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Mining sector is nicely green with gold still hovering around $1203, makes me think that the slide in the Dollar is being acted on as much as a rise in gold would be.
Or, insiders also acting on NO rate hike leak.
MUX and EXK are both up over 10% with flat gold, something is stirring for next week.
The Dollar is tanking, I bet ya insiders are selling on NO rate hike leak.
Plenty!
Oh but, the Dow is all ramped up off it's lows for the last hour of trading for a nice fat Friday green close, can't close red for the weekend now can we.
It is but, why is gold currently struggling to hold $1203 ??????
That is a rhetorical question of coarse.
Dollar has declined right back to Monday's level when gold was $1233 ???????
Gold Jumps Above $1200 As Bond Yields, Dollar Drop After 'Disappointing' Jobs Data
Looks like Ol'Yeller is setting us up for her renege on that rate hike, gold is contained and miners are crushed, mission accomplished, just priceless!
No meeting in April so, expect the same chicanery for May meeting.
http://www.zerohedge.com/news/2017-03-10/dollar-dumps-after-disappointing-jobs-data
I'm long in a few undervalued miners, my positions are already built on company fundamentals, too many shares to flip back and forth to try to avoid arbitrary manipulation when every fundamental says otherwise. Fraud is fraud, I call it like I see it.
Thank you Cork and Edge for your earlier responses on yet another fraudulent day in the markets, and to those who say it has always been this way...you are naive and out of touch with reality. The level of fraud and cheating has exponentially exploded since the advent of HFT computer algos less than 20 years ago, and with ever increasing speed and technology it's getting more and more pervasive almost on a monthly basis...this level of chicanery can not continue much longer, economic/financial mathematics are absolute natural law and the arithmetic will catch up in the end.
You and me both buddy, I'm pretty amazed it's even up for debate, it should have been reinstated 8 years ago, now we are due for another crash of even greater proportions for not having done so, and once again nobody will have seen it coming.
Bank Stocks Tumble Into Red After Spicer Confirms Trump's "Commitment To Restoring Glass-Steagall"
But, but, but the Dow just miraculously gained 80 points at 2:30pm to wipe away all losses for the day and close green after this.
http://www.zerohedge.com/news/2017-03-09/bank-stocks-tumble-red-after-spicer-confirms-trumps-commitment-restoring-glass-steag
Dollar down hard again this morning, where is gold you ask? Down hard again, where is the money flowing? Bonds are still selling off, stock market is up slightly, oil is down, any and all correlations be damned, these f**king criminals are bound and determined to slam gold below $1200.
They have every market so f**ked up with lies, fraud and corruption, I don't know how they keep it together.
All trust in anything of this earth is gone. Governments. Banks. Family. Corporations. Right doesn't trust left. Left doesn't trust right. It's easy to see how this all ends. If we don't all collectively get our shit together then we will bury our children together. This is not hyperbole. It's an honest assessment. The echo chambers make us all deaf to a collective truth. The lack of trust blinds us to one another. We will all bleed soon enough.
Anyone check back on popgun's pick, EGI @.74? Now .50, no mine, no production, no revenue, no profits, no EPS, no earnings, talk about a loooooser!
EGI is up at 74 cents in AH's..I told you very nice people about EGI when it was around 40 cents..hope you heeded my advice.
S~P, it is total (BS) no "traders" are selling, gold has historically done very well in a high or rising rate environment, gold soared after the last two rate hikes, this is so f**king bogus, all this gold stock carnage from a potential .25% hike. This rate hike should have already been priced in days ago in a free market, my God, gold is still above $1200, this is a farce, where are the hand cuffs!
Once again, NO change in the dollar but, the PM slamming continues.
That is all they had to do in 2009 is reinstate Glass-Steagall, a 17 page document. Instead, 2500 pages of Dodd/Frank loop-holes.
John McCain was a co-sponsor as well. What the bill also did was allow investment bank gambling losses to be covered by the FDIC ie, taxpayers!
I guess everyone here is just as disgusted as me at this utter lawlessness in the markets, I'm pretty much at a loss for words...
