S&P creep to all-time highs but look at the action in Walmart, Tesla, and gold
Joel Elconin joins me today with comments on the broad averages then driving down to some individual names. The companies discussed are Walmart, Tesla and Apple, bank stocks, and gold. Remember we are in the middle of summer, even though it might not seem like it.
As for the rest of the country, at least 40 million people are at risk of eviction, according to Aspen Institute think tank.
And then you have a DOZEN A Holes. that own way to much…….
https://www.zerohedge.com/economics/just-12-us-billionaires-now-own-more-1-trillion-combined-wealth
Dr . J…..
60% of the people are resistant to virus……
https://www.youtube.com/watch?time_continue=601&v=5-QJlygdO4A&feature=emb_logo
Jerry! Good evening..
Anyone want a gold update? Lol
Not one person has asked… Matt and ex on vacation?
Everyone waiting for the turn but glen had the answers..
Tonight I’m shhhh🤫
Will keep you posted! If interested sign up to my subscription lol..
Hello Glen…….I think Matthew went buffalo hunting in the Yukon …..some kind of, rare species not known to man, kin to woolly mammoth of sorts.
I await your return, and look forward to your estimate….. 🙂
Jerry, I’m sure the Yukon is very nice this time of year!
🙂 We will have to ask John K, ….he is most likely out in the bush….testing his new plane… He was out counting shrimp, last I heard…..lol
Hey Glen. I’m in the secret service…. but am back to the market merry making…. 🙂
Glen, we don’t know yet if you had the answers since gold hasn’t reached 1750-1800 yet as you said it would last week.
As for the miners, today could easily be the low. The bears aren’t showing much strength based on the lack of volume to go with all the red.
Nothing worrisome here:
https://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=0&mn=11&dy=0&id=p69647190044
The miners are higher now than they were last week and I have a feeling they will catch a bid after the Fed’s minutes are released today.
Matt,
Not so fast my friend…glen as a good eye for charts himself. I bet you a golden chocolate ticket straight from the wanka himself that’s gold is heading down and is not done.. I’m fact. I double down impact will hit .81 if not .74 on this next move down.
I said August red candle….😬
We still don’t know if you “had” the answers. Yes, that was a vertical rise for gold that started in July and vertical moves do tend to be retraced completely but that is a daily chart consideration and I think there is good reason to doubt that the daily chart (short term) is in control. So, far, gold hasn’t even come close to testing the low it made a week ago. Having said that, my focus is the miners and I wouldn’t be at all surprised if they play catch-up even while gold makes its way lower. Today’s high for gold just might have completed the B wave of an ABC correction and C might take gold where you want it to go. Or it could be a very truncated C that barely takes out the August 12th low.
The miners are already showing what I’ve been expecting as SILJ fell a lot less than SLV today and the gold miners bullishly offered little downside leverage to gold.
If gold doesn’t deliver your red monthly candle, it will be the first 6 month run since 2002.
Robert Kiyosaki: America headed for totalitarianism, will flee country with gold (Pt. 1/2)
Aug 18, 2020 – Kitco #VIDEO
The U.S. used to be a capitalist country, but is now becoming a Marxist society, said Robert Kiyosaki, best-selling author of “Rich Dad Poor Dad.”
Kiyosaki was a veteran of the Vietnam War who had seven uncles fighting in World War 2. “I fought for capitalism,” he said. “America is going Marxist.”
Dave Kranzler: Gold, Silver Rebound After Sharp Selloff
Arcadia Economics – August 16, 2020
Silver Price Volatility Is Increasing, And Here’s Why
Arcadia Economics – August 18, 2020
Robert Is upset……….his real estate fortune, is in a mess……..10,000 scatters in his units not paying rent……
Real estate works,….until it doesn’t……….
Ask, MEL Simon (dead) or David Simon…..of Simon Malls……Bezo, is going to help him out of his troubles….Bezo, is going to own all the Malls……
Bezo, do a little back ground check on the relatives….starting in 1947….
Yeah good point. This is a rough time to be a landlord and Robert K. has many properties. That was a good interview though.
Ah……just more fuel……….
