Dave Erfle – Precious Metals Are Digesting The Recent Blast Higher From Banking Concerns
Dave Erfle, Founder and Editor of The Junior Miner Junky, joins us to review precious metals rally of the last 2 weeks, fueled by banking uncertainty and upcoming Fed policy expectations. Now that the PMs are digesting and consolidating this recent blast higher, he provides the technical levels he is watching in gold. Dave points out that across the board, gold has been outperforming most other asset classes from stocks, to bonds, to energy, and in relation to most other commodities or currencies.
It has been frustrating to see the gold and silver stocks not providing the anticipated upside leverage to the moves in the underling metals; however, Dave remains firm that seeing gold close on a monthly and quarterly basis over the key psychological $2000/oz resistance area is what should be a major driver to bring more generalists into the PM sector. His advice to investors is that it’s better to be frustrated while accumulating into weakness, rather than to be out of position for a breakout and then be frustrated chasing the FOMO higher.
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https://postimg.cc/CnT6Lg0b
Current Gold (08:20)
Dollar Index (DXY) pre-market MS(7).
This may mark a swing low.
Went much deeper, but could be a turn.
MS(6). Earlier was MS(6), not 7.
So far …. Running yesterday’s algos. Yesterday didn’t go well. Maybe Mr Powell will clear his throat wrong or stumble off the podium. Need something significant like that to get the metals turned atound.
JPM Spoofers… going to jail in July
https://au.finance.yahoo.com/news/jpmorgan-traders-prison-spoofing-us-195914664.html
I have an idea, sue JPM for a trillion bucks and use it to cover the lost money in this latest crisis, that they helped cause… I think the judges should make an example of these pieces of sh!t and give them 5+ years, glad they made use of their university educations like good effin’ bankers.
No impact on JPM until JD goes to jail or banned from Investment Banking.
+1.
I like that idea Dan!
/NG 240 minute…Final ABC down to retest or will it expand to new low?
Reaction to Powell’s remarks could be the tell.
Dr. Powell’s elixir may be more powerful than expected,
but his bandages remain disease ridden.
Bring back Glass-Steagall.
How about this… give powell the stigma (stick ’em with an image) of Transitory Truth… truth when it helps the bankers, often fleeting, blame for being wrong will be transitoried to trump voters, something learned in the backrooms of learnin’ institutions.
His short Jackson Hole speech showed grimacing reluctance.
His actions may reflect an offer he cannot refuse.
SEC vs. Ripple Verdict Could Come At Pivotal Time For Crypto Industry
Eleanor Terrett – Tue, March 21, 2023
“For nearly two years, the SEC has been locked in a high-profile lawsuit with Ripple and the outcome could dictate the scope of crypto enforcement proposed by SEC Chairman Gary Gensler. As FOX Business has previously reported, the SEC in 2020 filed charges alleging that Ripple and its executives violated securities laws by selling the digital token XRP to bankroll its business. The SEC contends Ripple should have registered XRP as a security. Ripple says XRP is not a security, thus the sales were totally legal.”
“Gensler, who became SEC chief in 2021, has aggressively pursued the civil litigation. People close to him say he’s hoping that a legal victory will cement his status as crypto’s chief regulator. More importantly for Gensler, it could give him carte blanche to declare just about every digital coin, except maybe bitcoin, an unregistered security as he seeks to reign in what he believes is rampant abuse and corruption in the $1 trillion industry.”
https://finance.yahoo.com/news/sec-vs-ripple-verdict-could-214603210.html
Will Gensler target his ‘friends’ too?
John Wick @imUrB00gieman 6:46 PM · Mar 20, 2023 · Twitter
“Electric cars being transported on an open deck burst into flames as saltwater shorts their batteries”
🤣🔥🔥
https://twitter.com/imUrB00gieman/status/1637994032361259009
Hi Ex, I guess it’s time to short electric cars. They use too much energy to build, run, they are expensive to purchase, and they short themselves. LOL! DT 😁
Who’da thunk it?