Now after Yellen reaffirms a rate hike in March today and the odds went to 95%...the dollar drops back to Tuesdays levels, gold rose over $10, the Dow is still way up and the miners remain devastated, direct or indirect correlations be damned, makes NOOO sense, unless that was their intent, since demand is high, PM's are becoming harder for them to slam, why not instead make sure to devastate GDX, GDXJ and the miners.
Andrew Hoffman – Upcoming Trumpflation Crash (audio 25min.)
Good stuff, I like this guy, he's spot on.
http://investmentwatchblog.com/andrew-hoffman-upcoming-trumpflation-crash/
Tom, EXK reported a .04 loss today, just to clarify.
Edge, here's the kicker, entities taking on debt to paper over short comings, don't generally pay off that debt, they roll it over into fresh interest rates, higher interest rates in this current environment are going to be disastrous!
Yes and you are absolutely right about an unemployment uptick being a trigger, just like in the 70's.
Thanks Tom, you do some pretty good work yourself.
Wall Street Scrambles To Change The Trump Narrative Again
Tyler Durden's picture
by Tyler Durden
Mar 1, 2017 9:16 AM
18
SHARES
Until yesterday, the prevailing Wall Street consensus was that in the absence of specifics from President Trump on his economic and fiscal plans, the market would be disappointed, and proceed to slide. It did not, in fact quite the opposite.
As a result, the world's best paid strategists have again - just like after the election - revised the "Trump narrative" after the fact, and now the prevailing analyst sentiment is that markets will like Trump’s address to Congress as he cooled his rhetoric and likely gained political capital. As Bloomberg adds, the reflation trade, which has been boosting financials, held, even as the speech was short on details, forcing the U-turn in the plotline. Still, while turning tactically bullish overnight, there is an agreement that efforts on tax reform and infrastructure spending are likely a long, uphill slog, as those priorities may get squeezed by other agenda items, like health care.
Here is a recap of some of the most prominent notes flying around this morning, virtually none of which to Mark Cudmore chagrin, suggest - if only for now - that the "emperor is naked."
KBW (Brian Gardner)
Markets likely to react positively to Trump’s less confrontational, more optimistic tone; may like cooler rhetoric on trade; speech may play well among voters outside of Trump’s base, buying him some political capital
Possible to read speech as implicit endorsement of border adjustment tax (BAT), though will be "uphill fight" to include BAT in tax reform even with Trump’s support
No direct impact on financials as didn’t mention Dodd-Frank or changes to financial regulations; seemed warmer to legal immigration, which may be good for sectors that rely on immigrant labor, like homebuilders; infrastructure spending may get "squeezed out" by competing agenda items like health care, tax reform
COMPASS POINT (Isaac Boltansky)
Speech was positive market signal, though presidential honeymoon is "very nearly over," must be legislative progress in next 60 days to "sustain and swell" market optimism
Watch for health care progress by March 15; tax reform language by April 10 recess; deal avoiding April 28 govt shutdown
Top takeaways:
Trump comments "intellectually supportive" of BAT; Compass Point sees BAT as "central pillar" of tax reform effort, with far more staying power than market reflects
"Notable" Trump highlighted Harley-Davidson given its deep roots in Speaker Paul Ryan’s home state of Wisconsin
Trump’s call for $1t infrastructure spending probably won’t translate into legislative language in 2017 amid political, procedural hurdles
Implied support for health care tax credits is "mile marker" as House GOP hardliners worried about swapping ACA subsidies for new tax credits; turns down the heat on ideological schism
Didn’t address Dodd-Frank or mortgage finance reform
COWEN (Jaret Seiberg)
Speech serves as a reminder to bank, housing investors that White House will devote political capital in 2017 to "other fights"
Means regulators will need to help banks and housing; watch personnel choices over next 16 months to assess how much regulatory relief Trump team may deliver
