Powell In Front Of Congress And Another Drop In Gold
Before heading to the Sprott conference I wanted to quickly record something with Chris Temple. We first discuss the Fed Chairman Powell’s testimony in front of Congress. Nothing new is being said but a reinforcement of the Fed hiking rates is a continuing theme. We also discuss the drop in gold and what this is telling the markets.
Click download link to listen on this device: Download Show
Click here to visit Chris’s site.
Going long in a bear market is about the dumbest thing a trader can do.
When is the good time to buy? When sentiment reaches overbought?
Re-read what I said.
You buy weakness in a trending BULL, because the odds are price will make a higher high. But by no definition do we have a trending bull in metals. If anything, they are in bear markets since the 2016 high since we just made a lower low. So, the smart money will be covering their shorts into this low and then they will short the next bounce.
” So, the smart money will be covering their shorts into this low and then they will short the next bounce.”
So precisely this reason you buy now. Most rallies occur with short covering however small they are.
No. Smart bears scale out of their shorts knowing they probably won’t catch the absolute low. Covering you shorts is NOT the same thing as taking long positions. no, they will patiently wait for the next rally to show signs of getting overbought and scale into short positions as that occurs. that’s how you play a bear market.
Spanky, I don’t know why you bother yourself with the markets. You’re destined to give back your gains if you ever have any.
Matthew, your ad hominem attacks would be more convincing if your longer term calls were even remotely correct. No one cares about swing trading penny stocks on sentiment extremes. when are the miners (GDX) going to make a higher high? It’s a simple question.
There’s nothing “ad hominem” about my observations and I am up massively since the bear market lows while you claim to be essentially flat. Enough said.
I thought sentiment and being oversold has been the thing for over 7 years. How do we tell when sentiment has hit bottom? When everyone is dead?
Look at what gold did between 1980 and 2001. sure, you could go long at sentiment extremes and make a couple of bucks on a bounce, but the odds are it can go lower when you are in a bear market.
It’s better to find something that is an actual uptrend on the weekly and month charts (gold, silver and miner are not in uptrends) and then buy weakness and sell strength.
spanky:
You are so clueless. We were in a long bear market from literally 1929 until the 1960s yet from July 1932 until June 1933 we had a 150% move higher in less than a year. You pee on bear markets yet in bear markets you get some of the most violent bull moves. I would love another move as we had from Jan 2016 until July 2016. You whine about gold being in a bear market but that was a great move higher.
If it’s a bear, hand me more blueberries to feed it.
Absolutely monstrous, near vertical breakout in $indu:GCC. Commodity bulls getting more dirt kicked in their face daily. Wow.
The yen ($xjy) weekly chart is just ugly. Multiple head and shoulders on just about every timeframe. It’s possible it finds a low in the 87 region, which will form yet another neckline. The subsequent bounce, MAYBE to the 50 WMA, will form the right shoulder of another H&S.
The biggest one though is the one formed off the 2015 lows. The neckline for that one is already decisively broken and projects down to 60. Commodities, miners and gold are going to get crushed. Short them all on the next bounce. Keep an eye on $XJY.
Commodity complex (GCC, unweighted) is barely off of its 2016 lows after 2 years. The Fed is shaking in its boots about massive inflation.
Commodity complex about to break to new 50+year lows in absolute terms while the stock market is making all time highs. It doesn’t get any better than that for a CB! Masterclass.
July 17, 2018
Facebook AI Research Expands With New Academic Collaborations
By Yann LeCun, Chief AI Scientist
We created Facebook AI Research over four years ago to focus on advancing the science and technology of AI, and we’ve always done this by collaborating with local academic communities. FAIR relies on open partnerships to help drive AI forward, where researchers have the freedom to control their own agenda. Ours frequently collaborate with academics from other institutions, and we often provide financial and hardware resources to specific universities. It’s through working together and openly publishing research that we’ll make progress. Today, we’re announcing new additions to FAIR who are helping us build new AI-specific labs and strengthen existing offices:
…..
GCC putting in a hollow red candle today, as it looks like GDX is well. While hollow red candles are sometimes the sign of a near term reversal, they almost never mark absolute lows. Without any doubt in my mind, whether we get a 1-2 week suckers rally here, we are going lower in GCC and $hui/GDX in the next few months. So have at it trying to go long on a sucker’s rally. I can’t wait to hear the crowing and hootin and hollerin.
