Ryan Mee, CEO of Fulcrum Metals, reviews FY23 and progress on the Gold Tailings Hub in Canada. Watch the video here.
Have you been drinking the "dollar crash imminent" YouTube guru Kool-Aid again?
Russia's announcement of complete dedollarisation had precisely no negative impact at all, because it's inconsequential...In fact, DXY was marginally up that day.
As much as some people want USD to crash, it won't, it's the cleanest shirt in the dirty laundry that is fiat currency and it would be the last man standing.
Even after this week of dramatic dollar strengthening, DXY is up again today with Cable now down -0.44%, CHF is also marginally down and the other "safe haven" currency, JPY, has had a torrid 2021 and looks very precarious and weak.
The Fed and JPow know exactly what their doing...
Chris, it's classic spoofing by the algos, cancelling bid/asks microseconds after making them. Retail would never be able to get in at those prices...The most egregious example was that day recently when FRES opened a whopping 40 mins after LSE opening bell, the spivs got out in the first few seconds and then the SP plummeted.
JPM have been accumulating for years, much of that <$20 or even <$15 and obviously they're not paying the whopping premiums that retail are having to stomach now. Citadel were once one of the biggest shareholders in SLV but they dumped a load during the first silver squeeze, making a fortune. Now the shareholdings are dominated by banks with JPM still astonishingly the custodian, despite their industrial scale market rigging; so if all of these bad guys are long then it make sense to follow...However, we don't really know how much of their holdings are proprietary or accumulated on behalf of clients.
DusterMan, people have been talking about it "just being a shakeout", "forming a double or triple bottom now" and "FRES will jump any week now" for several months. They've been topping up, doubling down and continually buying "dips" which turn out not to be temporary dips at all, possibly riding this all the way down from the 1300s. The facts are as follows, however, FRES is 41% down from 2020's high and PMs are considerably down from both 2011 and 2020 highs. This is all despite unprecedented debt monetisation and the highest price inflation figures we've seen in 40 years.
TBTB will NEVER allow real price discovery in the PM markets. There is a sophisticated and orchestrated strategy by central banks and IB trading desks to suppress PMs and make them appear as unappealing and archaic as possible, because after all, they are real money. The fact that PMs have fallen over the last decade, leaving many retail investors underwater, has been a sufficient deterrent for others to enter this market and stack.
I remain long on PMs but not because their prices will ever be allowed to go parabolic, but as a defensive measure against our intangible and fairytale financial system.
Noggers, I recall people saying "this should come good in the end" back in 2011 with gold >$2000 and silver hitting $30, the rest is history...They've now been underwater for a decade.
As much as my heart always wants to back PMs, these markets are too easily toyed with and TPTB will simply not allow real price discovery which would make gold and silver to fly. Treasuries and USD are stake here and they will do whatever it takes to maintain their hegemony.
The best time to stack PMs is actually during a liquidity crisis as they always initially tank, only then to surge later on.
I wouldn't hold your breath Dark Knight, after March results FRES couldn't even close +1%...
Dr Jamain - if the future market direction was that obvious then we'd have long been all in on PMs and associated miners. If we get another treasury tantrum like in March (which wrongfooted many dollar bears) then watch yields spike, DXY surge and PMs plummet back down (God knows where FRES would end up then, probably sub-£7 again)
I'm happy to sit tight on my FRES positions for a while but I am absolutely not doubling down and buying every dip like some of the other contributors here; this is by no means a forgone conclusion.
Shareminator, haha you know we are both on exactly the same page here :) My historical posting positions are very consistent!
If anyone is still perplexed at the current SP then fear not as shareminator did the grunt work and DD last month. He discovered that FRES is not actually a PM miner at all but a fruit and veg producer. It all makes sense now...
It's a play where the two protagonists are waiting for someone or something who never arrives.
That sounds like TikTok 'technical' analysis. For much of April and until mid-May it was >900p actually, since then we've entered another downward trend. MSCI deletion shenanigans are long over with yet there was no spike to £10+ or anywhere close as claimed, PMs are consolidating nicely and looking strong (although should be higher) yet we're only a few % off 9-month trailing low.
Waiting for Godot more like...
DusterMan - Also, as we saw in March with the treasury tantrum and widespread selloff in govt. bonds, investors are demanding a higher yield. The Fed can't just plough into turbo YCC and push the 10-year below 1.5%, yes the US can't afford materially higher rates because the interest burden would be unserviceable. However, if investors aren't getting a yield closer to 2% we will see widespread treasury dumping again, DXY strengthening and PMs plunging.
DusterMan - 'finding the bottom' has been a narrative here for several weeks now. It formed a double bottom in the 850s and pushed on a bit only to then fall subsequently to 820s. Then once it broke 900p again and reached 940s everyone naturally assumed that we're finally on our way but this proved yet another false dawn. Long story short, charts here are about as reliable as an FX guru.
JMT - despite PMs being down both YTD and versus 2020 highs, gold and silver prices are actually still extremely elevated. The problem is not PMs, yes they ought to be higher but it's FRES that is specifically languishing, particular versus North American peers. At these PM levels FRES should be at least £12.
Kernowland - what uncertainty in Mexico? Have you been to Tulum lately ;)
If FRES keeps tanking then he'll have to borrow some more money off his wife's boyfriend ;)
Brilliant work Mary, you always manage to magically sell at the weekly trailing high (5-day trailing being 927.4). I don't know how you do it... ;)
Connexion - the problem with red days is one has to endure "just topped up", "bought the dip" and "this is cheap as chips" posts which in all likelihood means some people have been riding FRES down from 1380p.
If anyone questions the incessant "any day/week now" narrative then they're apparently a deramper or whining. The irony is of course, I was right a few weeks ago when I said the high volume and SP decline against resurgent PMs meant there were big sellers in town and that it was NOT simply MM shenanigans. However, I did not initially know about the MSCI deletion at the time.
DBNO, who others also accuse of being a deramper or HF plant was actually the first person to spot the MSCI deletion and raised it here, not the "any week now" crowd. The two alleged derampers/plants/whiners were actually spot on and the perma bulls have been wildly wrong pretty much every week since February. GLA.
I thought today was finally the day that Fresnillo pops (we've been saying "any week now" for months)? Now that's been postponed again until July or August?
One day Rodney...
I'm not sure why any of us didn't before :)