Gold and silver prices are down

[Varmint]

One of my favorite stocks, Montage Gold (MAUTF) up 16% today after getting its mine permit from Côte d’Ivoire.

On $15k in volume for a $300 million market cap. That’s the nuttiness of the junior mining sector. Probably just short covering.

 

[richc]

And there was much rejoicing... silver up 70 cents/ounce

 

[DJBrad]

And yet my miners are still so beaten down. Gold futures up to $2422 and silver to $31.76 now.

 

[DJBrad]

One of my favorite stocks, Montage Gold (MAUTF) up 16% today after getting its mine permit from Côte d’Ivoire.

On $15k in volume for a $300 million market cap. That’s the nuttiness of the junior mining sector. Probably just short covering.

Jayant Bandhari took his profits.

 

[richc]

 

[DJBrad]

Gold has the best sense of smell in this macroeconomic environment. 10yr is tanking and the dollar is following. There will be a short term flee to safety in gold, usd, and bonds IF we get a recession but it’s highly probable we don’t see a recession with fiscal dominance.

 

[Win]

Dang! Even my Revival Gold stock is up today. That one seemed like a born loser but I love the name and couldn't resist

 

[Varmint]

And yet my miners are still so beaten down. Gold futures up to $2422 and silver to $31.76 now.

Juniors yes, but GDXJ hit a 4 year high today so producers and large juniors are leading gold and silver.

I think for juniors to move we need to see a breakout to new highs in gold ($2500) and silver ($34) and not just a fall back to the middle of the trading range.

 

[Varmint]

Dang! Even my Revival Gold stock is up today. That one seemed like a born loser but I love the name and couldn't resist

My paid newsletter guy still has them in his top 20. The company doesn’t seem to care about the stock price, which is good or bad.

 

[Varmint]

Gold has the best sense of smell in this macroeconomic environment. 10yr is tanking and the dollar is following. There will be a short term flee to safety in gold, usd, and bonds IF we get a recession but it’s highly probable we don’t see a recession with fiscal dominance.

Yeah you can’t have negative GDP growth when you’re borrowing a trillion every 90 days. But you can have what feels like a recession if government is the only one spending money.

 

[Varmint]

Jayant Bandhari took his profits.

I sold some of mine as well to rotate into stocks that are beaten down.

 

[DJBrad]

Juniors yes, but GDXJ hit a 4 year high today so producers and large juniors are leading gold and silver.

I think for juniors to move we need to see a breakout to new highs in gold ($2500) and silver ($34) and not just a fall back to the middle of the trading range.

Yup. The great rotation is still in play. Senior producers and especially etfs will lead the charge for the foreseeable future as they have much better liquidity and no restrictions for institutional investors. I think next earnings reports will be stellar for them and capital flows will increase as Tech/Growth leaders have topped and the USD is on a downward trend.

 

[Varmint]

Yup. The great rotation is still in play. Senior producers and especially etfs will lead the charge for the foreseeable future as they have much better liquidity and no restrictions for institutional investors. I think next earnings reports will be stellar for them and capital flows will increase as Tech/Growth leaders have topped and the USD is on a downward trend.

The other thing I’ve noticed is if gold and senior miners have a big day, the little juniors often don’t move all day then move 10% up at the end of the trading session.

 

[DJBrad]

The other thing I’ve noticed is if gold and senior miners have a big day, the little juniors often don’t move all day then move 10% up at the end of the trading session.

Let’s hope for outsized gains because I rotated into juniors from the seniors probably a bit too early.

 

[Varmint]

Let’s hope for outsized gains because I rotated into juniors from the seniors probably a bit too early.

It’s tough to time it. When the juniors move they do 10-20% in a day.

I’ve had a lot of juniors move 10-15% in a day the last month or two but they have always given it back. We’ll see if this is a breakout.

 

[Varmint]

Next week will be interesting with gold 1% off it’s all time April high and GDX and GDXJ a fraction below their 4 year highs.

 

[DJBrad]

Next week will be interesting with gold 1% off it’s all time April high and GDX and GDXJ a fraction below their 4 year highs.

Does that portend a breakout in stocks or a pullback?

 

[Varmint]

Does that portend a breakout in stocks or a pullback?

GDX and GDxJ hitting new highs portends a breakout.

 

[Varmint]

Gold miners should start reporting quarterly earnings the last week of July, based on a record high gold price. I think that will cause a breakout in GDX and GDXJ. If you see a pullback next week that’ll be a great buying opportunity.

 

[Varmint]

Gold hit a new all time high today of $2442.

 

[DJBrad]

Gold hit a new all time high today of $2442.

Wasn’t the ath $2454.20 on 5/20? That’s what I’m seeing.

 

[Varmint]

Wasn’t the ath $2454.20 on 5/20? That’s what I’m seeing.

Yeah I just saw my stock app show a new 52W high but it’s wrong.

Maybe it’s a new high for the August futures or something, which makes no sense to show that.

 

[richc]

Well that was fast...

 

[Varmint]

Wasn’t the ath $2454.20 on 5/20? That’s what I’m seeing.

We just topped it.

 

[DJBrad]

And even higher $2470 new ATH






Methinks the emperor has no clothes.

 

[Varmint]

GDX breaking out, currently $39.14

 

[richc]

Gonna make a run at $2500 this week?

 

[HARRYM]

Is the market up ~1000 points over 2 days because;

A. Trump survived

B. The Markets are fully convinced Powell will give them the rate cut and soon.

C. They are desperate to prop up Biden.

 

[Varmint]

Is the market up ~1000 points over 2 days because;

A. Trump survived

B. The Markets are fully convinced Powell will give them the rate cut and soon.

C. They are desperate to prop up Biden.

B - not just that rate cuts are coming but that there's no signs of something bad causing the rate cuts.

 

[DJBrad]

$2473.80


Still, the markets are all shooting higher which means gold has not quite disconnected from general equities.