No surprise Fannie, Freddie didn’t make speech as GSE reform isn’t top priority; Congress will likely drive housing finance reform; Treasury Secretary Steven Mnuchin probably won’t put Trump priorities at risk by pushing unilateral action on FNMA, FMCC; may focus on advancing infrastructure spending, limiting banking/housing efforts
Separately, Cowen’s Chris Krueger writes Trump offered more optimism, less detail in "sequel" to "American Carnage" inaugural; likely to receive a polling boost to ~50%+ approval; "trench-warfare" on Capitol Hill remains stalemate as clock ticks, everyone waits for "the next tweet"
FBR (Edward Mills)
Speech gave "strong but subtle" signals in favor of policies that divide Republicans, like BAT, infrastructure stimulus, while largely mirroring predecessors’ State of The Union addresses
Democrats "body language" showed it will be tough for Trump to get anything done that requires 60 votes in Senate
Comments on health care (including period of stability for those on ACA, tax credits for insurance) "largely positive" for pharmaceutical industry, although Trump mentioned drug prices
Trump Says He Wants to Speed Up FDA Approval of Medicines; Calls for ‘Stable’ Obamacare Transition, Lower Drug Prices
CREDITSIGHTS (Peter Petas)
"America First, details second" speech showed reflation trade is intact, with focus on tax reform, deregulation, infrastructure spending, call for Congress to act quickly
Lack of specifics backs those questioning execution timing, potential for protracted legislative conflicts; notes continued protectionist trade rhetoric, economic nationalism that’s periodically shaken the markets; most worrying aspect from market’s perspective may be seeming endorsement of BAT
Other risks: Negative growth impacts of immigration, trade, tax choices; European elections; Chinese economy; also wary of equity "correction," trend to larger, more transformative M&A deals
EVERCORE ISI (Terry Haines)
Speech unfolded "as advertised"; policy details due in coming weeks
Broad-themed remarks were aimed at political/voter audience, not markets; designed to make case to Congress, public for top priorities of jump-starting the economy, fixing ACA, improving national security
Investors who were looking for a clear statement of Trump priorities and resolve got what they sought; investors who wanted policy detail may be disappointed
BMO (Ian Lyngen)
Lack of details about tax plans, legislative priorities means address didn’t provide much support to risk or much pressure on Treasuries
Notes 10Y yields were within 2bps-3bps range during speech; passage means one less headline risk for Treasuries in Fed-heavy week
RBC (Michael Yee)
Trump’s commentary around drug pricing "unspecific and vague;" rhetoric around drug pricing "less noisy" compared to last year
Investors aren’t "buying" Medicare price negotiations as realistic outcome; generalist investors may return to biotech through 2017
Presence of Amicus Therapeutics CEO, daughter and Trump comments around need to "slash restraints" at FDA and elsewhere may help FOLD, and bode well for agency decision on BioMarin’s experimental therapy for Batten’s disease
MORGAN STANLEY (Brian Essex)
Address left BAT option on the table, which may be a risk for IT services sector
See earlier story: IBM, CSC Best Positioned in IT on Trump Speech
WHAT EXACTLY DID TRUMP SAY YESTERDAY TO WARRANT A 254 POINT RAMP IN THE DOW, REWARDING THE DOLLAR WHILE PUNISHING PM'S ?????? NOTHING HAS F**KING CHANGED, WHAT A F**KING FARCE!!!!
AND HOW THE HELL DID THE SELL OFF IN GDX AND GDXJ BEGIN TO HAPPEN LAST WEEK, FRONT RUNNING THE EVENTS OF THIS WEEK, HUH??????
March Hike Odds Soar Above 75% After Hawkish Assault From Dudley, Williams Today.
Fed opens their pie holes, slams gold two days in a row. The timing is very suspicious given Trumps address to con-gress tonight. Debt ceiling and rate hike on the 15th, WTF?
http://www.zerohedge.com/news/2017-02-28/march-hike-odds-soar-68-after-hawkish-assault-dudley-williams
Gran Columbia Gold held up nicely through yesterday's Fed/algo induced GDX,GDXJ carnage in the mining sector, GCM down to .115 (noise) TPRFF held steady at .09.
Cork, I think you'll like this quote from Zerohedge yesterday...
Yes the Mining sector is a crime scene today. The entire sector down 9-14% today with gold down like .05% and silver down like a whopdee doo 9 cents, this is the third day in a row. This option expiry sheet is a freaking fraud EVERY MONTH.
I had one go down 14.2% on a measly 550K shares traded and every big block trade almost was a buy. Every buy in it never raised the price all day.
