A look at the GLD and GDX charts
Another slow day in the markets but this will not last the whole month. I outline some historic money flows that continue to look globally and the largest outflow of cash from mining stock ETFs ever! Taking this all into context I look at the GLD and GDX charts which will see some bigger moves in the next couple weeks. With no direction from the charts feel free to share your thoughts on which direction it will break.
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Thanks, Matthew. I’ll take any port in a storm.
What does Doc think about the precious metals in the next few weeks?
For Bob Moriarty in case he missed it.
Qatar allegedly paid up to $1 billion to Iran and al-Qaeda affiliates “to release members of the Gulf state’s royal family who were kidnapped in Iraq while on a hunting trip, according to people involved in the hostage deal”; the secret deal was allegedly one of the triggers behind Gulf states’ dramatic decision to cut ties with Doha.
The details of the payoff: “around $700m was paid both to Iranian figures and the regional Shia militias they support, according to regional government officials. They added that $200m to $300m went to Islamist groups in Syria, most of that to Tahrir al-Sham, a group with links to al-Qaeda.”
What is propping up stockmarkets around the world…….Your tax money.
Just more of a SCREW JOB……CENTRAL BANK FRAUD
TBTF…….no way those jokers are going to fail making 20 times
Assume The Brace Position – Jim Mellon
https://masterinvestor.co.uk/economics/mellon-on-the-markets-assume-the-brace-position/
New project aims to extract rare earth elements from uranium tailings
Alex MacPherson – Saskatoon StarPhonenix, 06.05.2017
“New technology under development in Saskatoon could make it profitable for Saskatchewan-based mining companies to extract “significant” quantities of rare earth elements from uranium tailings solution that would otherwise go to waste. …”
THE SUN RISES ON THE PRECIOUS METALS SECTOR…
Clive Maund – Saturday, June 03, 2017
Bob Moriarty: The Next Major Move in The Precious Metals Sector Should Be A Lot Higher
by Ceo Technician – 6 JUN 2017
$1294 ………gold looking good…………..must be something wrong……… 🙂
BITCOIN………nears $2900…….up 200% year over year………..
Wild times!
Cryptomania……………… 🙂
News from CFTC…..on the ted butler article……..SILVER READY TO EXPLODE>>>>>
Ratio going back to 33 to 1……..get ready………..
Globe/wire say Osisko Gold agrees to $1.13B acquisition
2017-06-06 08:25 ET – In the News
The Globe and Mail reports in its Tuesday edition that Osisko Gold Royalties has agreed to buy a precious-metals portfolio from a U.S. private-equity firm for $1.13-billion. A Reuters dispatch to The Globe says that the transaction is “transformative” for Osisko as it increases its portfolio of producing diamond, gold and silver assets to 16 from five, Eight Capital analyst Josh Wolfson said in a note to clients. Osisko will pay Orion Mine Finance Group $675-million in cash and the remaining $450-million in Osisko shares for the assets. The Caisse pension fund and the Fonds de solidarite FTQ will finance nearly 41 per cent, or $275-million, of the cash portion by taking up shares in Osisko in a private placement. The transaction price, which was higher than the market had originally expected, shows the stiff competition for so-called “royalty and streaming deals” at a time when higher metals prices have increased miners’ traditional financing options. Streaming, royalties and offtakes are types of alternative finance for the mining sector and generally involve an upfront payment to a miner, which then repays it by supplying metal at a later date. Osisko closed Monday at $16.35, up $1.95.
Wow. 1.13 Billion is a sizable acquisition for Osisiko. Thanks for the post CFS.
Osisko
Osisko also just took a 19.9% stake in (MAI) (VGMTF) Minera Alamos
Shanghai gold just hit $1300
Let’s see what the West makes of the pricing in the East…
Shanghai…….needs $1307……..
Gold looking for $1307 again………..
Funny……..we are reporting this ahead of zerohedge…………lol
The downside gap in the Dollar/Yen has closed.
There is a significant upside gap at about .9300 in the Dollar/Euro.
Dollar/Euro now .8872
Corvus Gold to acquire Mother Lode property
2017-06-06 08:43 ET – News Release
Mr. Jeff Pontius reports
CORVUS GOLD ACQUIRES MOTHER LODE PROPERTY FROM GOLDCORP, 10 KILOMETRES SOUTHEAST OF THE NORTH BULLFROG PROJECT, NEVADA
Corvus Gold Inc. has agreed to acquire the Mother Lode property in Nevada from Goldcorp USA Inc. Corvus Gold plans to purchase 100% of the Mother Lode property, covering approximately 250 acres and containing a historic (non-NI-43-101 compliant) resource of 8.5Mt at a grade of 1.6 g/t gold totaling 430,000 ozs of gold. In addition, Corvus Gold staked two additional adjacent claim blocks to Mother Lode totaling 1,040 acres, covering areas of exploration and development potential. The Mother Lode property approximately 10 kilometres from Corvus Gold’s North Bullfrog project with potential for a large satellite operation.
