You are probably right. Sold my TECK.b this morning at 23.
Silver/SLV
- Thread starter BKR88
- Start date
OT slightly but in regards to Oil and Canadian Oil in particular I saw this earlier (which I don't have an opinion pro or con but seems a bit hyped up at first glance):-
https://oilprice.com/Energy/Energy-...th-Is-Much-Worse-Than-You-Have-Been-Told.html
You are probably right. Sold my TECK.b this morning at 23.
I doubled my SVM position at $8.05 Cdn. Made a lot of money on ATH/TVE/MEG/CR today, so I can afford to gamble. Not picking up any Gold stocks on this dip because Friday's have been brutal for Gold stocks and I have to respect the technical weakness. Copper stocks have been weak lately so I'm not really referring to them; only one I own is ERO ( a dud lately ) I made a fair bit on HBM on the way up.
I don't see any reversal to go up sign.
Perhaps you can see it.
gold and silver tends to move in tandem.
Gold downforce momentum is very strong.
Ok I called a bottom for miners at 12 pm today. Let's track these 5 TSX listed metal stocks that have some exposure that "very strong" downforce you are feeling.
CXB 1.74, FVI 9.28, K 8.92, ELD 14.52, NGD 2.21
Let's see how they do in a month, in 6 months. Feel free to indicate which one you'd short.
I think you are doing swing trading.
I am day trading various futures.
So you can ignore my comments.
Lot of earnings next two weeks I think it will awaken people to the value in gold mining stocks ( eg KL, Kinross, Eldorado ). SVM report suggests the silver miners have less potential unless Silver does something profound.
One day performance :
CXB + 0.01 ( continually oversold ), FVI + 0.24 ( promising bounce off support ), K +0.30 ( projecting upcoming earnings ? ), ELD + 1.77 ( +11% on new Greek deal ), NGD +0.14 ( promising bounce off support )
Conclusion : Gold trading back to $1815 and perhaps more interesting Silver at $27 suggests the strong downforce you were feeling may have been a trader induced head fake. We'll learn more on Monday. One thesis for two months was that once stimulus goes through, and it appears it will, that may be a catalyst for higher commodity prices. Because the news came out in a short term down trend, the "pop" became just a reversal of sorts unlike energy which continues upward strongly. In any event, I suspect previous strong support for Gold at $1700 and Silver at $24 will hold in any likely outcome.
That partially explains the dynamic I see in beaten up mining and energy sectors since March. You get some pretty random corrective moves ( overdone in nature ) suggesting the stock is completely out of favour, followed by an eventual rally when the underlying fundamentals bring in a lot of legit buyers. The up moves can be large; you really have to sit on some short term losses at times to participate. I think the TSX is highly inefficient at times pricing companies.