Erik Wetterling – A Recent Bounce Tied To Newsflow In 3 Gold Exploration Stocks
Erik Wetterling, Founder and Editor of The Hedgeless Horseman website, joins us to review the bounce on the charts of 3 gold and copper exploration stocks, tying it in to recent newsflow. We get into some of the specific valuation and trading nuances around the on-going exploration programs for Firefox Gold (FFOX.V) (FFOXF), Red Pine Exploration (RPX.V) (RDEXF), and Inflection Resources (AUCU.CN) (AUCUF).
*In full disclosure, the companies mentioned by Erik in this interview include personal positions in his portfolio, and they may also be site sponsors on The Hedgeless Horseman website at the time of this recording.
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Yes, it looks like a short term top and possibly very short term. I thought it would happen by the end of last week.
The weekly and even monthly charts look good enough for most miners to bring a strong bid to any decent drop from here and the same goes for the metals. Surprising strength could erupt soon as institutional portfolios get rebalanced for next quarter/year. The stock market is riskier here than most realize.
Michael Oliver still thinks gold is going to 8K and silver to 200, so I ain’t going to worry about a short term top. Happy New Year!
Bon giorno, Don Barzini! Long time no hear. Best of luck in the coming year.
Grazi, Rufus. Don Barzini does not sleep with the fishes as I am unjabbed and have not had a cold since 2010. Happy new year to all!
Hi Bonzo, I agree with Oliver although I don’t know what his timeframe is for such numbers. While the vast majority would consider his targets crazy they are really on the conservative side when all is considered. The stock market has never been so bubbly while the balance sheet of USA, Inc. has never been so questionable. The debt ponzi scheme currently presents far greater risks than it has at any other time in the last century+ which is why censorship and nutty political distractions have never been greater.
With the long term picture for gold already in the clear for much higher prices I will be very surprised if 2024 (probably early 2024) doesn’t deliver the “all clear” for a much lower US dollar index.
Bulls___t, what timeframe 5 years out of not more, heard all these big numbers since 2015, never came close, just inflation and 10x used to be 2k gold now it’s 3k needed and 2500 just for most miners to break even pre 2020 crash.
You heard all these big numbers since 2015 and I’ve heard them since many many years before 2015. So what? That’s not an argument. Gold is in a much bigger bull market than it was in during the 1970s. This one began over 20 years ago. Contrary to popular belief the cyclical bear that followed the 2011/12 highs amounted to a secular bull market halftime akin to the mid 1970s halftime that saw gold get cut in half from $195 to $103. The $1045 low of q4 2015 is like that $103 of q3 1976. That $103 turned into $873 within the 14 or 15 quarters that followed (that’s less than 4 years) but the current secular bull is obviously unfolding very differently and over more time. Still, what’s kicking off now is an acceleration phase of this giant bull fully backed by never-before-seen excesses in debt and therefore the stock market, the economy and wealth concentration.
Oliver’s numbers are conservative but they won’t happen next year.
I am getting a lot of wrong opening and closing data as to price and as a result false gains of losses. As a result, I am down less than 1% for the week. There are so many gyrations going on that it misrepresents reality. Todays example is that they are using .09 as yesterdays close when trades were in the .12s except for one .09. So today it opens in the .12s a 42% gain. Reality is there was no gain. This indicates some form a large scale cash adjustment within the OTC in my opinion, with greater implications of desperation. Could be just trying to maximize bonuses before end of year.
CAD close was .17 ….(Benton Resources)
Yes. But Benton not a one trick pony but they are showing some really good copper potential with some buy-in options. They also own 26 mil shares or so in Clean Air, involved in a lithium project, some joint work with Sitka. Kind of a bunch of things off the top of my head.
Sokoman instead of Sitka. I bought Sitka last week and had it in mind.
https://tinyurl.com/bddmb9wj
PM swing turn confirmed.
Some projections tomorrow.
Happy New Year!
NatGas strengthening.
/NG has been a testy one….YES YESIt may at last be building the accumulation zone…..on a down move w supportive technicals…for me it is another attempt…buy it oversold at scary looking chit…so you can place a non-punishing stop out…glta
Sold back tactical BOIL bought earlier.
Sideways action into the New Year.
(Holding 33% strategic BOIL.)
Added post market. 50% long BOIL.
Larry – NatGas has yet to break free from Degree Day domination – to include significant LNG influence. With colder weather coming advances will come too, but likely at a reserved pace.