120 minute /NG…Target coming into focus….on weekly we will have low-high-low symmetry from december 22 low…glta
Short The Fed!
You short the Fed by buying gold and becoming your own bank.
SCZ, finished buying back in this morning…
Looks like support. Looks like also a great drop in price for the buy.
I have to have a certain amount of disrespect for this sector to make any $$$.
That’s the attitude! I am going to go find some sacred cow to cook for dinner. Staying with the program. I wonder if I should invite Chair Powell or just the chair?
Santacruz gave up all its gain and then some, at some point it won’t be worth trading, good for you Dan! DT
The decline continues unabated. Current -$64.83. What Fed?
Got my long dated calls on NEM and AEM. Leverage good here, already up a smidge with the dollar tank.
NG, in particular BOIL also look interesting for a scalp, maybe end of day.
Powell continues to suck and blow at the same time. Market knows he’s cornered on further rate rise as long as MSM keeps pumping fear on banking crisis for which he’ll be blamed, with past rate increase and any hint of more to come.
Gold doing its thing heading for another eclipse of recent Jan highs which most don’t own yet exalt, yet most any sector equity underperforms as with past and sits well below its recent pop up Jan high. Where the crowd keeps accumulating for the nirvana moment.
Re: “Gold… which most don’t own yet exalt…”
Lol what a douche of a dude you are. Some of us bought more than enough gold a long long time ago while others accumulate it regularly year in and year out.
As for performance, my miners have annihilated gold’s performance during every bull move I’ve played and this one will be no different except for the fact that the outperformance will probably be much greater.
You’d probably be better off punching a time card than bothering with your little scalps.
You’ve done so many things long long ago. And continue to do the same with useless babble and it wasn’t buying gold at least with any post in the past couple years but the penny arcade dregs.
Gold is money and hardly my focus with respect to this site except as a technical tool for the sector. My average price is WAY under $1,000.
Ditto on gold is money………. and average way under $1000
GDXJ and SIL have poked above Monday’s highs today but GDX and SILJ have not.
https://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=0&mn=9&dy=0&id=p75468601239&a=1355531023
Despite the moves green in the paper market, my account is staying red. I have noted a recent disconnect in OTC and Cad miner prices, often up to 5% or more at any point in town. One day was an overnight +$ 2,000 account adjustment for currency differences. My thinking is that the OTC is getting some shorting pressure that the Canadian exchanges are not. In the past, price adjustment has been more real-time. It throws you off on trading if you don’t check Cad first. Other than just giving a false impression of pricing, I guess it balances out over night.
Figures: as soon as Powell quit, my account turned green. I have always said he overstays his welcome.
Back red….
Going down another day. Trend continues.
sorry to hear that Lake. However according to Matthew, not going down another day and the trend continues.
Whatever you say joni, I’m just glad your confusion and misery is permanent. You deserve it. 🥱
spoken like a grade schooler.
Yes and appropriately so. I don’t want to add to your confusion.
There will come a point in the near future that the intervention will stop as they will no longer be able to risk being short.
It’s years away but $200 silver will surprise a lot of people. For now we will have to settle for a move to $35-$40.
https://stockcharts.com/h-sc/ui?s=%24SILVER&p=M&yr=20&mn=11&dy=0&id=t1890842215c&a=1144476450&r=1679517600235&cmd=print
I see there is now a Sprott nickel ETF. Just another reason to own nickel plays. Setting up nicely for a nice big bull run.
The Sprott gold trust PHYS traded at its greatest ever discount to NAV last November (which is represented on the following chart by the lowest reading ever) but that discount has been shrinking rapidly lately and is now back to a level last seen in August of last year. There’s clearly power behind the move so don’t expect the discount to stop shrinking near the current level.
https://stockcharts.com/h-sc/ui?s=%21PHYSPREM&p=W&yr=5&mn=0&dy=0&id=p56006954730&a=1334778960