I bet mat really doesnt like you today spanky.
Why would today be any different than any other day, b??? You say dumbest things!
I am not giving up. I would be trying ways to buy more. Sentiment demands it. Don’t have the numbers yet, but the time to sell is when sentiment is north of 60 or 80, not under 10.
In a bull market I would agree with you.
However, look what trying to play sentiment got you between 2011 and 2015–lots of heartache (but let me guess, Matthew traded the bear perfectly from the long side!).
You poor little guy.
https://www.youtube.com/watch?v=TztnjtnPDgw
New technology expected to achieve production costs of as low as $28/barrel for volume oil sands production.
This is NOT an endorsement of any company by CFS, but merely information/education.
The next downleg in yen and commodities (probably back to 1971 levels, just to rub it in) is going to provide the fuel for an absolutely monstrous stock market rally over the next few years. Make no mistake, the commodity collapse and yen carry trade are the fuel for the stock market rocket ship.
Trump Targets Stzrok, Hillary & The Deep State
https://www.youtube.com/watchv=8HW8ik4HXw8&lc=z23qjlnzyoyvgxi0lacdp43ag21ldpuaw5fz2wxluqpw03c010c
^^^^ Bias in CIA ^^^^
read the spectator editorial above.
Just look at the bollinger bands on the GCC chart. Wow. Spread open like a….
To say there will be follow through lower, despite being oversold as can be, is the understatement of the year. This is the easiest short on the planet. just sell any strength whatsoever.
Bonterra Resources drills 2.7m of 15g/t Au at Gladiator
2018-07-17 09:02 ET – News Release
Mr. Nav Dhaliwal reports
BONTERRA CONTINUES TO EXPAND THE GLADIATOR GOLD DEPOSIT AND INTERSECTS 15.3 G/T GOLD OVER 2.7 M
Bonterra Resources Inc. has released the latest drilling results from the continuing resource development program at the Gladiator gold deposit, including an intersection of 15.3 grams per tonne gold over 2.7 metres, extending the footwall zone down plunge to the east. Recent drilling results extended mineralization along multiple zones and continues to demonstrate the continuity of the high-grade gold mineralization at depth and along strike at the Gladiator deposit.
Was at there lunch presentation today at Sprott Conference & really liked them especially at price below 40 cents…… no sign of Cory & looked everywhere
Sandstorm Gold buys back 1.4 million shares
2018-07-16 16:30 ET – News Release
Mr. Nolan Watson reports
SANDSTORM GOLD ROYALTIES PROVIDES CORPORATE AND ASSET UPDATES
Sandstorm Gold Ltd. is providing an update related to share repurchases under the company’s normal course issuer bid (NCIB), recent developments from the company’s royalty portfolio as well as the acquisition of eight royalties on exploration-stage properties.
Normal course issuer bid update
Since the renewal of the NCIB on April 5, 2018, Sandstorm has acted on its stated intention to repurchase shares of the company. Approximately 1.4 million shares have been repurchased since April. Sandstorm may purchase up to a maximum of 9.2 million shares under the current NCIB program.
Off topic.
America = THE BIGGEST EXPORTER OF DEATH ON THE PLANET.
Do Americans know whats been done in their name….i dont think so , but the “BEAST” ,(MIC) must be fed………..
https://www.rt.com/news/433502-us-arms-exports-map/
It may be true, but it is still propaganda.
Is exporting of defense missiles equivalent to exporting death?
Note: the U.S. does not sell nukes or intercontinental ballistic missiles or chemical weaponry. It does sell jeeps and some ships and guns and ammo, although I suspect, counting the number of kalashnikovs and the like in the world, China sells more.
While on the subject of death causation: NEVER FORGET it is communism and starvation that is the greatest cause of death in the twentieth century: thanks to Stalin and Mao Zedong and the Khmer Rouge.
True about communism. But as such a staunch opponent of Marxism, you seem strangely reluctant to get into its roots, connections to Wall Street and the media, and the common factor that ties it all together.
CFS…the US does not sell nukes !!!!!!!!!!
Pray tell me then, who sold them to Isreal ? or were they gifted to them.
BTW . If you are willing to do some recearch you will find they sell a shit load of ofenseif weapons
Please excuse the spelling mistakes.
