Posts 4Q Profit, Record GEO Sales
Allen Sykora – Friday March 24, 2017
” Klondex Mines Ltd. (TSX: KDX; NYSE MKT: KLDX) reversed to a fourth-quarter profit as the company sold a quarterly record 47,745 gold-equivalent ounces for revenue of $56.1 million, a quarterly high. Net income was listed by Klondex at $2.2 million, or 2 cents per share, compared to a loss of $1.7 million, or a penny, in the same period a year ago.”
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Sandstorm Acquires 22 Royalties In First Quarter
“Streaming and royalty company Sandstorm Gold Ltd. (NYSE MKT: SAND, TSX: SSL) says it acquired 22 net-smelter-return royalties during the first quarter for $1.9 million. The assets include royalties on development-stage, advanced exploration-stage and exploration-stage projects located in Canada, Mexico and Peru. “The collection of royalties that we have acquired so far in 2017 have added exploration potential in stable jurisdictions, increasing the optionality in our portfolio, which is now up to 155 streams and royalties,” said Nolan Watson, president and chief executive officer. “We have over $30 million in cash and $110 million available on our revolving line of credit, and we are working diligently to continue deploying our capital into accretive acquisitions that will add value to shareholders.”
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Primero Receives Extension to Revolving Credit Facility
Friday March 24, 2017 08:00
Primero Mining Corp. (TSX: P; NYSE: PPP) says an agreement has been struck with lenders for an extension of its $75 million revolving credit facility. Instead of maturing in May, the RCF will be extended by six months to November, providing the company with “greater flexibility to replace the RCF with a longer-dated term loan,” Primero says.
http://www.kitco.com/news/2017-03-24/Gold-Silver-Mining-Daily-News-Briefs.html
(TGZ) (TGCDF) Teranga Gold: Profitable & Growing Gold Producer in Africa
Here were a few Silver stocks that had a nice green day:
Silver Stocks – SYMBOL – % CHG
Arizona Silver Exploration Inc. AZS.V +15.56%
Silver Spruce Resources Inc. SSE.V +11.11%
Orex Exploration Inc. OX.V +8.33%
BAYHORSE SILVER INC BHS.V +8.11%
Excellon Resources Inc. EXN.TO +5.99%
Silver Dragon Resources Inc. SDRG +4.17%
Santacruz Silver Mining Ltd. SCZ.V +4.08%
Silver Bull Resources, Inc. SVB.TO +4.00%
Golden Minerals Company AUM.TO +3.45%
Nicola Mining Inc. NIM.V +2.78%
Bitterroot Resources Ltd. BTT.V +2.50%
SilverCrest Metals Inc. SIL.V +1.98%
Golden Arrow Resources Corporation GRG.V +1.45%
Metallic Minerals Corp. MMG.V +1.32%
Brixton Metals Corporation BBB.V +1.11%
Coeur Mining, Inc. CDE +1.02%
Endeavour Silver Corp. EDR.TO +0.48%
First Majestic Silver Corp. AG +0.25%