Roundtable Discussion; The Future of Mineral Sands. Watch the video here.
AU: $2329 ($2233 Last Week Spot)
AG: $27.44 ($24.94)
HUI: 265 (247)
DXY: 104.2 (104.4)
S&P: 5204 (5254)
10-Yr: 4.4% (4.2%)
Oil: $86 ($83)
I've been saying that 2024 is going to be shocking. Q1 was calm, and Wall Street thought we would get a repeat of 2023, with a steady increase in the S&P 500. It's not going to happen, and gold is signaling that something is coming! Gold closed at another ATH at $2329. Silver closed above $27, following gold higher. Lil Sis (silver) has finally put on her running shoes. She had three significant up days this week, and up almost $2.50 for the week.
The miners continue to lag. The HUI has been like a tortoise, making a steady move upward, but nothing
significant. Normally, when you get a run in gold and silver, the HUI will go up at least 5% on a few days. We haven't seen anything like that.
Why? A few reasons. First, Wall Street remains fixated on stonks and doesn't care about gold or the miners. So, no big money has come into the miners. Second, investors are well aware that over the past 3+ years, every time gold/silver have made runs, they were followed by beatdowns. So, they are gun-shy and don't want to catch another falling knife.
The good news is that this gold breakout is real, and we are getting closer to ending this 3+ correction. All we will see now are higher lows in gold. It will correct at some point, but that is irrelevant, because it will quickly bounce. My guess is the bounce will occur at $2100, $2000, or $1900. We no longer have to worry about sub $1900. While that is possible, the odds have diminished substantially. In fact, we might not see $2000 again this year. Fingers crossed.
I only want to see one thing: $3K gold (and a GSR below 50). So, that's where my analysis is focused. To get
there, gold will have to deal with a very chaotic and volatile 2024. So, gold and the miners are not going up in a stair-step manner without any corrections. Note that the selling on Wall Street will ensure that outcome. Those who are buying gold/silver miners during this current rally will get tested by this bull. The bull is not going to give the latecomers a free ride to $3K.
Selling on Wall Street will likely begin in Q2 and then hit the fan in Q3. Gold, silver, and the miners will have to deal with this selling pressure. I've been warning you about this all year (the coming crash on Wall Street). But the good news is that it doesn't matter. The cycle lows are in for gold, and now we trend to $3K -- from now until sometime in 2025.
I'm struggling keeping up with this, I'm on a smart phone at work and the pop ups keep hacking my browser, so let me get this right. So once the aquifer is dewatered to a manageable state Byrnecut will immediately proceed with the incline. I thought it was going be temporary, a couple of months at the most but now we are saying much longer?
Byrnecut on Havieron.
"Decline operations were suspended in November 2023 and the project placed on care and maintenance whilst Newmont assess the project."
I totally agree with MHO1, these boards have become the ADVFN of old, ADVFN now nothing more than the scribble you find on a toilet wall. My first choice is GGPchat. I've joined and left Telegram a number of times because I fear my device may be compromised. It can plays havoc with a smart phone. My many thanks to out to all the informed members on the board and to the disruptors, you can all go to hell in a hand cart.
Don Durant, a gold & silver bug and I believe a shareholder in GGP, always reckons that until the S&P falls significantly from its recent highs then these recent gold runs the PoG will always retreat back because a falling or failing stock market introduces of the FEAR factor that drives investors into commodities like gold and silver.
Nine, others here along with a frequent poster on ADVFN are obviously one of the same and from what I gather dont have a skin in the game. The only thing I have in commom is that I am very frequent, frequent in trashing them in the bin. Clear the decks for tomorrow, its been a long time coming.
Every time this share approaches 6p the "D" in "FUD" become the narrative. An attempt to plagued the stock with Doubt. They know they can't "tree shake" anymore holders but they may put off others which suits their aggressive agenda, a short interest.
It's like moving the sofa, Telfer to Havieron, to vaq underneath only to find finding the plug has moved 30 miles to the west. That's about how long you'd need to extend the Telfer Gas Pipeline, TGP, running 275 mile from Port Hedland to Telfer.
In the past the shares on loan increase prior to Shaun's arrival or to an expected RNS cynically manipulating the price down before his presentation or the news release. Ortex Data reporting yesterday 67.29m shares on loan.