Irish, to the best of my knowledge, Israel developed its own nuclear technology in South Africa, with knowledge gained from Jewish scientists that worked in the U.S.
There is some evidence that some trigger plutonium originated from the U.S., although no one has been prosecuted for that.
It is possible, of course that someone in authority in the U.S. turned a blind eye, but is there any evidence Israeli nukes originated in the US?
It is probable most Israeli knowledge came from French sources, NOT US.
The Sept 1979, Vela incident was the best indication of S. African involvement and Uranium certainly originated in S.Africa NOT the US.
https://thebulletin.org/2015/09/flash-from-the-past-why-an-apparent-israeli-nuclear-test-in-1979-matters-today/
I believe you are correct in this. Israel, South Africa, and Taiwan formed an alliance in the 70’s and 80’s to counter the UN sanctions and the Soviet thrust in Southern Africa. THere were 30,000 or more cubans in Angola as proxy soldiers for the Soviets. I lived there during those times.
Irish, please educate and inform me, if you think you know something I don’t.
CFS:
Alas, you are perfectly correct, we don’t sell nukes and chemical weapons. We give them away.
SOURCE: BIT GURU
You may well have seen in the news the last couple of days that global debt has reached another all time high. After climbing to astonishing $247 trillion when combining public debt of around $60 trillion and non-financial sector debt of about $186 trillion. This eye-watering figure also means that for the first time ever there is now officially 3 times more debt in the world than all money, including computer entries for bank balances.
Chris, what level do you and Doc and others think gold and silver will go down to over the next few months and will that be the final wash out?
pardu…Zero…..& yes………………………………../s
FWIW. Gary S. Sez low this week
I have been reading The Hedgeless Horseman’s stock picks, there is one I like a lot but it is mom for now while I accumulate. LOL! DT
Gold hasn’t closed a single week below the 600 week moving average in over 15 years…
Based on gold’s proximity to that moving average, buying gold now is like buying near $1050 2.5 years ago.
Buying at this MA should obviously be appealing to anyone interested in building a long term position (when spanky money was buying near the 2011 top, gold was trading at nearly 3 times the 600 week MA).
How about we see if can gold can close above the 200 WMA before you start hootin about a”generational buy.” lol. And we very well could bounce off that 600 WMA before plunging below it.
Yeah yeah, I know, it will be too late to wait. Train leaving the station…. maybe a train headed to Auschwitz.
Why don’t you do whatever you want and taking your bitching home to mommy?
You really do have a hard time with people that disagree with you in the slightest.
And you have one helluva time with simple and obvious facts. Spanky’s disagreement means absolutely nothing to me. It’s his nasty whiny attitude that I find obnoxious.
You couldn’t grasp this concept when Birdman was here so I don’t expect you to now.
b,
Based on my experience I have to agree with you.
Sadly, I’m not surprised, JMiller.
Yes and sadly it is your own fault.
It’s my fault that you don’t comprehend why Spanky is annoying? Sounds like b is your brother.
You were an only child perhaps, spoiled rotten maybe, just an impression.
“Spanky’s disagreement means absolutely nothing to me” lol.
” It’s his nasty whiny attitude that I find obnoxious”.
spanky is not the person that is nasty,whiny and obnoxious Mathew.
Maybe focus on charts, present your evidence, time will expose the greatest mystic.
No need to attack anyone that reads the bones differently than you do.
Only a complete idiot would deny that he’s a whiner. If you weren’t extremely biased, you just might have noticed. But you’re b, so I doubt it.
Hi Cory, would you ask Keith of AG what his assrssment of Mexico’s new president Obridor
and what danger this could put AG in? Thanks.
You want to see something depressing, pull up a weekly chart of the $crb going back to the 1980s and look at the 200 WMA in relation to the 600 WMA–this gives you an idea of the number the central banks did on the sector. Commodities will be basing out for a generation after that. Sideways to down for another 10 years. Yes we are oversold now and due for a deadcat bounce, so don’t short now.
Yet another fall and it is now clear both gold and silver are suffering at the moment without having to delve into technicals and trends. This is frustrating but it is what it is. The PMs are in a funk somewhat and the year is ticking by.
It is becoming less likely that gold will hold above the $1360 region by years end. In the long term I dont know the significance of this but I will say that both gold and silver remain tightly capped and the bears hold sway.
Uh, yeah.
