• "Spreading the ideas of freedom loving people on matters regarding high finance, politics, constructionist Constitution, and mental masturbation of all types"

The Lunatic Fringe - Trading talk.

dpong

Gold Member
Gold Chaser
Joined
Jan 11, 2012
Messages
2,379
Likes
2,216
SILJ. ... We are certainly at an awkward moment that makes it difficult for anybody to get it right. Markets, eh?
Steve Saville in his weekend update said recent price action in the miners has been "inscrutable." Yeah, that's about right.
 

Strawboss

Apocaloptimist
Site Mgr
Midas Member
Site Supporter ++
Joined
Mar 31, 2010
Messages
8,185
Likes
15,897
Considering the recent volatility in almost every asset class recently - it would make sense to think that the miners are due for a big drop...

I dont think so - and here is why I think that...

They would have already. We have essentially been going sideways since May.

Instead what I think is happening is that those that did well buying near the bottom are selling - but there is a larger amount of buying interest than in years past- so that selling is being absorbed - resulting in a fairly tame sideways move while overbought conditions continue to be bled off...

On a chart - it manifests itself as a bull flag and is more indicative of a 1/2way point in a larger move.

Not to mention we are about to have the end of 2nd quarter - and there are many, many fund managers out there that want to be able to say they have a position in one of the leading asset classes of 2020 thus far. Can you imagine having to explain - as a fund manager - why you have no exposure to the best performing asset class? They arent gonna have a choice...especially in this upcoming quarter...

And then there is the interesting fact that significantly more contracts are standing for delivery on the COMEX. Throw in the QE to infinity, plandemic, multi-trillion dollar bailouts, depression level unemployment, civil unrest, etc...

I just dont see how in this environment where a significant decline in the miners is gonna happen. We would need to move up much further before we are in overbought territory...
 
Joined
May 10, 2020
Messages
167
Likes
155
Location
Down South
Steve Saville in his weekend update said recent price action in the miners has been "inscrutable." Yeah, that's about right.
I think we are about to see some action in the miners. Gold and Silver have been banging on the tops now. We had that little shakeout. Should be ready to run. Trying really hard not to overthink this now. Picked up more CDE pre.
 

Varmint Hunter

Gold Member
Gold Chaser
Midas Supporter ++
Joined
Apr 10, 2010
Messages
2,019
Likes
7,215

Voodoo

Gold Member
Gold Chaser
Site Supporter
Joined
Mar 31, 2010
Messages
1,626
Likes
2,062
Location
Deep Underground Bunker

Goldhedge

Moderator
Site Mgr
Sr Site Supporter
GIM Hall Of Fame
Joined
Mar 28, 2010
Messages
50,280
Likes
91,453
Location
Rocky Mountains
Chesapeake Files For Bankruptcy, Wiping Out $7 Billion In Debt And Any Existing Equity Value
After years of melting, the Chesapeake icecube is finally history: at exactly 350pm on Sunday afternoon, the company that launched the US shale boom, finally gave up and filed for a pre-packaged bankruptcy in the Southern District of Texas. In so doing, the company with roughly $9.5 billion in debt has become one of the biggest victims of a spectacular collapse in energy demand from the virus-induced global recession, and follows the collapse of another high-flyer in the US oil patch, Whiting Petroleum, which filed for Chapter 11 at the start of April after championing what was once the premiere U.S. shale field, the Bakken of North Dakota.

 

jelly

Silver Miner
Seeker
Joined
Dec 6, 2010
Messages
1,017
Likes
889
I don't like the hesitancy in gold & the miners yesterday.
In my mind, this is "do or die" time. Gold SHOULD be breaking out here. If it doesn't, I would expect another 3 month correction.
Today is the end of the quarter, so I can understand them wanting to keep a lid on gold temporarily. If gold doesn't bust a move by the end of this week, I think it's done for.
 

dpong

Gold Member
Gold Chaser
Joined
Jan 11, 2012
Messages
2,379
Likes
2,216
Did Powell say something interesting? Not sure when he speaks today.
 

dpong

Gold Member
Gold Chaser
Joined
Jan 11, 2012
Messages
2,379
Likes
2,216
SILJ made a higher low and a higher high. Appears to now be walking up the stairs. Buy the next higher low?

Wap5NzWS.png
 

dpong

Gold Member
Gold Chaser
Joined
Jan 11, 2012
Messages
2,379
Likes
2,216
Gold: Highest Quarterly Close Ever. (Unless after hours screws it up.)

N84v7tdB.png
 

dpong

Gold Member
Gold Chaser
Joined
Jan 11, 2012
Messages
2,379
Likes
2,216
Silvercorp Metals (SVM) showed up on my Weekend Trend Trader stock scanner today. If it continues to qualify by Friday's close, it will be a buy on Monday.
 

dpong

Gold Member
Gold Chaser
Joined
Jan 11, 2012
Messages
2,379
Likes
2,216
Gary Savage is very cautious on gold.

 

dpong

Gold Member
Gold Chaser
Joined
Jan 11, 2012
Messages
2,379
Likes
2,216

dpong

Gold Member
Gold Chaser
Joined
Jan 11, 2012
Messages
2,379
Likes
2,216
SILJ. This last support line is highly tentative. (So far, so good.)

aqntaMSq.png
 
Joined
Oct 16, 2010
Messages
444
Likes
284
That is pretty impressive. Perhaps I should be buying up junk electronics. I have quite a pile started here in my office. Thanks.
If you have military grade electronics from 1960s that have gold on them, they may be more valuable. I saw a gold "missile" card sold on ebay for $300.00, possibly from a nuclear sub.