Currencies continue to drive the metals
The US Dollar is continuing its run up which is moving gold down. However the underlying PM stocks are managing to hold their who. Doc joins me to discuss the movements we are seeing today in the USD and gold as well as oil.
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This will ruin Al Gore’s day.
Who’d of thunk it??? Over 4500 points up on the Dow since the election. Thanks for the discussion guys.
Bond market look out below?
Will money go into stocks?
Greg Mannarino:
https://www.youtube.com/watch?v=3WUNTdF1kyk
Well after all the guy was in LOST VEGAS
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On October 2, 2017 at 9:31 am,
OOTB Jerry says:
Greg M………https://www.youtube.com/watch?v=3WUNTdF1kyk
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On October 2, 2017 at 9:32 am,
OOTB Jerry says:
Greg is now confused…….
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Will bond money go to stocks?
Yup, and bitcoin and potshares, anything but PMs.
The corrupt system seems to be winning……..
The Dow has broken above its multi year uptrend resistance:
http://stockcharts.com/h-sc/ui?s=%24INDU&p=W&yr=6&mn=11&dy=0&id=p50447476712&a=421704680
I believe it’s called the “blow off stage”
Yes, it’s been in blow-off mode all year. A bear market is coming soon whether there’s a crash or not (I’m still guessing there won’t be – at least not this year).
How about calling a 3% correction correctly, before calling for a bear market or a crash!
Meanwhile, commodities are about to fall off a cliff along with the Japanese yen. Silver and platinum are going to get smashed in all likelihood.
Just admit the Fed has completely bamboozled gold and commodity bugs.
I’m so glad you showed up with all that fear-based wisdom, spanky.
Now why would I care about calling a 3% correction when conventional stocks aren’t the focus of this site? I have never called for a crash but DID comment here that the Dow could go over 19,500 when it was still at just 13,000.
Regarding gold, I recently said that I didn’t think it would spend more than a day or two below 1270 so feel free to rub it in if it doesn’t. We will know very soon.
Regardless, I don’t share one bit of your concern even though there are some credible guys who do.
I’m sure gold will get a bounce, probably a significant one, soon. We have to form a right shoulder after all. Same as it ever was.
Meanwhile, the stock market ignores every divergence known. The US market is headed for a moonshot on the back of yen and commodities. And Yellen will be wondering in 6 months why inflation is so low.
$gold will close below 1260 within the next 6 months, more likely the next 6 weeks. Guaranteed.
And that gap in GDX from July you have observed will get filled before this is over. Again, maybe we bounce significantly soon, but that bounce will be faded hard.
If it happens, it won’t take nearly 6 weeks let alone 6 months.
Fewer than 6 days is more like it.
I said months ago we would hit the lower monthly bollinger band on miners before we hit the upper bollinger. More downward action incoming. We will probably bounce soon, and the bounce will be faded as GDX heads for sub-$20 over the next couple of months. We are going sub $18 by March-April of next year.
Bull or bear, I don’t care. But I hope you have enough sense of humor to recognize that you are wildly overstating your certainty in comments like this.
Or am I mistaken, and you’ve established a track record of getting these kinds of calls right?
To see this chart as bearish takes some serious glass-half-empty vision:
http://stockcharts.com/h-sc/ui?s=GDX&p=W&yr=15&mn=0&dy=0&id=p06791786150
Looks like the identical setup to October 2012. I’m sure people were saying the same exact thing as you right up until price plunged through the upward sloping 200 dma.
Nope, not close to identical to 2012…
http://stockcharts.com/h-sc/ui?s=GDX&p=W&yr=3&mn=0&dy=0&id=p21565183680&a=548018384
I’ve already gone through in some detail why comparison with 2012 fails to match up in many ways. You never countered those points, but continue to repeat this red herring.
Well, today it looks like the action is in potshares and novo, bitcoin seems to be holding its own, dont know about the other cryptos.
SLV’s 20 day EMA is about to cross below its 50 day EMA–definitely a bad sign for the bulls over the medium term.
While a bounce is probably due sometime soon–maybe back to tag the 20 day EMA in time–any such bounce is going to get sold with impunity. Where it stops after that, nobody knows.
Anticipation doesn’t pay in TA, spanky.
Wake me when SLV is back over 17. I think it will be summer/fall 2018 at the soonest, so that is a nice long nap.
The grind down continues in the PMs. Golds fall is now almost $100 from its latest peak. How much more before its considered unhealthy?
These moves seem to be very “convenient” with the Fed rhetoric of an interest rate rise. August, September and October seem to go well for gold and silver then the talk of a rate rise comes to the fore. PMs sell off for a prolonged period leading upto the actual rate hike and then almost instantly reverse once it has happened. By this stage its the end of the year and gold and silver have erased almost all their gains from the seasonally strong period of the year and then it starts all over again.
This has been the case for the last two years and this year is following a similar pattern. It seems increasingly likely gold and silver will fall further as the fed ramps up its desire to hike interest rates. Just a question of much more they eat into their yearly gains?
Weekly closes below the lines and dots (moving averages) on the following chart are not welcome…
http://stockcharts.com/h-sc/ui?s=%24GOLD&p=W&yr=5&mn=9&dy=0&id=p46213115970&a=543567821
Oil could move up due to seasonal factors:
A storm will deliver locally heavy snow and slippery travel across portions of the Rockies and High Plains early this week.
“Temperatures are expected to run 20 to as much as 35 degrees Fahrenheit below normal, with record-low temperatures likely in many locations across the northern Rockies through midweek,” said AccuWeather meteorologist Kyle Elliott.
Cool air has been in place throughout and west of the Rockies for over a week now, but precipitation has been limited to mainly the highest elevations.
A powerful storm expected to dip into the interior Northwest on Monday will bring measurable snowfall to much of Montana and parts of Idaho, Wyoming and Colorado.