Visionary Gold – Update on the 3,500 meter drill program and the addition of a second rig at the Wolf Gold Project
Wesley Adams, CEO and Director of Visionary Gold (TSX.V:VIZ) joins me to update us on the 3,500 meter drill program that started on August 4 at the Wolf Gold Project, in Wyoming. We also discuss the addition of a 2nd drill rig to continue the program.
We start by recapping the goals of the drill program, which is focused around the Wolf Shear Zone and is the the first ever drill program on the Project. We also discuss the work that is going on Property wide to isolate additional drill targets.
If you have any follow up questions for Wesley please email me at Fleck@kereport.com.
Click here to visit the Visionary Gold website and learn more about the Wolf Gold Project.
Hi Larry. Good question. With regards to the Dollar, it’s important to remember that it derives its price in relation to the 6 other currencies weighted against it in the “Dollar Index”, and those 6 other currencies are debasing their currencies just as fast, have central banks printing like crazy to provide market liquidity, they have mountains of debt, and really it is a race to the bottom with regards to purchasing power.
What this means is that Dollar can behave in a way (like it has) with little blips higher and little blips lower, that seem unhinged from the macro fundamental picture with regards to interest rates, debt on the balance sheet, and the confidence in the US economy.
The real question people should be asking is “What is happening to my purchasing power with the Dollar?”
If one only looks at the nominal value of the dollar trading between a range of 90 – 95, then it looks fairly “stable.” However, when one factors in the inflation, then that is eroding all citizens purchasing power of what those greenbacks will actually purchase in the market. That loss of purchasing power is actually a far more important thing as far as what fiat money will buy, versus where the nominal value of the dollar index is trading. Sadly, most of the computer algos are based off the nominal dollar index value for how they respond to market moves.
The point being, when more carbon-based people wake up to their purchasing power eroding in their dollars, due to pervasive and persistent inflation, then Gold will suddenly not look like such a pet rock, and a bid will be put in for the yellow metal, despite the computer algos not getting it. Over time, Gold will recalibrate periodically to maintain purchasing power, and will serve as a hedge against real CPI inflation (not the BS Tips inflation reading that are heavily manipulated by the Fed).
/GC weekly chart looks pretty good…Wave g down from Aug. high…..A 50% retracement area…Which commodities frequently hit rather than .618 fibs….An RSI divergence between leg f down and this leg down g……need close above 200 ema line,the purple dash and a bullish candle as a signal…..which is easy with these narrow price ranges…if this fails we must wait until seasonal cycle low in december/jan time frame
https://tos.mx/hvS0tFJ
Talk about keeping the picture uncertain; GDX finished the day precisely on its lower daily Bollinger band. Considering how steeply that BB is pointing down, it’s impressive that the bears were unable to get it one cent lower to finish the day. I still think it will start the day lower and might even hit the Demark pivot at about 29.08 just below that fork support.
https://stockcharts.com/h-sc/ui?s=GDX&p=D&yr=0&mn=7&dy=3&id=p17815767233&a=1031497068
SILJ held up better than GDX and did not take out Monday’s low but if it breaks the fork support that it finished on, it could be on its way to its own Demark pivot at 11.50…
https://stockcharts.com/h-sc/ui?s=SILJ&p=D&yr=0&mn=11&dy=0&id=p41199569154&a=1031508938
Another 3.3% drop would take the XAU to the confluence of speed line and fork supports.
https://stockcharts.com/h-sc/ui?s=%24XAU&p=W&yr=5&mn=5&dy=0&id=p93790249694&a=1012440604
NEM, Gold, are both pulling back on super light volumes…..They steer the big caps direction…I will follow my 2 bar rule…anyways gold is still above TAS support 1749…barely..lmao…..It is always tough on these unexpected rouge direction swings…I have no idea how this will play out….I do not pray regarding/about money….if that matters to anyone
take a look at RGLD…it is right now testing swing low bar daily on 1/27/21…that bar had 476K volume…todays bar has only 117k volume and day is 2/3rds over…SUPER LIGHT VOL retest…imho…wish i knew what will happen…lmao….as irish advises….https://www.youtube.com/watch?v=K2Q2MZfBuW4
i just felt like practicing my yping skills today…out…lmao
Hi Larry…. It was first sung by Bobby Mc Ferrin. Amazing not one musical instrument in the song . Just singing , humming , & finger clicking…. & as a BIG bonus we have Robbin Williams, in the video.
Speaking of light volume, it has been 8 months since Brixton traded more shares in a day than I own and 3 months since it did so in a whole week. It has nearly 200 million shares out yet not many of them are coming to the market despite the “scary” price action.
Here’s an interesting look at it vs Franco-Nevada. That’s a big weekly bull hammer if it holds up through tomorrow…
https://stockcharts.com/h-sc/ui?s=BBB.V%3AFNV&p=W&yr=6&mn=1&dy=0&id=p71169986456&a=1001203968
Hey Matthew, it isn’t because you sold all of your shares is it? 🙂
I sold a lot over a year ago but have only been a buyer lately. Currently have close to 1.8 million shares. 😦
There is so much negativity on this site right now . Buy phyical Gold & Silver…….