We are looking through the banks to the slow-motion train wreck that is real estate. Residential, commercial, retail, restaurant, and hotel are all going to experience massive defaults by borrowers.
https://www.zerohedge.com/news/2020-08-18/warren-buffett-shorts-economy
Buffett……..shorts economy…..He sees the 1933 hand book… 🙂
Ditto on the interview……….I like Robert…I have liked him since his first book…..
Yes, I had Rich Dad Poor Dad and the other one about the Cashflow Quadrant, and saw him and his wife speak at a few conference back in the day. I had his books on cassette tape and used to listen to them when I drove around back in the day.
My buddy used to do conference with Robert K, Anthony Robbins, and Trump at big real estate seminars back in the day as well. Trump drove around in a limo picking up prostitutes and paid them well to hold up signs that said TRUMP and T-shirts tied in a knot that said Trump, outside & inside of the convention centers. That gave me a good chuckle back in the day.
whoops that came out odd from cutting and pasting and “back in the day” showed up too many times. Oh well, the point is those were good times, and I really like Robert K’s information presented more than Trump or Tony Robbins. It was nice to see he stuck to his guns regarding the Precious Metals, and he has been a fan of Silver for decades now.
🙂 TRumpster always the promoter…..
Yep. That was back before he had his reality TV show, when he was just doing commercial real estate. I knew when he ran for president it was going to get wild, since he has a flair for the theatrical.
Upset or not, Kiyosaki’s assessment is correct.
I have to agree…….Just sad to even think about it……
Mr. Kiyosaki is confused. His uncles fought for democracy. As there is no party of the left in America–only center right Democrats and the Republicans–he can stay right where he is.
Discovery kicking off today with some more narrow high grade Silver intercepts.
(DSV) (DSVMF) Discovery Reports 2,007 g/t AgEq Over 1.9 m and 1,073 g/t AgEq Over 1.3 m in Follow-Up Vein Drilling at Cordero
19 Aug 2020
https://ceo.ca/@nasdaq/discovery-reports-2007-gt-ageq-over-19-m-and-1073
(AUN) (AUNFF) Aurcana Announces Name Change and Continuation Into British Columbia
by @nasdaq on 18 Aug 2020
“Aurcana Corporation is pleased to announce that effective at the open of trading on August 24, 2020 it will be changing its name to Aurcana Silver Corporation.”
https://ceo.ca/@nasdaq/aurcana-announces-name-change-and-continuation-into
Rebought Aurcana. The tour of the Colorado mine sold me. Originally Aurcana with different owners, had a Texas property that indicated promise. Those guys ended up reverse splitting everyone out of the stock. I think it was a good idea for the new guys with a new Colorado property, did the right thing by proving and showing quality silver veins…and changing name to Aurcana Silver. Now if they can complete some financing. There appears to be a lot of funds needed to get this project moving but they say they will be a producer next year.
#2: Our old friends TLT have put out a PR announcing they have joined the University of Manitoba in a Virus search. The stock popped a little.
Actually the old team that reversed split Aurcana into the dirt was mostly operating a Silver mine in Mexico, and got crushed when the silver prices fell out of bed. They had just put Shafter (the mine in TX) into production as a secondary mine, but the Silver price took them down for the count.
After the restructuring and reboot of Aurcana, they lost the mine in Mexico to the creditors, but retained the Shafter mine in Texas and still have it as an asset to bring back online. The new team acquired the highest grade Silver mine on the planet – the Revenue Virginius mine, and that is the main focus. They are currently drilling the new land they picked up adjacent to the R.V. mine and it will be interesting to see what comes of that, as the Colorado properties and mine is primary. However, now that Silver is in the high $20’s that other Shafter mine should be profitable as well, so I’d like to see them bring that back on-line in 2022.
Thanks for getting the mud out of my head. I usually remember reverse splits more than properties.
No worries. I remember because I was in Aurcana in the previous cycle and lost money when the PM bear got ugly and their Mexican mine costs were too high. I thought when they brought Shafter online to produce in TX that it may bail them out, but it just took them down even quicker. Aurcana also used to be KER site sponsors, but obviously that ended when the company did a nose-dive into credit protection bankruptcy status…
I watched the company jump through hoops for years until they regrouped with the new team, and fast-forward to the last 2 years and I’ve now made far more money than I lost on the last team and incarnation, and feel that they are just getting started with their trek higher.
Ever Upward!