I quit reading after the first sentence. This site is about companies and not those that trade them. Sorry …
Have a great day.
Are you seriously saying that about Marc’s comment about IPT????…..that was a comment about a company and their recent pp’s. I’ve seen you go on and on about how corrupt the whole market is, how your trading account quotes are dubious etc…it’s a site for sharing thoughts and ideas hopefully backed by facts or insights. Enjoy the close of 2023 and hopefully 2024 brings us prosperity. Cheers
“I wonder how those big Impact holders feel today?”
Wolf: There have been many recent discussions about Impact on this site recently. There are many investors in Impact on this site which I have been at least 5 times but not currently. Those discussions have included an attack on the CEO. Been there done that with a couple of years of attacks on the CEO of Emerita, its management and its share holders.
As a result , I am much aware of how some posters avoid on-going progress of a company and direct criticism at either people or issues which are beyond the purpose of a blog site. As I have mentioned many times on other sites. If there is an issue with how a company does business and you feel it is illegal: contact the company, contact a corporate lawyer, contact a Regulator in an appropriate jurisdiction, contact law enforcement if you have tangible proof.
If you don’t have proof or don’t wish to contact the appropriate authority then don’t badger your fellow stock holders with the expectation they should take action against the corporation or management or stock holders that fail to support your beliefs that you are unwilling to pursue through appropriate channels.
There are large stockholders on this board and they do n not manage the Company or possibly see any wrong doing,
The end result is “destruction of the share price” over time which is extremely destructive when there is intervention in the market and/or false price setting like allowed by the CFTC.
My suggestion is to stop slaying board members if they don’t agree or can’t do anything with the end result of destroying communication or a stock itself. There are a lot of credible people posting, reading and being interviewed on this Site and all that should not be jeopardize by personal thoughts and feelings
There must be a way of communicating an “issue” without direct attack, innuendo or back handed comments about another poster and still hold a discussion with personal respect.
Example:
#1: Isn’t it a beautiful day.
#2: what’s the matter with you. are you crazy. It’s raining here.
Or
#1: Isn’t it a beautiful day.
#2: it is except we are having some rain.
It appears that comment is directed at me with discrediting me personally before offering substance. You have proven my point. Is it possible to stick to substance without directing the negative comments first. Have a good weekend. Looking forward to next year.
(sorry I missed the point …It was to support your position to attack Fred by discrediting me first. Can’t help you about Fred as never was invited to attend their staff meetings. When asked my opinion about whether a person was guilty of a crime, I always said I need to review the “police file” first to make that determination. … unless I personally witnessed the crime. Fact versus opinion as the basis for a claim.)
Well Lake the nice thing about this site is we can have different opinions but still get to share them…..for me “I quit reading after the first sentence.” Is a passive aggressive dig at an individual but you may disagree.
I personally have no issue with questioning Fred’s leadership. He’s been around since 1999 and now receives $312,000/yr which is above the average for most CEO’s of jrs with limited budgets. Also he owns less shares than some here based on past discussions.
It was a direct comment setting up the whole post. It was the subject. If the Site prefers bullying, name calling, belittling or any other bar to effective communication, then go ahead and do it to each other. I prefer, as do moderators all over the internet, to have productive discussions of issues and not personalities. It can work and eliminates all the ying-yang. I have elected to not participate best I can. Simple.
Wolf, I quit reading before MTB’s (Hmm, sounds like Empty B’s) first sentence. I guess that’s active aggressive? 🤷🏻♂️
I can’t rattle off the stats regarding CEO pay but I have a feeling that Fred’s isn’t out of line at all if we compare apples to apples. The vast majority of juniors don’t have any production at all and a small fraction of Impact’s employees. As for share ownership, Fred is older and we’re talking about a company and sector that is extremely cyclical and risky no matter what happens so I can fully see why he might not care to have a large position. The company is his livelihood so he already has enough skin in it. Insider ownership is not impressive but is also not a red flag as it is greater than that of Endeavor Silver and Fortuna Silver and more than tan times that of PAAS.
MTB has no credibility with me at all when it comes to his assessment of Fred.
Matthew: My bad about not reading a post. Wolf is the good guy. I was on my soap box.
I agree that Wolf is a good guy and maybe even “the” good guy but I know where I stand on this after all the comments exchanged in recent weeks.