Dont Worry , Be Happy.
+1 Agreed IrishT.
The high negativity and bearishness in sentiment and comments is a good contrarian indicator.
Sentiment is one of my main indicators. Although, suggesting that the market’s going to bottom when the negativity is unpleasant or poor this being the gold space, is incorrect.
Sentiment cannot be relied on for timing market bottoms. It can take much more time than people realize I’ve seen it happen time and time again. I wouldn’t call this extreme pessimism yet. It’s way too premature. We’re not there yet and of course the market could turn here but that doesn’t say because there’s pessimism that the market’s going to turn. Totally incorrect.
If that was the case everybody would be multi multi-billionaires and trillionaires Ha Ha
Sentiment is no secret. It’s widely used.
Extreme pessimism sentiment you won’t hear or see messages regarding anyone purchasing gold mining shares. We still have many individuals that are purchasing mining shares on this blog.
Extreme pessimism may take several more months and that will coincide with a decline in mining shares. More selling and more people being knocked out. That’s what the gold space does best.
We had a handful of people on this blog (including me) commenting on buying mining shares back at the end of he bear market in tax loss selling 2015, and January 2016, at the major bottom in the miners, so they’ll still be people discussing buying at any point that could be a significant low technical level. That was a much worse bottom after a 5 year bear market from 2011 -2015, so we even quipped that we were holding our noses and buying more mining stocks. So, I wouldn’t use that as the sentiment indicator either.
There is the DSI (Daily Sentiment Indicator) that is a good measure.
We also discussed the BPGDM index in length on yesterday’s blog.
Those are more quantitative tools versus anecdotal ones for consideration.
Absolutely.!!! Still, this time of year is a few months early for a bottom. Maybe and the odds are high of that.
Yes, there may be some seasonal influences at play. Normally we see a lower period near the Summer Doldrums in late June through early July, and then another pullback into the holidays during tax loss selling.
However, with such a crappy year in the mining stocks, many traders have already taken their tax losses at this point, held or are holding through the 30 day wash period, and will be redeploying funds into the weakness. The point being tax loss selling may not be as extreme if much of it has already played out.
Sentiment was at real high extreme late 2015.. Extreme pessimism. Those conditions aren’t prevalent now and it could get there I would say fairly close by the end of the year if this keeps up.. 👍👍Very good sign of a major bottom. The script for a bottom right now just doesn’t hold any water with past bottoms this time of year it’s too early. Most likely, however we’ll know I guess at the end of the year. Deal 👊
Yes, as mentioned above, the end of the year tax loss selling is typically a good time to accumulate into weakness. My question above was whether that would be as pronounced this year, where many traders have already taken their tax losses into the current weakness, meaning there may not be as much left to sell for losses for investors come December. It will be interesting to see how things develop over the next few months.
Happy you mentioned tax loss selling season variables here Ex. You mentioned maybe it was several days ago to a week I can’t remember now that the tax loss.selling season was over.
Quite frankly, I was going to call you out on it saying you’re wrong. However, it was just a real quick thought and I thought oh well who cares but now I know what you’re saying.
Glad you brought that up that makes a lot of sense. I guess we’ll see what happens.
Many insiders that really know what they’re doing may decide to wait and everyone that is really in the know in the gold space realizes the possibility that this is a bad time for a bottom it’s way too early yet although anything can happen it’s just doesn’t sound right because it’s too early I don’t know. Regardless, if there’s a possibility of more selling that’s not a wise decision to be purchasing right now. Unless you’re starting a position. Nothing wrong with that. Having at least 50% capital reserves to take advantage of big fire sales if something happens and that way you cover yourself. It’s a big w
risk just jumping in with everything right now starting a position the last couple weeks. That’s very unwise investing and foolish. Just sayin. I already have a core position in significant profit in my case it’s foolish to add unless there’s a big fire sale. Comprendo ! Any other trading technique or strategy you’re opening yourself up to possibly a lot of grief and financial losses could be temporary but you’re suffering for months with red ink dripping all over the place. When the economy really drops off and we have a big major event in the financial system I can guarantee you everyone’s going to be selling everything but that may never happen losing their jobs and so they’ll just sell sell sell. That’s all just speculation however there’s a possibility of anything and you have to be ready. That’s why my trading strategy techniques work. I’m never going to be left hanging off the side of a cliff and unable to sleep at night because of something. Never completely foolproof however it’s almost guaranteed 98%.
Time of year also a big factor sometimes. In the gold space, a perfect setup would be the end of the year or could roll over into a few weeks next year in January. Very depressed shares, sentiment extremely bad much worse than now and seasonals kick in next year. Perfect launch pad.
IS ANYONE HERE TODAY !
EX-A question?…Today the dollar is topping pretty hard …In my world, because the technicals indicated that…But with interest rates spiking up strong…Is that not unusual…I cannot overlay dollar and interest rates on my chart package…But just fundamentally, it makes little sense actually…no?…so up interest rates have depressed gold?…or is this real time view of the anti-gold cartel hitting gold when it should be charging up?