Everything is good in gold………right on target….. 🙂
LOL…….. moving target….. 🙂
Haha!
I think Glen……..is moving the target………according to his brief …teaser report… 🙂
+1
Haha,
No power thy have but the eye can see :),
Wave down on its way. Longer term we need this. Get ready to buy second tranch boys.
I’m awaiting Glen’s teaser report and his sounding the buzzer on time for the second tranche.
Glen……. target practice needed immediately…. 🙂
I have some dry powder to fire off at target practice on any pullbacks, but I just hope my aim is good. 🙂
(SUNM) (SMTTF) Sun Metals and Takla First Nation Announce New Exploration Agreement for Stardust
19 Aug 2020
https://ceo.ca/@newswire/sun-metals-and-takla-first-nation-announce-new-exploration
What are we going to do………..Retest $1940………..humm….
Looks like a sell down day in the PMs today. It is possible that Gold and Silver double-topped and may slide into the corrective move so many have been calling for.
I’ve been adding to my (MXSG) Mexus Gold today, since it’s having a 30% off sale. It is odd because they just announced earlier this week that there is more equipment on the way to increase their production output, which will make them more money, but it seems to be a profit taking day for some, and a bargain hunting day for others. Lots of distribution in the shares, but I’ve been waiting for a sell-off like this to add.
(MXSG) Mexus Gold – Update on mining operations at Santa Elena mine
Aug 18, 2020
“Mexus Gold US (OTCQB: MXSG) (“Mexus” or the “Company) announced that it has a acquired a 330 excavator for its Santa Elena mine in Caborca, Mexico. The excavator is being shipped to the mine and will allow the company to increase its daily production with the short-term goal of reaching 500 tons a day. Mexus continues to place new material on the heap leach pad weekly which is allowing for a 24/7 leaching operation. These efforts should result in an increase in overall production which has been the goal of the company since production first commenced.”
http://mexusgoldus.com/update-on-mining-operations-at-santa-elena-mine/
That seems like a reason for it to add 30% in value not loose 30% in value, but these are crazy markets the last month or two.
All the miners are playing catch up…..Silver needs to do a whole lot more work….in the next several month…..jmo……got to fill that cup…..$49 target…. 🙂
I’d love to see the cupeth filleth upeth….
However, the corrective action we’ve seen has been very short-lived, even for a bull market counter trend pullback. It may be time for a pause that refreshes in the metals, that allow the mining stocks to catch up to current metals prices. Honestly the prices of Gold and Silver are great here, and most miners should be able to excel in this environment.
_____________________________________
Gold futures at $1971
Silver futures at $27.52
If the miners can’t do well with that pricing backdrop, then there is something wrong with them. In the medium term, the miners still have a LOT of catching up to do.
After putting back a head of lettuce at the grocery store, I was able to pick up a bunch of cheap shares of Mexus. Now I need a wheel barrow to store them.
Ha David. Good one. My head may be lettuce by the end of this day.
Yes, Mexus shares are so cheap, as a true penny stock gold producer; so one has to buy wheelbarrows full just to get a position going.
23 Million shares have traded today so far and it’s getting close to half-time in the markets. You gotta love it 🙂
Mexus: when I buy something less than 1 cent, I consider two possible outcomes: it goes to zero or there will be a 10 to 1 split. Anything else is a win.
I believe Mexus could go to a few pennies at least from here, which would be a huge gain on a percentage basis. It could be an easy 4-10 bagger from present levels, but there are obviously more associated risks being such a tiny and illiquid company. However, being in Gold production at these elevated prices makes me feel more comfortable taking the risk that I did at $1300 or $1500 Gold. We’ll see how it goes…
Along the same line as Mexus, although an explorer, I added to my Aston Bay. Things have been slow getting off the ground, but recent drill results don’t rule out there could be something in their Virginia project…just no excitement.. .yet.
Yes, I’ve looked at Aston Bay a few times, because there is a big following for it over at ceo.ca, and Eric Coffin regularly updates folks about it. I’m spread across so many companies at present that I just want some of them to put out a few months of exploration updates and news before rotating into anything new. For example, that pop in QMX yesterday was pretty encouraging, and I just want to play it through first before adding on more exploration speculation.
