Gold stock trading strategies and thoughts on the Osisko Gold Royalties and Barkerville transaction
Lobo Tiggre, Editor of The Independent Speculator shares his trading strategies for the gold and silver stocks he likes. With the recent volatility in gold it is important to have a strategy when taking a position. We also discuss the Osisko Gold Royalties takeover of Barkerville Gold Mines.
The Dow plunged 490 points by the close of markets on Wednesday, and the Nasdaq and S&P500 also saw their steepest declines since the end of August, closing down 1.6 percent and 1.8 percent, respectively.
All three indexes saw an ominous start to the quarter, while both the Dow and the S&P500 saw their worst start since the beginning of the 2008 recession.
Did Bob do an interview I didnt see?
Where do you see that DT?
b, Read paragraph #2, http://www.streetwisereports.com/article/2019/10/01/maple-gold-for-3-02-an-ounce-us.html
30 PIECES OF SILVER come to mind.
Thx DT,
I read that, I guess it didnt sink in.
The miners aren’t providing much leverage to gold/silver today but I don’t see that as bearish since conventional stocks are doing so poorly. In fact, it’s just the opposite. It is bullish that GDXJ is up 2% while SPY and DIA are down 1.8%.
The miners are showing a bullish RSI/Price divergence:
https://stockcharts.com/h-sc/ui?s=%24GDM&p=D&yr=1&mn=1&dy=0&id=p43431290909&a=630922644
Gold still looks like its having a hard time dropping below 1500 to me.
Egon sounds right to me, if it does go down it wont be down long.
Could be a buy the dips scenario.
Matthew,
I picked up some ANXGF today on the large volume drop, Time wise it might need more time to repair the chart damage, but it looked like a capitulation move and bounced from the trendline from the 2016 bottom and the bottom late last year so I bought half the shares back from the position I sold earlier this year. Hoping it reverses up this afternoon to create a reversal candle, but even if it doesn’t I like the risk reward here even if it is for a short term bounce. Let me know what you see.
It is daily and weekly chart oversold but looks like it might go a little lower – of course that is often the case AT a low.
What strikes me is how poorly it has performed over the last several months while the rest of the sector did very well. I hope there’s a good reason for that.
Bottom line, I don’t know the company at all but would be a buyer here based on the weekly chart if I had confidence in it. (I have never played the nano-cap juniors based only on the charts.)
https://stockcharts.com/h-sc/ui?s=ANX.TO&p=W&yr=3&mn=11&dy=30&id=p81169450215&a=691234675
I’m sure you saw this today:
Anaconda Mining Announces Management Changes
http://pdf.reuters.com/htmlnews/htmlnews.asp?i=43059c3bf0e37541&u=urn:newsml:reuters.com:20191002:nCNWPHW8ca
I saw that today, but was surpised Dustin stepped down. He was just on here last week giving us an update, and I believe he’s done an excellent job hitting milestones and guidance in a tough market the last few years.
I’ve still got a stake in Anaconda, and look forward to them moving things forward with mining from Tilt Cove and especially on them advancing Goldboro into development.
ANXGF looks like it has a little more downside from here. I don’t own it but it’s starting to look interesting down here.
Thanks Doc for chiming in our your technical view. What are you thinking of NSRPF these days. Its killing me softly. I keep thinking it is going to break upside (at least a little, but it just keeps going sideways. Indicators look good on the daily with several positive divergences. Moving averages on the daily, weekly and monthly look pretty good. It looks like it is battling with the 50 month moving average. Bollebands are tightening. How long does a guy have to wait?
Also, if anyone has any thoughts on the technicals for Group Ten Metals, that would be great. I own a relatively small position that I purchased earlier in the year and I am considering adding to the position given the recent drop.
Charles, your comments are very appropriate. I love the trading range on the weekly charts and have thought about purchasing some at $1.60 which on the daily charts is at the lower BB. The thing holding me back is a day like today when you have a nice rally in the precious metas but a lousy reaction by most of the miners. That’s very dangerous and they probably are telling us that the risk for the PMs is still on the downside going forward, If that is the case, I’ll hold my positions and buy the stocks when they come back to where they were before this rally. I have a low price in my position in NSRPF and not adding at this point. My intuition tells me I’ll be able to add at lower prices.
