Nice. Just watched spot price dip to $1999 and it went right back above $2000. Impressive strength.
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Gold and silver prices are down
- Thread starter Rider
- Start date
Hey, the DJIA is now below 32,000. I was thinking it might go south for a dramatic close.
Varmint
NES Member
Even closing over $1950 (or better yet $1975) would be very bullish. Bears will try to knock it under $1950.
$2070 is the real target, I think it'll take a stock market correction (to attract fleeing generalist investors) to get us over $2070.
If the S&P500 stays in bull mode there's not much incentive to buy gold for most investors.
Varmint
NES Member
View: https://twitter.com/zerohedge/status/1637564583400357891?s=20
The Fed hasn’t pivoted yet, but their extreme action to save a couple smaller banks shows that they will print whatever it takes to stop financial crises, and this $2 trillion dollar backstop program is just the beginning.
I think this is why gold is suddenly touching $2000, the timeline for Fed capitulation has been accelerated.
Right on cue
www.cnbc.com
Deutsche Bank shares slide after sudden spike in the cost of insuring against its default
Deutsche Bank shares fell on Friday after a spike in credit default swaps on Thursday night, as concerns about the stability of Europe's banks persisted.
www.cnbc.com
Varmint
NES Member
Gold would be up big if it wasn’t at $2000. You have not only lots of traders going short at major resistance, you may also have big banks or some entities who don’t want to see a 2-handle on gold.
Win
NES Member
Just starting to get into gold and silver stocks. Seems silly to have much money sitting in the bank when it's easy enough to sell stocks out of personal (not retirement) accounts and transfer back to bank if I need to. I have a few shares of First Majestic Silver (AG), Metalla Royalty (MTA), GoGold (GLGDF), Guanajuato Silver (GSVRF), Aftermath Silver (AAGFF), and Defiance Silver (DNCVF). I realize that this is a mix of big and small, royalty and exploration. Are there any PM stocks anyone feel strongly about - I should consider? I'm new to this area.
Other gold royalty companies might be worth a look (similar to MTA). They participate in the move in metals prices, but they don't have the mining risks and expenses. SAND, OR, FNV, RGLD and WPM are a few of these. You can also enhance your returns by selling covered calls against those that trade options. PM ETFs are another avenue.
Varmint
NES Member
There’s a lot of stocks that have already moved 50-100% off their bottom (i80 Gold, Prime Mining, Bear Creek Mining, SKE, SLVTF) and GLGDF which you have already and is getting cheap again. So those are favorites of mine even if not as cheap as a few months ago.
My favorite top 6 that are still very cheap right now:
Less risky
MEAUF (<$1.00)
LOMLF
AMXEF ($1.20 or less)
More risky
GENMF (<$0.39)
SGNLF (@$0.23)
WLBMF (@$0.11)
These are all junior miners, and junior gold and silver miners are the most volatile and risky sector there is, but the sector has already crashed so risk is pretty low right now.
I don’t like Aftermath silver, but it’ll likely take off if the sector does (even turkeys fly in a PM bull market). First Majestic is probably not the best producer - I’d sell it and buy GLGDF.
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Win
NES Member
Thank you!
Varmint
NES Member
Just remember that royalty companies do best when investment capital is hard to get, like now. When the sector takes off, it’s easy for companies to get capital investment so they stop using royalty companies. So royalty companies perform the worst in the meat of PM bull markets (but they still do well).
In bear markets royalty companies do best, then as the bull market starts its producers, then developers then explorers last. When FOMO hits the explorers and garbage juniors go nuts. That’s the time to get out of gold stocks.
Varmint
NES Member
It’s pretty rare that gold is near an all time high and all the charts look bullish, yet miners especially juniors are priced as if gold is worthless. This is how fortunes are made.
NHCraigT
NES Member
Win
NES Member
Tungsten is worth more than bitcoin
Varmint
NES Member
For copper I like two juniors a lot, Arizona Sudoran and Kodiak Copper.
Varmint
NES Member
![[laugh]](/xen/styles/default/xenforo/smilies.vb/012.gif "Laugh [laugh]")
Varmint
NES Member
$1953 is the all time quarterly high for gold, and $1986 is the all time monthly high.
Let’s see where we close on Friday.![[popcorn]](/xen/styles/default/xenforo/smilies.vb/043.gif "Popcorn [popcorn]")
Let’s see where we close on Friday.
The flips are almost too easy but I didn’t play this one today.
Varmint
NES Member
We’re now seeing Buy the Dippers in gold, haven’t seen that in a while.
Varmint
NES Member
My shittiest gold stocks are finally rallying. It’s a sign!
I ceased playing GDXU and will now rest with my shares. Hit $52 eod and gold is just itching to break 2k which is a major resistance level to breach and hold above.
Varmint
NES Member
Bears (and maybe central banks?) can’t allow a quarterly close above $2000, Friday will be interesting!
Really hoping for that quarterly close above $2k. Spot price might not make it but futures contracts might.
Varmint
NES Member
I think any close Friday over $1980 is very bullish.
I expect the narrative protection team to make an appearance soon. $2000 gold won’t look good for the “all is well” narrative.
I expect the narrative protection team to make an appearance soon. $2000 gold won’t look good for the “all is well” narrative.
Futures up over $2k again. This has been like the 4-5th time in the last month.
Win
NES Member
My Defiance Silver Corp. (DNCVF) is up 22% today!
Varmint
NES Member
Yeah silver juniors rocking it today. They are the most risky mining stocks so I guess that’s a good sign?
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