Thanks for reminding me…I have a tendency to chase explorers. When I was looking at Aurcana again, they mentioned they were shooting for production in early 2021. The Ex bell went off in my head about near term production starters.
Yes, I love a good exploration story as much as the next guy, but I’ll only allocate so much money towards companies without proven resources in the ground. My preferences are the Producers and Developers that have a window towards production in the next 1-2 years, or such a well-endowed deposit that it can go the distance (like a Silvercrest, Wallbridge, Great Bear, etc…).
As for Aurcana, yes, they are hitting their stride to go into production in the first half of next year, and right now they are doing some exploration on the adjacent Blue Grass claims they just picked up next to their R.V. mine, which could provide some short to medium term catalysts as well. They have insanely high grade at R.V. and if they can expand the resource on the adjacent claims it could really move the needle.
Next wave is up……… 🙂
That is possible, but we could still be in the corrective move that begun 2 weeks ago when the miners started signaling they didn’t believe the higher metals prices, and then last week on Tuesday we had that big sell-down. There was a bunch of complacency in the markets the end of last week and at the beginning of this week when things bounced, but that may have just been counter-trend action, as yesterday was weak overall and today is more bearish overall (despite all the market hype about Buffet buying Barrick)
GDX, GDXJ, SIL, SILJ are all down about 2-3 % today.
I agreed with some of the commentators over the weekend and yesterday that the PMs may just be channeling sideways and correcting over time in choppy markets.
I have no problem with the sideways movement thought……test retest, might be the same action we saw, over the battle for $1307…. 🙂
Agreed. Sideways action is how it goes sometimes while things cool off.
Remember in the $1100s – $1300s where people were dreaming of $1400 or $1500 Gold?
Now Gold has been in the $1900s and $2000s at all time highs and most of the miners seem like they could care less. Interesting…
My only thought on …..”could care less”
Just the fact there are so many miners, ….had to decide sometimes…who is going to be the 100 bagger….
had to hard….
I see this move down in the precious metal market as being temporary. Our finance minister quit his job yesterday, and Trudeau has pro-rogued the government, the belief by most is that we are experiencing a summer storm that will soon blow over. LOL! DT
The dingbat mayor in Seattle said this was going to be another “Summer of Love.”
I guess to her Summer Loving is Pandemic Lockdowns, Riots/Looting/Burning/Destroying, and everyone social distanced to where they are all over 6 feet away from each other.
Apparently the Summer of Love is a long-distance relationship. (LOL)
The miners topped versus the metals a month ago and are due for a turn:
https://stockcharts.com/h-sc/ui?s=SILJ%3ASLV&p=D&yr=1&mn=0&dy=0&id=p73705609757&a=798299596
Yeah the miners have under-performed the metals for several weeks now, so it would be nice to see that trend take a turn and for the miners to gain on the metals. Bring on the turn!
_________________________________
The Byrds – Turn! Turn! Turn!
The miners are merely back to pre-March panic levels yet virtually no “experts” seem to take that into account as they call for a big or at least protracted correction here. A straight-up move to reverse a panic is not anything like a straight-up move from a long base/floor and those guys should know that. There is nothing precarious about the current situation in the miners and even silver’s spike is more stable than they think.
The experts are going to be rocket fuel for the bull. I guess that makes them hay.
SILJ:GLD
https://stockcharts.com/h-sc/ui?s=SILJ%3AGLD&p=W&yr=4&mn=11&dy=0&id=p76133541271&a=704164857
The average investor would up his game considerably if he understood Turn! Turn! Turn!
Turn, turn, turn…..another pop artist had that one I think… 🙂
Wait a min……That was Byrd…. https://www.google.com/search?q=Turn%2C+turn%2C+turn.&rlz=1CAXGER_enUS724US725&oq=Turn%2C+turn%2C+turn.&aqs=chrome..69i57j69i65l2&sourceid=chrome&ie=UTF-8
Agreed there is a time for one kind of action or one kind of trend, and then a corresponding season or trend that is diametrically opposed. Overall it’s still a macro bull market and it a time to be long, and the miners are still incredibly undervalued compared to where they were valued when Gold and Silver prices were last at these levels in the past, and while the move out of the sector lows in March have been incredibly strong, and many companies broke above where they were in late Feb, they are not up that much in relation to how high the underlying metals have run. There is a major wave of catchup needed at one point, but my concern is just that even the miners may have a bit more short-term weakness to work out before making their epic move.
