US markets and gold moving down together
Doc joins me again on today’s market wrap to discuss the potential of both the US markets and precious metals moving down together. It’s what we saw today but will it continue for next couple months? We have been saying a natural correction is due for these markets.
Click download link to listen on this device: Download Show
Strongly suggest reading this. May be a canary in the gold mine. Also, the Grant Williams presentation linked in the article is terrific.
A tsunami of $ coming if large funds begin to even dip their toe in the water of gold stocks (first large stocks, but that will spillover into juniors and explorers).
http://www.zerohedge.com/news/2017-04-19/real-message-gdxj-mess
Just realized you posted the same article. I apologize about the double post. The bottom of that article was interesting to consider.
The dollar has farther to fall:
https://likesmoneycycletrading.wordpress.com/2017/04/18/dollar-weakness-2/
Weekly USD continues to be capped by confluence of fib arcs:
http://stockcharts.com/h-sc/ui?s=%24USD&p=W&st=1979-12-31&en=today&id=p47163718713&a=499883318
and stymied by speed lines and fib fans:
http://stockcharts.com/h-sc/ui?s=%24USD&p=W&st=1980-01-01&en=today&id=p87444926102&a=499884778
I continue to think it put in a 15-year high in December.
Nasty few days in GDXJ, and a disappointing underperformance relative to GDX.
Still, from a purely technical standpoint, this looks more like a time to buy than sell. For the past 2.5 years, when the RSI of the GDXJ:GDX ratio has been at this level, 6 out of 7 times it has been at least a short-term buy.
http://stockcharts.com/h-sc/ui?s=GDXJ%3AGDX&p=D&yr=2&mn=8&dy=0&id=p83228124599&a=412555961
Don’t take that to the bank. Just a technical observation.
THE REAL MESSAGE FROM THE GDXJ MESS
by Kevin Muir — on gold , GDXJ , VanEck , GDX – 19 Apr 2017
http://themacrotourist.com/macro/the-real-message-from-the-gdxj-mess
The next French President’s Nuclear Problem
By Marion Solletty and Sara Stefanini – 4/19/17
Candidates face tough decisions on the country’s Nuclear Energy Future.
This aging French fleet of Nuclear Reactors and the politics around shutting them down, extending their life, or building new ones is a very significant debate.
France is a MAJOR player in the Nuclear markets and Areva is one of the largest Nuclear & Uranium Conglomerates out there. As bullish as I am with the new build out of China, India, Turkey, the UAE, Russia, South Korea, the US and a number of smaller countries, I have to admit that this French issue is a biggie and could be bearish for the Uranium sector. Wild times.
On the more positive side of Uranium News…..
_______________________________________________________________________
Denison Announces 22.1 Metres of High-Grade Mineralization From Gryphon D Series as Winter Drilling Wraps Up at Wheeler River
(Marketwired – April 20, 2017) – Denison Mines Corp. (TSX:DML)(NYSE MKT:DNN)
Callinex Mines – Getting the drill rigs running in the Bathurst Camp
19 April, 2017
KLONDEX REPORTS SOLID FIRST QUARTER OPERATING RESULTS WITH 57,633 GEOS MINED; REITERATES FULL YEAR PRODUCTION GUIDANCE OF 210,000 – 225,000 GEOS
April 19, 2017
* First Quarter 2017 Operating Highlights and Annual Outlook:
> Mined a total 57,633 gold equivalent ounces(1), in line with Company expectations
> Produced and sold a total of 34,454 and 33,737 gold equivalent ounces, respectively
> In Nevada, ore from Fire Creek was stockpiled due to heavy snowfall limiting our ability to transport ore to the Midas mill
> Built a significant stockpile in Nevada of 30,890 tons at an average grade of 0.94 gold equivalent ounces per ton containing 29,142 gold equivalent ounces(2). This is an increase of approximately 18,000 tons from the end of 2016. These tons will be processed at the Midas mill in the second quarter
> Forward sold 20,000 of the stockpiled gold ounces in the first quarter at an average realized price of $1,250 per ounce
> As planned, the Company continued to ramp up True North in Canada towards full production, which is expected to occur in the second half of the year
> The Company’s initial mineral resource estimate at Hollister is expected to be completed in the second quarter. Development work continued with ore silling in the Gloria zone; stockpiled ore is expected to be processed at the Midas mill in the third quarter
> The Company remains on track to meet its annual production guidance of 210,000 to 225,000 gold equivalent ounces, up 36% from 2016
> The Company will report its financial results for the first quarter of 2017 after market close on Thursday, May 4, 2017.
Bonzo Barzini & Doc – I decided to finally join you guys yesterday in Klondex position.
I really think this sell down has become excessive.
Here is a great interview that really unpacks the direction of the company:
________________________________________________________________________
Klondex Mines: “I See It As A Great Buying Opportunity Right Now”
ResourceCapitalAG – Apr 11, 2017
Interview with President & CEO Paul Huet
Klondex Mines – Corporate Presenation – VIDEO
April 5, 2017 – Zurich, Switzerland – European Gold Forum
Paul Huet – President & CEO
http://www.europeangoldforum.org/egf17/company-webcast/KDX:CN/
GDXJ priced in GDX reversed at a big fork support this week but still looks like it might shoot for speed line support (green arrow) in the days weeks ahead.
This is a good time to begin to fade out of the seniors and into the juniors on days when the ratio is weak (in my opinion). Whether the next big move up starts in 3 weeks or 3 months, the juniors are going to blow the seniors away just as they did last year.
http://stockcharts.com/h-sc/ui?s=GDXJ%3AGDX&p=W&yr=2&mn=9&dy=28&id=p40287259614&a=519094136
GDXJ: Time to Look For Opportunities?
The Hedgeless Horseman – April 20, 2017
$GDXJ $EDR $WDO $MAG $SMF $NG $TXG $KL $PG $GSV $DPM $RIC $SEA $GUY $OR $SSO $FVI $SVM $FF $ARG $TGZ
http://www.thehedgelesshorseman.com/horsemans-portfolio/gdxj-time-look-opportunities/
From that Hedgless Horseman article above.
March 17th weighting reductions in the Junior Mininers:
http://www.thehedgelesshorseman.com/wp-content/uploads/2017/04/DeletesApr1917.png
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Dow closed 2nd day below the 50 day, outside the Bollinger bands, and right on last months low. Some may call it a double bottom; I’m looking for 20,000 soon. JMO