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Market Commentary

Calendar

2020

  May
  April
  March
  February
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05/01/2020
Weekly  
Friday Recap - 1st May 2020
This was a good week for the PM miners and gold. Perhaps gold didn’t rise much, but it closed above $1700 for the second week in a row. The high gold price has begun to move the miners higher, which is reflected in the HUI at 276. If you remember, back in March the HUI was under 200 after the initial selloff in the markets. So, the miners have been trending...  more
05/01/2020
Weekly  
April 2020 Commentary
It's time to be excited about gold and silver mining stocks. I am not ready yet to break out the champagne, but all signs point the beginning of a gold and silver bull market. Gold closed over $1700 last week for the first time since 2011 and the GDX chart clearly looks like a breakout...  more
04/24/2020
Weekly  
Friday Recap - 24th April 2020
This was a flat week, but that was good for the miners. The longer gold is over $1700, the more cash flow producers accumulate. This is why the HUI closed at 277 today. Balance sheets are improving. The average gold producer has all-in costs around $1200 to $1300. So, free cash flow is up significantly...  more
04/17/2020
Weekly  
Friday Recap - 17th April 2020
Gold had a good week, although not a great close. The spot price closed over $1715 yesterday, but was down $32 today to $1684. The futures price is currently at $1695. The futures price has been over $1750 most of the week, but was beaten down today on Friday. Funny how that happens. The HUI traded over 250 this week for the first time since February, and you have to go back to 2016 since we had another close over 250...  more
04/10/2020
Weekly  
Friday Recap - 10th April 2020
The gold price below shows $1685. That is from Kitco's website. However, the price at PM websites, such as APMEX.com, is $1703. And the future's price on Investing.com is $1752. I think we can consider the weekly close over $1700. That's the first time that has happened since 2011. The odds are now getting better that we will make a run at a new high above $1935...  more
04/03/2020
Weekly  
Friday Recap - 3rd April 2020
Gold remained strong this week and closed around $1645. The Kitco chart shows $1617 below, but Investing.com shows $1645, which I think is more accurate. One thing we know, gold currently has a bid for physical. I don't think we will go below $1450 in the near term, although the low $1500s could easily occur with some bankster beatdowns...  more
04/01/2020
Monthly  
March 2020 Commentary
The last few newsletters have focused on charts that implied that a recession was looming. I am a believer that gold will only breakout if there is a fear-trade that drives it to a new high, or above $1700. Without fear, investors will avoid gold...  more
03/27/2020
Weekly  
Friday Recap - 27th March 2020
As a gold/silver mining investor, I have mixed feelings this week. On the one hand, I should be exhilarated that Washington has once again lost its mind and is printing money like a banshee, pretending that debt doesn't matter. However, at some point, it clearly does or else we wouldn't have to pay taxes, and the government could just send everyone a check every month to pay their bills. Clearly, we know that won't work. So, this money printing is like pushing an economic nuclear button. At...  more
03/20/2020
Weekly  
Friday Recap - 20th March 2020
Yesterday I was feeling somewhat confident that the cornavirus would peak in April or May and then the economy could begin to come back to life. I thought that perhaps by the end of summer, the economy could be back on its feet. However, then California and New York ordered all non-essential businesses closed without a date of when work would resume. The fallout from this virus is still unknown, but we know that the number of cases is only now starting to expand. That means it will be a while...  more
03/13/2020
Weekly  
Friday Recap - 13th March 2020
I've always been leery of Friday the 13th, well this was the worst one of my life. The last two days have been brutal. Big institutional money sold their miners, getting out of any risk-on trade. GDX and GDXJ were pummeled, which carried over into the stocks. The HUI crashed from 217 on the Thursday open to 163 on the Friday close. Ouch!  more

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