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Charts from the Lunatic Fringe.

louky

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Granted dsi didnt nail exact bottom on the way down from april to August. There was one more flush once it hit dec 2015 reading, but eventually it marks top/bottom after getting in a certain zone. so it's still worth noting the reading now @80

View attachment 123401




So july reading still very profitable now after $160 move or whatever the opposite way from eventual bottom
 
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Platinum not really doing what I expected
 

savvydon

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Platinum not really doing what I expected
I expect that the narrative here is that platinum is more of an ‘industrial’ metal. I still think that platinum is due for a correction toward the mean and is in search of the right narrative to help it get there.
 

Zed

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Gold appears to have broken out of the consolidation pattern. Let's see where this closes today.
View attachment 131661
Looks OK.

AU-D-20190514.png


HUI is depressed about it. That is either a very good or very bad sign.

HUI-D-20190714.png


... meanwhile, @ the ass end of the world gold stocks that I like are up ~5%.
 

Zed

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I dunno that I would be booking the funeral just yet. On the weekly we do have what appears to be a triple top BUT confirmation comes with a break of ~22K, mebe 23550 given the last break of what looked to be a double top occurred around that level.

DJI-W-20190514.png
 

savvydon

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Looks OK.

View attachment 131671

HUI is depressed about it. That is either a very good or very bad sign.

View attachment 131672

... meanwhile, @ the ass end of the world gold stocks that I like are up ~5%.
IF we get another good day from gold closing above, say, Louky's magic 1305, it is hard for me to imagine miners not coming along for the ride.
 

Zed

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Just watched an interview with Niel Howe coauthor of "The Fourth Turning" on Real Vision. I recall the book from years ago and had not thought about it for years. We are headed for some sort of violent crisis, that much seems evident. What is not so clear is who wins... demographics suggest that we are headed for some sort of collectivist nightmare! Amazing considering the Gen X period was supposed to be marked by 'individuality'. Seems to me that I started out with too much governance and have been subjected to ever-increasing amounts of it! I'd hoped that we'd realise that the government WAS the main problem but it seems that the odds are against that. It would appear that we have to go to 'socialist hell' before we get a reprieve. I will be dead by then.
 

Zed

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IF we get another good day from gold closing above, say, Louky's magic 1305, it is hard for me to imagine miners not coming along for the ride.
I'm hoping that the US gold stocks are simply reflecting max disdain for gold stocks, this would be the bullish case. Given the current price I tilt to this view. If we were trading higher I'd be more concerned about lack of confirmation.
 

jelly

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So far, just a healthy pullback and test of the breakout in gold. We need to head higher soon if this is going to be a real breakout. In gold it's rarely this easy, so I wouldn't be surprised if they make it drop to negate the breakout.
Miners still not believing it. If GDX can get above $21 this week, i would take that as confirmation that there's some more upside in gold in the near term.
Daily chart, followed by an hourly chart showing a test of the breakout. Zed may have been right after all.
gld-dly.png
gld-hrly.png
 

Zed

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In gold it's rarely this easy, so I wouldn't be surprised if they make it drop to negate the breakout.
Yeah... well, you get to expect it, don't you?
 

louky

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Zed

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Giving up about ~1% after yesterdays gains, 1.5hrs left to trade. Not bad all things considered.
 

savvydon

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Giving up about ~1% after yesterdays gains, 1.5hrs left to trade. Not bad all things considered.
The pressure is building in the gold/PM market. Huge COT OI numbers the last few days. Seems like the 1300 area is being defended pretty desperately. On the other hand, softer dollar, and markets slipping is putting some tailwind into the metal. Look at unencumbered bitcoin moving now. Should be an interesting remainder of the week.:popcorn:
 

Goldhedge

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What Can Go Wrong When Everything is so Wonderfully Controlled?

webbotreader (47) in investing • yesterday
Great and Wonderful Tuesday Morning Folks,

Gold is under British pressure this morning with the trade below the Maginot Line at $1,299.60, down $2.20 with the low at $1,296.60 and the high to beat at $1,304.20. Silver, however, is trading higher and at $14.80, close to the high at $14.825 with a low at $14.745. The US Dollar is still seeing some rather large support from all overseas trades with the value pegged at 97.125, up .005 after reaching 97.20 with the low at 97.075. All of this was done way before 5 am pst and the Comex open.

more at link
 

Goldhedge

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This Savage guy is a 'savage' when it comes to analysis!
 

Zed

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Apparently the point at which the US can't borrow quickly enough to pay the outstanding interest is approaching. Personally I doubt it, Fed owned paper simply recyles interest back to the Treasury. All they have to do is print and buy, surplanting genuine buyers... but of course the market will see the desperation and try to price accordingly. The Fed will be fighting that... This could be the point at which inflation really hits main street. So, is the math really driving the Fed into a corner?
 

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Zed

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Zed

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Flat but green down here ~+0.5% on the open.