Yet the miners continue to perform bullishly relative to gold…
GDX:GOLD weekly:
http://schrts.co/KBVZpa
GDX:GLD daily:
you forgot to mention relative to pesos too. They are wildly outperforming. Bullish!
Right. Gold is inferior to the dollar and similar to the peso. I hope someone is praying for you. 😉
I’m adding to ASX listed Junior Miners hand over fist here.
Its yet another ‘money for jam’ opportunity.
They come along every so often, like about now.
Just take your profits on the way up.
Cheers.
That’s wise, Skeeta!
Commonsense about the Trump-Putin meeting:
https://amgreatness.com/2018/07/17/diplomacy-101-vs-politics-writ-small/
bitcoin above 7k today, has been stuck at about 6k for awhile.
A more complete discussion of the history of Russian “hacking” of 2016 election:
http://podbay.fm/show/589864479/e/1531862586?autostart=1
(not discovered by Mueller) proving the timing of the indictments was merely introduced to perturb the Helsinki summit.
i.e. another Democrat dirty trick.
Michael Oliver is absolutely right: “I like what’s going on, it’s like a bomb going off. It clears out the weak hands so that we can finally head higher.”
https://kingworldnews.com/major-alert-special-report-on-todays-action-in-the-gold-market/
John Ratcliffe (R-TX) says that Page was significantly more cooperative than her one-time colleague and lover, counterintelligence agent Peter Strzok. “As I said before, she is a very forthcoming witness,” Ratcliffe told reporters after leaving the hearing room. “She gave us a lot of new information that we didn’t have before. That will lead us to ask for some more people to make some more requests for information we do not yet have.”
Whispers say she is spilling the beans on yet another bureau-wide cover-up. I guess we’ll see. This is part of the House Judiciary Committee and House Oversight and Government Reform Committee hosting a hearing as part of their joint investigation into the Department of Justice (DOJ) and FBI in their probes of Hillary Clinton’s use of a private email server and allegations President Trump’s 2016 campaign colluded with Russian interests. I think that what they will find out will not only damn the FBI but a number of leftists as well. The committees are trying to determine if Mueller’s investigation was legitimate to begin with. Personally, I think it was a setup.
Mueller’s Revenge:
WASHINGTON — A Russian gun-rights activist who developed close relations with leaders of the National Rifle Association as well as conservative activists working with Donald Trump’s presidential campaign was arraigned Monday on charges she conspired to influence American politics on behalf of the Russian government.
Maria Butina, 29, who founded the Russian gun group “The Right to Bear Arms” and worked as the executive assistant to a top official of the Central Bank of the Russian Federation, was arrested Sunday by the FBI in Washington, D.C., where she had been living. The charges allege that she visited the United States in 2015 and 2016 for the purposes of acting “as an agent” of the Russia, according to a criminal complaint released by the U.S. Justice Department on Monday afternoon, a few hours after President Trump and Russian President Putin met in Helsinki. Butina conspired to “exploit personal connections” with U.S. political figures and to “infiltrate organizations active in U.S. politics” and establish “back channel lines of communication” in an effort to advance Russian government interests, the complaint charges.
(MQR) (MRQRF) Monarques Gold Intersects 20.62 g/t Au Over 3.95 Metres At The Beaufor Mine, Including 111 g/t Au Over 0.70 Metres
July 17, 2018
> Very nice evening rally in after-hours action for US-based Uranium stocks:
$URG 0.77 +0.11 (16.14%) After hours: 7:04PM EDT
$UUUU 2.75 +0.44 (19.05%) After hours: 7:57PM EDT
$UEC 1.74 +0.20 (12.99%) After hours: 7:55PM EDT
Artemis beats Rio Tinto to new copper- gold ground near Newcrest
Pilbara explorer Artemis Resources is picking up a large patch of land near gold major Newcrest Mining in Western Australia – beating another mining heavyweight to the punch in the process.
I have a small position in ARV.
It is still in the green….just.
Management has disappointed me to be honest.
They seem all over the shop, rather direction less at times.
Could of, would of, should of.
They remind me of a household hoarder who has so many things stacked to the rafters that he cannot find the winning lotto ticket he knows is in his possession….somewhere.
Follow through selling in the pms early in the session. Big 2 days to close the week for gold and silver.
latest Jim Willie
Buy low, sell high.
Buy gold now, sell it around end of September.