Doc is back with us this week to clarify some points he made last week and answer some of your questions regarding gold. Sticking to the big picture Doc is bullish but there could be some short term weakness.
Chris Kimble, Founder of Kimble Charting Solutions shares 5 charts (below) that focus on different currencies and relate to possible moves in gold. There are also some comments on the charts of GDX and GDXJ. A lot of these charts are testing key levels where if a break happens could lead to a further run in the precious metals.
Chris Kimble, Founder of Kimble Charting Solutions kicks off today by sharing 5 charts focused on gold and copper. For gold there are some side markets that need to perk up to confirm the bull market. In terms of copper, sentiment is washed out and the price is testing a lower support zone. Just a couple things to watch in the near term.
Erik Wetterling, Founder of The Hedgeless Horseman website joins me on this July 4th to share his thoughts on the junior resource sector. With the junior stocks still relatively lagging it’s easy to start questioning if these stocks will ever start moving. Clearly the retail audience is still distracted in some other sectors.
This is shorter interview with Doc outlining the disappointing close in the PM stocks compared to how gold and silver performed. While ETFs like GDX and SIL still closed up, it was by less than half a percent. Not a good sign for the overall bullish argument. We also look at the oil sector which was hit hard by selling and is setting up for a new slightly lower trading range.
It was another good week for US markets and the US Dollar both breaking higher. At the same time we saw money flow into bonds and precious metals. Friday gave us Q1 GDP data of 3.2% that blew away estimates but digging into the numbers saw a much more mixed picture. I discuss all of these topics as well as loom ahead to some key data and news events of next week.
Please keep in touch by emailing me at Fleck@kereport.com. Also please listen to the Company updates for the week that are linked below.
- Segment 1 – An extended interview with Jesse Felder, Founder of The Felder Report. We discuss the FOMO in the US markets and the breakout in the USD with gold holding in its range.
- Segment 2 – Raghee Horner, Director of Risk Management at Simpler Trading takes a look at the relatively low volume in the US markets.
- Segment 3 – Marc Chandler, Managing Partner at Bannockburn Global compares the US to Europe while digging into the Q1 GDP number. We also look ahead to some key events of next week.
- Segment 4 – Chris Temple wraps up the first hour by recapping the moves in the US markets and risk off assets.
Exclusive Company Updates This Week
- Riverside Resources – Overview Of The Project Portfolio, Partner Funded Programs, and A Company Drill Program Being Panned
- Miramont Resources – Where The Cerro Hermoso Project Goes From Here
- Irving Resources – Updates On The Financing With Newmont Goldcorp and Ongoing Omu Exploration
- Liberty Gold – A Comprehensive Overview Of The Projects And Strategy moving Forward
- Novo Resources – Moving The East Pilbara Assets Forward and and Update On Egina
Jordan Roy-Byrne joins me for a look into the precious metals markets. We start with the gold stocks that are bouncing back after 9 straight days of downward movement. This is all with the gold price staying fairly steady and the USD breaking out to the upside. The precious metals continue to be a mixed bag of good and bad drivers.
I chatted with Craig Hemke today about the overall set up of the precious metals and the underlying stocks. We start with the Comex contracts and a stat that Craig shared on Twitter last night. Silver contracts on the Comex are now above 50% of the total gold contracts. This is an anomaly as usually there are more than double the amount of gold contracts. We also touch on the selloff in the gold and silver mining shares when the metal prices have been stable.
Jordan Roy-Byrne, Editor Of The Daily Gold joins me to discuss the gold charts as well as the underlying stocks. We look at the charts and share our thoughts on where they could move and what can help drive these moves.
Chris Vermeulen, Founder of The Technical Traders has been relatively bearish on gold over the past couple months. Now that we have this down move in gold and gold stocks he weighs in on how low the metal could go and how long the downtrend could last.