Could the sell off due to the distribution of GGP shares to former Starvest shareholders during January? The short coinciding with the SVE liquidation could it be more than a coincidence?
Every time a stock I'm holding flat lines for a few sessions or falls back like they do, these boards become a list of filtered users. On the bright side I don't have to read them, put them in the Heckle Tank.
This now as to be considered, even if it is unwelcome, but after those updated stonking figures and a FS in the new year we see yet again that shorting device effectively working to full effect. The SP is hardly going to tank but I now can't see it soaring either. These manipulations work! So what's the aim? I'm guessing it's jobbing agents for Newmount, the same ones that were working for Newcrest, who in the near future will make a bid for the remaining 30%. Will it be before or after the DFS? They'll be an urgency to make an offer if the POG trends higher and breaks out. I just hope they don't succeed and that my worries are unfounded.
Ironically especially after that bearish article on Mellon's platform, it was he who brought Greatland to my attention during either a podcast or watching YouTube a few years ago now.
My last post relating to MI and Mr. Mellon's interests promise. Just an observation that all.
https://www.marketscreener.com/quote/stock/CONDOR-GOLD-PLC-10898811/news/Condor-Gold-raises-GBP1-million-via-chair-s-company-45502514/
Billionaire Jim Mellon is the owner of that site.
That Was The Week That Was and it was certainly was! Gold Bug and Greatland investor Don Durrett gives his view.
AU: $2071 ($1981 Spot Two Week Ago)
AG: $25.43 ($23.72)
HUI: 245 (218)
DXY: 103 (103)
S&P: 4586 -5% (4514-6%)
10-Yr: 4.2% (4.4%)
Oil: $74 ($75)
We should be excited. Gold closed at its highest monthly close ever. Silver closed above $25 and seems to be confirming the gold breakout. The HUI closed at 245 and was recently at 199 in October (23% move). Oil is at $74, which is good for the miner's costs. The dollar is trending lower, and that trend is supposed to continue since the Fed's next move is to cut rates. And a lower dollar is good for gold. Everything is perfect, right? Well, we have an elephant in the room that we can't ignore, which is an overvalued stock market, and an economy heading into a recession.
The stock market isn't a little bit overvalued; it's a lot overvalued. The bottom line is this. The stock market is priced for earnings growth of around 10% in 2024. Guess what? Those are not earnings you get in a recession. With a recession, we could get negative earnings. Once Wall St figures out that 10% earning growth is fantasyland, the stock market will crash, and crash hard. How does gold fade that outcome? Only one way, and that is fear. But, here's the rub. Gold generally goes down initially with a stock market crash. Just review what happened in 2008. It wasn't pretty for gold and silver.
The stock market has been strong the past few weeks, but that strength is getting long in the tooth. In fact, since 2018, every time the S&P daily RSI reached 70 (which happened this week) it corrected within 30 days. Moreover, when does a gold ATH hold without some type of driver? Look at history. Every time we got an ATH, it rolled over. Why suddenly is everyone bullish this one will have legs when there is no driver? The driver is coming, and it will be fear, but it's not here yet.
I will turn bullish (and give up on a chance to buy another dip) when one of these events occurs. Until then, I will be waiting to buy another dip.
1) Gold at $2100 and Silver at $30.
2) The stock market crashes, then gold decouples and heads higher.
If AIM was a casino it would of been shut down years, seriously, a crooked table.
Picked up the guy who invented corrugated paper, a multi millionaire in his late 70s and still working. A bobbly pullover, creased trousers and pair of white worn sneakers, said they were too comfy. No luggage. He'd promise to treat me to dinner when the bill came he forgot his PIN number and I ended up paying. Drove an old Renault and still gives me an occasional ring to talk business even though I'm retired!
What's more annoying than ANY post is these multiple darn pop ups! I use to visit these boards half a dozen times a day now I restrict lt one or two every other day. Refreshing the page just to read extended threads is unique to this site. A timeously annoyingly experience.
Five times the current SP. In our case I'd tell the Banker he'd need to spend time sharpening his pencil and then sitting on it. Conjecture, speculative offers are not welcome. It isn't a casual game of poker.
They may drag their feet but the NEW Greatland won't.