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Friday, July 1, 2022

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Jordan Roy-Byrne: Gold stocks are extremely oversold

Posted: 01 Jul 2022 05:36 PM PDT

Some signs of gold nearing readiness for a turn. Gold bugs take hope, especially as we move through the seasonal slump into the seasonal summer rise: by Jordan Roy-Byrne on The Daily Gold: Gold stocks have broken down technically, but they are extremely oversold. Let's start with GDXJ, which is rebounding today after testing support […]

The post Jordan Roy-Byrne: Gold stocks are extremely oversold appeared first on DollarCollapse.com.

Breaking News

Posted: 01 Jul 2022 05:26 PM PDT

GDPNow forecast plunges to -2.1%; a recession has clearly started … Orders-minus-inventory points to recession … Copper price points to recession … Ten-Year treasury yield points to recession … The mighty fall of the consumer is leading to much bigger collapse … The Economy and Markets 7/01  GDPNow forecast plunges to -2.1%; a recession has clearly […]

The post Breaking News appeared first on DollarCollapse.com.

Gold Summer Doldrums Back

Posted: 01 Jul 2022 12:30 PM PDT

Gold Stocks are Extremely Oversold

Posted: 01 Jul 2022 11:35 AM PDT

 

Gold stocks have broken down technically, but they are extremely oversold.

 

Let's start with GDXJ, which is rebounding today after testing support at $32.

 

The chart below plots GDXJ along with four breadth indicators, including new 52-week lows and a 50-day rate of change. The blue lines mark where the percentage of GDXJ stocks above all the moving averages is similar, and the red lines mark where the percentage of GDXJ stocks above only the 20-day and 50-day moving averages are identical.

 

GDXJ is arguably the most oversold or the second most oversold (Covid crash) in the last six years. When the market is this oversold, it typically enjoys, at worst, a decent rebound.

Meanwhile, the HUI Gold Bugs Index looks similar. It traded as low as 216 Friday, which is less than 5% from strong support. 

 

No HUI stocks are trading above the 20-day, 50-day, and 200-day moving averages, and yesterday 48% of GDX stocks (all HUI stocks are in GDX) made a new 52-week low. In the last six years, the only time new 52-week lows spiked that high were at the 2018 and 2020 (Covid crash) bottoms. 

The macro is also lining up in Gold’s favor as the 2-year yield plunged to as low as 2.72% this morning, inflation expectations have rolled over, and the Atlanta Fed model shows we are in a recession. The market is now aggressively pricing in rate cuts in 2023.

 

Later this month, the Fed will likely take rates up to 2.50% to 2.75%. Should the 2-year yield and inflation expectations continue to fall, this will certainly be the Fed’s final rate hike. It makes sense that precious metals would bottom right before the last rate hike.

 

Now is the time to be a buyer of weakness. 

 

I continue to focus on finding high-quality juniors with at least 5 to 7 bagger potential over the next few years. 

Periodically I will publish and update a list for subscribers of my favorite stocks with at least 10-bagger potential. To learn the stocks we own and intend to buy, with at least 5x upside potential after this correction, consider learning more about our premium service. 

Silver In The Teens!! Back Up The Truck Right Now, Or Just How Low Will Price Go??

Posted: 01 Jul 2022 11:00 AM PDT

Only one person has been consistently right about silver for the last two years and nailed the call, and now… (by Half Dollar) I’ve lost count, and I’m not sure […]

SETTING THE RECORD STRAIGHT: On Gold & Silver Manipulation

Posted: 01 Jul 2022 05:00 AM PDT

Even if people were open to analysis, most would continue to believe in precious metals manipulation…  by Steve St Angelo of SRSrocco Report With the continued focus on precious metals […]

The Dollar Twenty-Five Tree

Posted: 30 Jun 2022 05:00 PM PDT

Pretty soon we’ll be looking at the “Two Dollar Tree”, and the financial impact on the general population will be…  by Craig Hemke via Sprott Money News You’ve seen these […]

Gold: Summer doldrums for several weeks would be ideal

Posted: 30 Jun 2022 03:03 PM PDT

The solace for disappointed gold bugs is that gold has actually done better than most assets over the last six months; and it’s been a darn tough six months on ALL assets, even housing, because we are in the crash of the Everything Bubble. The good news is that seasonality points towards a rather quiet […]

The post Gold: Summer doldrums for several weeks would be ideal appeared first on DollarCollapse.com.

Stephen Roach: Why I was wrong on the dollar’s collapse … for now

Posted: 30 Jun 2022 02:06 PM PDT

Yale economist Steven Roach revisits his 2020 prediction of a dollar collapse and explains why he got it perfectly wrong. Those predicting the imminent demise of the dollar have been premature in their obituaries for decades, but there are so many good reasons for it to happen. The dollar is a bit like Freddy Krueger; […]

The post Stephen Roach: Why I was wrong on the dollar’s collapse … for now appeared first on DollarCollapse.com.

Silver, Gold, Aliens & Hidden Artifacts! What Else Are They Hiding From Humanity?

Posted: 30 Jun 2022 01:00 PM PDT

“…billions and billions and billions of ounces…it’s all going to play into the new monetary system…” by Bix Weir of Road to Roota We are being lied to by our […]

Winning Gold Market Plays Now, And Silver Suddenly Poised To Significantly Outperform Gold

Posted: 30 Jun 2022 05:00 AM PDT

A summer rally for gold looks ready to begin… by Stewart Thomson of Graceland Updates 1.   Investors want to know: will it be recession, inflation, or both? 2.   The unfortunate answer is […]

Mining Co. Starts Field Work in Chile, Offers 'High Investment Leverage Potential'

Posted: 30 Jun 2022 01:00 AM PDT

With four priority targets identified, Canadian explorer Golden Arrow Resources Corp. is conducting its initial exploration program at its newly acquired copper-gold-cobalt property, noted a...

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Economic Collapse Is Unavoidable

Posted: 29 Jun 2022 05:00 PM PDT

Economic collapse is on the way… by Chris Martenson of Peak Prosperity Economic Collapse is Unavoidable To watch Part 2, continue to Peak Prosperity using this link.

Concurrent Deflation And Hyperinflation Will Ravage The World, Gold The Ultimate Against Wealth Destruction

Posted: 29 Jun 2022 01:00 PM PDT

Sadly no one will understand that it is really different this time and that…  by Egon von Greyerz of Gold Switzerland FLATION will be the keyword in coming years. The world will simultaneously […]

Mining Co. Creates Value for Investors Via Several Assets

Posted: 29 Jun 2022 01:00 AM PDT

MAG Silver Corp. offers a robust exploration pipeline, in addition to its project in Mexico that is close to reaching commercial production, noted a PI Financial report.

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Dakota Gold Joins Russell 3000, GDXJ in Same Week

Posted: 29 Jun 2022 01:00 AM PDT

The Russell 3000 is home to the top 3,000 U.S.-traded equities. One junior gold explorer with a significant land package in the Black Hills of South Dakota — where the Homestake gold mine once...

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