My strategy has been swing trading partial positions in stocks (20-50% of the overall position) back and forth for the last month or so, adding when prices pullback 15-25%, and then selling when they move 15-25%, and I’ve been scalping gains in some and banking them to the side, or just averaging down into a lower cost basis in my longer term holds. I’ve continued to grow my account value almost every week doing this, but the last month in the miners has felt like more of a holding pattern overall, reminiscent of how things were in late 2016-2018. I’m ready with funds to buy any over-sold conditions if they arise, but would prefer to see the positions I have on just surge higher in a catch up move and then I’d likely cut them back more aggressively.
Everything about all that exists is subject to cycles within cycles from the macro to the micro.
Cycles encapsulate and motivate all great art.
https://www.youtube.com/watch?v=Dn9bAvWS4RU
Reflections……spot on……good tune…….. 🙂
Yes agreed on the cycles within cycles from the micro to the macro. It’s a fractal universe and the Golden Mean spiral, phi ratios, pi ratios, geometry, and mathematics underpin those cycles.
My prior response was more about the mundane world of mining stock investing, but the larger philosophical point is a more important take away.
Good song “The Feflections Of My Life”. I’ve been doing a lot of reflecting on my life lately as it seems everything is at an inflection point in society and the world at large.
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This movie trailer is a much different vibe, but it came to mind regarding the patterns and cycles found everywhere.
long ETON and FBIO
Another paper gold walk down to – $40 US. I just figure they want cheap shares as free markets are only for the little people.
Second paper walk down in gold. Reminds me of last week when they traded 2 and one half times the annual mine supply, which Us another one of their faulty conclusions about the definition of fraud.
Us = is
Today cancels put Monday so just moving sideways watching the ping pong game. What is going on in the real world these days?
put = out
I hope someone is satisfied with their efforts. Hardly worth participating in.
Some Fed report or minutes issued. Based on the hit on gold, it must gave been gold positive.
gave = have
The Fed is just BS…dog and pony show……
Today was just a flesh wound. No big deal. Group Ten was down early today, but reversed hard mid day creating an engulfing candle and an all time new high up 12%. Bought some USAS the past two days on the dips.
I sold have my Metalic position Monday and Tuesday which was used for the USAS purchase. Looked a bit over done to me despite the strong advance.
We must be on the same wavelength Charles as I trimmed a bit of my Metallic Minerals (20%) and put it in Americas Gold & Silver. Metallic is actively drilling and I believe they’ll hit it big this season based on what they’ve found the last 2 years, and I expect it could be bonanza grade, so I’m leaving 80% of the position in expectation of the results in Sept & Oct.
I also just started a position in Silver Tiger because I feel they really may be on to a world class deposit, but they also have exploration ongoing and I ready to see what those drills turn up.
Brixton fell to perfectly backtest fork support and I bought some…
https://stockcharts.com/h-sc/ui?s=BBB.V&p=D&yr=1&mn=1&dy=0&id=p42419954128&a=777823275
Good to know. I thought about buying the shares back today that I sold a while back. Maybe I will get a chance in the morning. If not, no big deal as it wasn’t that much of my position. Still nice to see your chart.
Yeah, I bought some Brixton back yesterday and had mentioned it had also come back and filled that gap higher on the daily. I tried buying more today buy my order never got filled, so there much be lots of traders doing the same thing.
You guys buying any Impact here? It looks like it has pulled back to a nice spot. I own way more Brixton at this point so I like to even the scales a bit.
Yeah, I’ve been pretty active swing trading Impact lately as it has enough volatility to make it work. I love a good whipsaw.
I bought some Impact on 07/30, then sold some on 08/04, then bought some on 08/07, then sold some on 08/13, and then just bought some yesterday. It’s currently my 3rd largest position, but I change up the batting order at the top quite often, and when I trim it back , it drops down to like top 10-12.
If the miners just start ripping higher, then I’ll leave it alone to just make a macro run, but I’ve made a lot of money just doing the swing trades in July and August.
I was hoping that Impact would put out some stellar exploration updates in August, but so far mums the word…
Fred did just do this brief interview yesterday that is worth a review:
Fred Davidson, President & CEO, IMPACT Silver Corp.
