A Position in DUST And Levels to Watch For PM Stocks
David Erfle, Editor of the Junior Miner Junky joins me today to share the reasons why he is taking a short term position in DUST. We discuss the movements in the USD and US markets plus the upcoming Fed meeting in December. While the DUST position carries a negative outlook for the sector there are regions that we are look for in certain metals charts that could be great buying opportunities. We also take a look a the Auryn chart as the sell off today is taking the stock to some interesting levels.
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SLV found some Fibonacci fan support this week:
http://stockcharts.com/h-sc/ui?s=SLV&p=W&yr=5&mn=6&dy=0&id=p34981668461&a=532172659
Larger Fib fan support is just below:
http://stockcharts.com/h-sc/ui?s=SLV&p=W&yr=7&mn=7&dy=0&id=p60792856518&a=513702030
This chart shows the significance of the current price:
http://stockcharts.com/h-sc/ui?s=SLV&p=W&yr=4&mn=2&dy=0&id=p03349151472&a=515155278
Still more bullish than bearish… short gold, buy silver:
http://stockcharts.com/h-sc/ui?s=SLV&p=W&yr=4&mn=3&dy=13&id=p74802945179&a=503291952
Daily Fib fan and speed lines:
http://stockcharts.com/h-sc/ui?s=SLV&p=D&yr=1&mn=5&dy=0&id=p96978209488&a=545285400
Two fork supports were reached on the 6th and resulted in a big reversal:
http://stockcharts.com/h-sc/ui?s=SLV&p=D&yr=0&mn=11&dy=22&id=p14411964096&a=533117841
Silver and some of the Silver miners have held up well lately, all things considered.
The first golden cross of the year is happening right now (the 50 day MA is crossing above the 200 day MA):
http://stockcharts.com/h-sc/ui?s=SLV&p=D&yr=0&mn=11&dy=11&id=p22064408407&a=551272749
Boom! There it is.
A potential H&S bottom with a neckline that is bullishly sloping upward:
http://stockcharts.com/h-sc/ui?s=SLV&p=D&yr=0&mn=11&dy=22&id=p49323637905&a=549735355
Sorry dude, you are really reaching here….just pulling random things out of the air. Price action is clearly bearish in the sector.
Sorry yourself dude, there’s nothing random about it and the price action is mixed.
You do know what “potential” means, yes?
Matthew – Morris Hubbartt has posted as well about the same thing on his videso with the H&S bottom. That is a valid pattern that has formed in the charts and how someone can look at it and not see it is amazing, (but not surprising).
It is hilarious that US Dollar bulls want to use the inverse Head & Shoulders pattern to point to a breakout in the greenback, but that it isn’t OK for SLV to have the same kind of H&S pattern.
Also Matthew is correct that if the neckline is sloping upwards that this is a bullish indicator. Doesn’t seem like reaching at all if you understand TA.
SLV:GLD bullish engulfing candle:
http://stockcharts.com/h-sc/ui?s=SLV%3AGLD&p=D&yr=1&mn=6&dy=0&id=p60654938928&a=519726130
Drill results and fundamentals mean more than charts.
http://incakolanews.blogspot.com/2017/10/auryn-resources-augv.html
This example proves the opposite point. The chart was breaking before the news.
A chart may be a sign that something is good or wrong but it is still moving on fundamentals first. IKN was warning about Auryn weeks ago based on fundamentals and news and now the chart and markets are finally waking up. You can see his old posts searched by date.
http://incakolanews.blogspot.co.nz/search?q=auryn&max-results=20&by-date=true
The discussion today about Auryn was about buying it based on a chart pattern. I would never make a trade on a chart alone. Look at fundamentals and then charts later to try to get your timing right. Something needs to change other than a chart pattern before I would consider buying it.
(MTO) (MEAOF) METANOR EXTENDS EXISTING SHEAR ZONE DOWN TO 400 METRES TO THE EAST, 27.8 G/T AU OVER 3 METRES AT BARRY
October 16th, 2017
Nice #Quebec #Map of Windfall Lake #AreaPlay where Barry deposit is also located:
$OR $MTO $BFD $BTR $GOR $URB $SEK
#Gold #Drillplays
Wat tooooo much “consensus” om the x-gold bugz here. Major bottom has arrived. I remember the gold market ran up the last time the U.S stocka market went parabolic in 2007. Why is gold tanking when the “drunken sailors” are back? Amazing ignorance is back!!! Thaks for the tip Dave
Anyone notice rhodium upto $1395? That came from no where.