Thanks. I have been looking at downside targets a lot lately on a number of stocks. Nothing is looking very interesting to me so I am sitting for the most part and re-allocating when it makes sense to do so. For Novo it doesn’t look like it could go much brelow $1.50 in a worst case. Still on a fairly large position that is in the money, but its been dead money for longer than I would have wished for.
I did see. I liked Dustin and it is a shame he was pushed out. But change was needed as there have been several misses over the past two years and the company’s shareholders paid for it. The writing was on the wall when they named a new CEO a few months ago. They are in a squabble with a barge transport company they were under contract with which is the lastest problem they are dealing with. The barge company who was hired to take tailing to their mill is holding a bunch of ore hostage while the dispute gets worked out. I still believe in the deposit and an hoping the new management can turn things around, but it will likely require some more patience and a short leash if things don’t improve.
Thanks for that refresher Charles, as I do remember that barge “ore hostage” situation, but still I felt Dustin hit a number of production and exploration milestones as planned and did a darn good job at the helm of ANX Anaconda.
The only real kerfuffle was when their bid for Maritime failed to get support, and that is what kicked off their selloff, but I blame that mostly on the bozos over at MAE and their poison pill financing to stop the deal and further dilute the Maritime shareholders with their lifestyle company. That was a real shame.
I’m still surprised that Anaconda didn’t go after (RCG) Resource Capital Gold Corp while they were so distressed for pennies on the dollar. They had nice development stage projects and a mine built, so it would have been much easier to get that deal approved than Maritime, but so far nobody has scooped up their project.
I would like to see Anaconda merge with another company like RCG or MAE or RAB, but if not, they’ll have to focus on Goldboro and their Great Northern Project (with both Jackson’s Arm and Viking).
Until then….. may Anaconda gradually get rerated back higher. Wishing the new CEO well in his role.
This was likely Dustin’s last interview here on the KER, so as a tribute:
(ANX) (ANXGF) ANACONDA MINING – UPDATING Q3 PRODUCTION, EXPLORATION, AND A POSSIBLE AREA CONSOLIDATION
“On the back of my last interview with Dustin Anglo, President of Anaconda Mining there were a number of questions asking about Q3 production guidance and the possibility of consolidating the area. Dustin joins me to address the questions as well provide some more information on the exploration underway at Tilt Cove and Goldboro.”
Agree Ex. Dustin did do a lot of good and the real shame was the technical expertise that he brought to the Goldboro project. Not sure anyone else would have firgured out how to drill it or at least not as quickly. Hopefully the new guy has equally as good technically/geologically to develop that mine. I agree, I would prefer a merger at this point. There is a lot that could be consolidated in that area that would allow for a much large takeout. But someone needs to get some scale first and I am hoping with Anaconda and the Point Rouse mill they would be an attractive candidate for a merger IMHO. Best to you.
(NUAG) New Pacific Metals Corp. Announces C$15 Million Bought Deal Financing
by @nasdaq on 2 Oct 2019
“(SVM) Silvercorp Metals, Inc., a control person of the Company, has indicated its intent, by participating in the Offering, to maintain its pro rata interest of 28.93% of the outstanding Common Shares.”
https://ceo.ca/@nasdaq/new-pacific-metals-corp-announces-c15-million-bought
(PGM) (LRTNF) Pure Gold Mining:
Drilling Nearly Doubles Strike Extent of Wedge, Extends Madsen Red Lake Mine Gold System to Seven Kilometres
by @nasdaq on 1 Oct 2019
https://ceo.ca/@nasdaq/drilling-nearly-doubles-strike-extent-of-wedge-extends
Bob M says brokers are calling in their margin accounts, prices are definitely down, soon we could see a flood of forced selling. Is this a remake of 2008 or 1929, are you prepared? DT