Good post. I put it on my watch list.
TLT has earned the break that’s starting now:
https://stockcharts.com/h-sc/ui?s=TLT&p=D&yr=1&mn=5&dy=0&id=p19942719689&a=995071827
Gold finished the year way in the green almost $200 higher than its previous all-time high yearly close and could hardly look better. Despite all the hand-wringing since 2020, yearly gold never suffered any technical damage to speak of.
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=Y&yr=35&mn=0&dy=0&id=p37378587917&a=928826022&r=1703893408403&cmd=print
After the year 2000 there were 12 in a row but I doubt that will happen again. This leg up should be much more chaotic so huge upside moves could be had in a short time. If 2024 delivers a huge move that doesn’t top until the second half of the year then we could easily get a red 2025. That’s not my expectation but it could happen easily.
On the non-log quarterly chart gold broke out of a 54 year old fork. You can see that it did the same in 2012 but that was following the blow-off move of 2011 and therefore a bull trap.
Notice that the default 12,26,9 MACD came close to selling in 2022 and 2023 but never did while the “faster” MACDs below the STOs all sold but are now back on fresh buy signals…
Sadly, stockcharts probably won’t show you the 1970s portion of the following chart.
https://stockcharts.com/h-sc/ui?s=%24GOLD&p=Q&yr=75&mn=0&dy=0&id=p87238591116&a=915772696&r=1703895619132&cmd=print
I don’t think it’s possible to know since it depends on how it gets to that 90 reading. For example, if it happens too quickly the gold price could be lower than your 3400-3500 and if it happens in the most bullish way with the “wall of worry” doing its job the gold price could be several times higher.
Silver has a new quarterly breakout of its own…
https://stockcharts.com/h-sc/ui?s=%24SILVER&p=Q&yr=25&mn=0&dy=0&id=t2073181072c&a=906063188&r=1703896252006&cmd=print
I don’t know how it will end the year but I think it could surprise everyone with a challenge of its all-time high during the year. There are other potentially important resistance levels well below that 48-49 area but the potential to blow through them is high. The next 2 weeks should give important clues but for now my “green light” stands. And of course everyone should do their own due diligence and not act on my opinions.
Platinum is trying to do what gold and silver did a month ago and just put in its highest weekly close since early June.
https://stockcharts.com/h-sc/ui?s=%24PLAT&p=W&yr=5&mn=0&dy=0&id=p33810602415&a=1567499913
Quarterly platinum just had its highest volume ever…
https://stockcharts.com/h-sc/ui?s=%24PLAT&p=Q&yr=30&mn=0&dy=0&id=p89926170050&a=1569202117&r=1703897651353&cmd=print
I don’t know what price it will reach during the year let alone the price it will be at the end of the year but I think it can challenge its 2021 high. And if silver and gold turn out to be as bullish as I think they are then maybe platinum will easily move beyond its ’21 high. I don’t think about platinum much but it does look a lot better than I expected.
ok the volumes so far tell me that for gdx and /Gc this so far is just a real nice low volume low energy retest….with an other entry forming over a few weeks imho…..the dollar still looks ominous to me….eg it is righting itself…..I am not as confident as Matthew…that does not make me correct…I will obey my rules…It would be easier if I could know the future…lol
The dollar just put in its first monthly close below the 36 month ema in 22 months and there’s little reason to expect a long term low anytime soon.
https://stockcharts.com/h-sc/ui?s=%24USD&p=M&yr=10&mn=0&dy=0&id=t2681621115c&a=1469695626&r=1703900168427&cmd=print
The loonie’s action is consistent with a new bull market in gold…
https://stockcharts.com/h-sc/ui?s=%24CDW&p=M&yr=17&mn=0&dy=0&id=t0925662764c&a=387462925&r=1703903184729&cmd=print
Some sort of top is in for gdx, it triggered a sell today by my technique…Not quite yet so for /GC…..The dollar is near to a low….will these be trading tops or lows or stretch farther into actual intermediate length eg w a weekly swing highs or lows ….If the previous low a few ago for daily gdx is broken we will know this rally is now set left translation…not a bullish message…..the dollar did reverse off its low today and the oscillators are ripe to rally……IMHO…I still think that gold stuff will trade off of the near-by dollar strength/ weakness trajectory and ignore the embedded dollar devaluation scheme plus debt scam plus collapse of empire chit show for now…