Yes, odd move in Rhodium.
The Palladium price has also been peppier than expected over the last year. It remains above Platinum as many have pointed out which is very interesting. Platinum is undervalued in relation to these metals moves, so I believe 2018 may be Platinum’s year.
Platinum is stuck on hold………..
Palladium $966………
Palladium has just been crazy this year and hardly anyone is talking about it’s run out in the marketplace. Amazing disconnect and lack of interest from the investment community when it has been on a tear…
most can not even spell palladium, …….amazing is correct……
Just what is driving the price……..?
Just read where Merc Benz, was having problems with their diesel cars…..
Palladium price consensus forecasts point to end of the rally
Frik Els | Sep. 18, 2017
http://www.mining.com/palladium-price-consensus-forecasts-point-end-rally/
Thanks for the info………………OOTB
On October 20, 2017 at 5:19 am,
OOTB Jerry says:
Rhodium……………..looking good………
Reply to this comment
On October 20, 2017 at 5:20 am,
OOTB Jerry says:
5 yr….cup and handle………
Reply to this comment
Sorry, posted before reading Ozi’s
Break out of the cup and handle…….. $1440………..hello………
I’m going silent for a while. I think the metals are in a bull, but the miners could tag their 600 DMA before this correction ends. Godspeed. Over and out.
spanky – you a hilarious! I’m not sure which is more of a knee-slapper – that you are “going silent” or that you “think the metals are in a bull.” 🙂
As a reminder here were your thoughts on Wednesday and it didn’t sound at all that you “think the metals are in a bull.”
On October 18, 2017 at 10:53 am,
spanky says:
“2016 was nothing but a blip in the ongoing commodity bear. It literally rallied for 6 months after 5 years of getting absolutely smashed to 40 or 50 year lows. It has now basically given back all of those gains after a year and a half. To me it is poised for another leg down. It needed some time for the long term moving averages to catch up to price, which they have now done.”
“Best case, it will go sideways to slightly down as the 200 WMA continues to drop. Then maybe a suckers rally back to the 200 WMA, and then another 4 -5 years of basing action.” — Spanky
Difference between gold and the commodity complex as a whole, big difference. But anyway I looked at the long term MAs for the miners and just decided to relax as long as they are still shaping up. That doesn’t rule out near term pain obviously. And if we were to break significantly below say the 200 WMA in the miners, I don’t think it would be a very healthy sign, but even then, a spike low could end up being a headfake in hindsight. I’ll have to re-evaluate if and when it ever comes to that.
Come on man. You had no problem lumping Gold in with the Commodity complex last month. You change your opinions like we change our underwear.
On September 21, 2017 at 3:08 pm,
spanky says:
“$indu:$gold ratio about to explode to new multiyear high, and put the 200 month MA behind it for good.”
“Face it, commodifies are deader than dead. They will be basing for years to come, if not breaking to significant new lows soon.
“The yen is headed to the dustbin, and along with it commodities and gold. Yes, gold will out perform yen in the very very long run, but we are all dead in the long run.”
“This is where the commodity bulls who have been devastatingly wrong for a decade are going to get their faces rubbed into it in spectacular fashion as the Dow heads to the moon and their precious commodities in the opposite direction.” — Spanky
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If anything breaks below the 200 week MA then it is generally going through a corrective move, but let’s see how it plays out. I’m giving them the benefit of the doubt to stay in a bull market, but if it turns against me, it will cost me a lot of money and sting but I’ll react accordingly.
I hope you’re not going silent on account of my harsh comment, Spanky. But if I were cranking out throwaway analyses on the bull side, I bet people would let me have it.
I don’t have a beef with you. It’s valuable to give the bear case a hearing. If there’s no real bears, a devil’s advocate is better than nothing. I would just suggest more emphasis on quality vs quantity.
The precious metals markets are maddening–let’s not let the bastards get us down.
I guess chartism works, until it doesn’t.
The US dollar may break up, because of stupid EU behavior, but will Europe sell gold? I think not.