The View From The C-Suite – Aug 18, 2020
In addition to the exploration near their Silver mines, they are targeting Gold exploration this year, and also targeting their VMS deposit thathe mentioned in the interview above. VMS deposits are typically Copper/Zinc/Lead/Silver/Gold as those are polymetallic deposits, and while they have some precious metals they are typically more heavily weighted to base metals. Copper is nice though and Zinc/Lead have started creeping up higher again. If they became Silver/Gold/Copper, like what Americas Silver has done, that will be OK with me, although, I did like them as a more pure Silver play in the past.
Charles, Impact is a bargain so you’re right to focus on it, in my opinion. I’ve added about 100,000 shares.
IPT has now retraced nearly 61.8% of its June-July move and has perfectly filled its July 20 gap.
That’s a textbook bullish correction if you ask me…
https://stockcharts.com/h-sc/ui?s=IPT.V&p=D&yr=1&mn=9&dy=0&id=p97940150656&a=615700887
Want to borrow my Mexus wheel barrow?
If you’re not using it!
You guys are funny. 🙂
Matt,
Wait till it hits .74-.81 it’s coming. Thy shall see.. I’m loaded and ready for second tranch.
Yes, a 50% retracement is possible and would even take it to one of my fork supports:
https://stockcharts.com/h-sc/ui?s=IPT.V&p=W&yr=3&mn=11&dy=0&id=p52710489958&a=685754391
But I do not think it is probable.
Bastards ran it down to $1924, edge of the cup…….. 🙂
I am going to be nice, the rest of the night…. 🙂
Jerry,
I may get my 50% retracement with impact considering Matt has it on fork and his forks are 99.9% reliable “ not an insult Matt” but solid proof of how good they are.
So I will take the over and under on that .74-.81..
Who knows though we could have a turnaround soon as well. Markets are tricky
Glen, on the weekly fork I posted above at 5:25, your odds of hitting the 50% level support would be much better had IPT made it to the top resistance before reversing. So we have to ask what other forks (or “slopes”) might be in play and there happens to be at least two and both have been “recaptured” which adds to the significance of the resistances which are now, once again, supports. Your numbers to watch tomorrow are .87 and .80 before you’re cleared for .74…
https://stockcharts.com/h-sc/ui?s=IPT.V&p=W&yr=5&mn=3&dy=0&id=p93901104112&a=607067462
The move in Impact lately looks eerily similar to the thrust higher back in 2016, where it pulled back in May (with a very similar candle structure), right before launching higher and then gapping up even higher in Jun-August.
I’d like to a see a big move like that higher in Impact off the recent pullback and then it would be time to lighten up at much higher levels if it went on a run like that again.
Here I put boxes around the two areas I was trying to describe from the chart you posted. So if we saw a bullish engulfing candle next week, then IPT to be off to the races.
http://cdn.ceo.ca/1fjs35c-Impact%20Silver%20Corrective%20Pullback%20Before%20Blastoff.JPG
The nice thing this time is how much better the monthly and quarterly charts are. The upside from here is huge (barring a company-specific problem, of course) and even today IPT/ISVLF is still above its monthly and quarterly Bollinger Bands.
Thanks Guys for the commentary!
Matt and Ex,
Great points both of you. Absolutely Matt .81 to .87 would be the first spot. When I put point .74 I meant if .81 to .87 would be breached. I still got a little hunch that we may get there. But if we launch like ex and yourself say than I’m all good. I know the bigger correction will come from the top as discussed previously with both of you. So please don’t think I’m very Bearish..Either way I feel much better about the overall bull:)
Good thoughts Glenfidish, and yes the bigger correction will come from a medium term top, and it seems more likely that is still further up above where we are currently in the miners. If Impact goes down to $.81 I’d be a buyer but I’m looking to next week to see a much more bullish weekly candle and if we see a bullish engulfing weekly candle next week, then I believe Impact could really blast higher for a number of weeks after that.
This week has actually been pretty boring sideways to down channeling, but I’d much rather see this kind of cooling of the indicators, than steep selloffs, so this is just a pause that refreshes.
Agreed amigo! 🙂
Real estate market……what real estate market…..
https://www.zerohedge.com/markets/250000-las-vegans-face-eviction-next-month