Bank will blame it on a trader……top people will skate free…..
CFTC……at it’s finest
GREAT ARTICLE>>>>>>>> EVERYONE NEEDS TO READ THIS>>>>>>>>>thanks
CORY>>>>>>>BIG OWL>>>>>>>>you guys need to post this article……
NEW YORK (AP) — Amazon is offering a sizeable discount on its Prime membership for people who receive government assistance.
Customers that possess a valid Electronic Benefits Transfer card, used for programs such as the Supplemental Nutrition Assistance Programs, or food stamps, will pay $5.99 per month.
Then the jerk Bezo, will ask for a govt. loan to cover the $5.99
NEW CARD will be called..”SNAP TO IT CARD”, this will cover the $5.99 membership, because the welfare person will expect the govt to pay for it.
STIC ….like stick it to the tax payer
I think those of us that pay for the SNAP cards should get a discount!
https://youtu.be/WStwtDKBrOw?t=32
ira epstein morning
https://youtu.be/k1TGaw5jvFM?t=73
sgtreport
BIG NEWS OF THE DAY>>>>>ted butler article see above, by cfs……
HUGE STORY…………..
I WILL REPEAT THIS LATER>>>>>>>>>>>>>>
SLV has been capped precisely, so far, by the 600 day EMA:
http://stockcharts.com/h-sc/ui?s=SLV&p=D&yr=1&mn=1&dy=0&id=p82724543616&a=527677098
Just above that level, there’s important Fibonacci fan resistance coming up:
http://stockcharts.com/h-sc/ui?s=SLV&p=W&yr=5&mn=6&dy=0&id=p44262346739&a=527342898
Nuclear-wary Japan restarts another atomic reactor
AFP | Jun 6, 2017
“A Japanese utility switched on another nuclear reactor Tuesday in a small victory for the government’s pro-atomic push, despite strong public opposition after the 2011 Fukushima meltdown.”
“The restart of the No. 3 reactor at the Takahama nuclear plant brings the number of running reactors in Japan to five, while dozens more remain offline.”
GDX is looking very good. The bears better step up their game:
http://stockcharts.com/h-sc/ui?s=GDX&p=W&yr=3&mn=9&dy=0&id=p98322864321&a=522809896
Agreed that we are near an inflection point of overhead resistance.
If the miners and metals break out here, we may get that short-covering rally ahead of schedule; but really I still expect the GDXJ rebalance and Fedbabble to pressure both gold/silver and the miners next week, which would mean resistance deflects this move up right back down. If not and we get a real break out, then I’ll be all smiles, but I’m not holding my breath on that one.
Since the usual weakness tends to happen in the days just before the Fed meetings, we could simply rally this week and then pull back early next week and still be much higher than today’s open.
A lot of people will provide fuel for the move as they are sitting uncomfortably in cash waiting for that “summer doldrums” low.
Makes sense. Once the buy side comes off the sidelines, it will make shorts nervous, and then the squeeze up can begin….. I’m well positioned if that happens, but will be buying next week into any further corrective moves down.
Really, I’d like to see one last washout in July for the “Summer Doldrum” lows, but like you mentioned, there is no guarantee that will play out if the rally starts early (leaving many in the dust once again….).
Why traders seem unable to just take out partial positions and at least start averaging into the stocks they like has always confused me. They want to wait for the kill-shot at the bottom, but that is a challenging proposition, and it is much easier and safer to just start buying into weakness over time. Once the move up starts to go (coming out of the many compression triangles on the charts) the energy will have some oomph behind it, and that is not a the idea time to be trying to bid on on thinly traded Jrs as the spreads go racing higher.
Haha! That would be just like a bull market to confound both Bulls and Bears alike and go racing higher while everyone is waiting to buy the dip. You gotta be in it to win it!
idea = ideal (time)
gold breaks trend line…………….zh
So many seemed to like the idea of buying lower this summer that I think the low is probably already in place. In other words, anyone who wanted to sell probably already has. So who’s going to take the sector lower?
UK police name third attacker as new search gets underway
LONDON (AP) — British police on Tuesday named the third London Bridge attacker as an Italian national of Moroccan descent, and Italian officials said they had passed on their concerns about him to British intelligence officials last year.
GDXJ beat GDX for the third day in a row and looks like it is just getting started. This is bullish behavior.
http://stockcharts.com/h-sc/ui?s=GDXJ%3AGDX&p=D&yr=0&mn=7&dy=0&id=p55258763410&a=527904993