You can't tell me these pricks MMs are trading out of their portfolios like that for 3 days when the prices of the metals have barely even moved in the last 3.. I've watched this stuff for years but that was TOTAL GARBAGE.
They are complete and total criminals and they don't care if you see it anymore.
I watch it every day and you believe what you want. They wanted the shares for after Option expiry in london tomorrow morning for the rest of the week, so they just stole them. About 20 percent down in three days in a rising market with no news and a near record short on the COT report. And that don't even include what they had to do these last days because that report isn't out yet. It will have to be a record at this point when it does come out. Tue or Wed..
Most of the mining stocks are just now getting back to reasonable levels after being bug squashed for 5 long years. There are a few of the small caps getting ahead of themselves here but all of this was on no news whatsoever. In a normal market the Fresnillo or Pascua Lama mines would have to collapse or cave in to cause that.
I watched it when Gold hit the High of the day on comex which is a different type market and EVERY stock flashed green with a buy at the exact same time on the stock exchanges both here AND the Toronto ones. I watched 40 green lights go off all at the same instant of time, or the entire screen with stocks on 4 different exchanges in two countries plus the comex, That's algo's. What's that tell you? ALL the markets are not only being rigged but they are now being electronically rigged together and coordinated Internationally by these scum banksters.. That can't happen otherwise
I'm not buying any of it and I will dang sure not put any more money it this crooked mess, just trying to exit with my last ones to close out an old IRA. IT'S CROOKED AND GETTING WORSE.
This ain't your Grandad's stock market here friend.
Todays sell off in miner stocks was a result of Dallas Fed Kaplan who called for a Fed increase in rates. The odds of a March rate hike jumped to 50% after his speech. I guess the algo's picked it up and dumped gold, GDX, GDXJ miner stocks and hit stop losses. Traders were looking for an excuse to sell and they got it. Furthermore, I think the speech was leaked last week maybe with a slice of manipulation to go with it.
Cork, Didn't opex occur on Friday, or does it carry through to the EOM?
What's Going On With Miners? THIS Is The Gold Cartel's BIGGEST FEAR
What's Going On With Miners? THIS Is the Gold Cartel's BIGGEST FEAR
Another nice gain with volume for TPRFF today sitting @.09, we are definitely moving in the right direction.
Earlier post from Feb 8th...
You guy's want to make an easy 10% ? Buy SSRI (very good company) before their earnings release on February 23rd, they always see a 10% bump on the day.
They are always down lately, I go here...
http://goldprice.org/live-gold-price.html
T, I thought that .04 dividend was too good to be true.
$1260 Gold This Morning!
You guy's (and you know who you are) that are over analyzing, always speculating about gold/miners being overbought or always waiting for that additional pullback before getting in are never in the game and missing out big time.
Investors Flock to Supercharged Gold Bet That's Returned 180%
by Eddie Van Der Walt
February 23, 2017, 11:02 AM EST
Direxion ETF sees surge in volume of shares and options
‘This is a way of maximizing your potential returns,’ TD says
Gold doesn’t offer yield. Junior miners may, and a leveraged exchange-traded fund tracking them has investors flocking to it.
As the Direxion Daily Junior Gold Miners Index Bull 3x Shares almost tripled in the past two months, the number of shares changing hands has surged nearly fourfold this year. That’s even as trading has dropped for an ETF tracking larger mining peers and for the SPDR Gold Shares, the largest bullion-backed fund. The boost in volume has also led to a jump in bullish options on the leveraged security, with more than two calls for each put.
Investors seeking refuge from political uncertainty in the U.S. and Europe have piled into gold in recent weeks, its appeal further buoyed by a perception that the Federal Reserve would be slow to raise borrowing costs. Betting on miners has the advantage of giving exposure to dividends, and going for a leveraged security amplifies the returns in a rallying market. The Direxion fund has soared almost 180 percent from a 10-month low in December, while the precious metal has climbed about 10 percent.
“These are bets on turmoil,” Bart Melek, TD Securities’ head of commodity strategy, said in a telephone interview from Toronto. “This is a way of maximizing your potential returns.”
As the number of shares traded on the leveraged ETF surged to a daily average of 54 million this year, the volume of bullish options doubled to almost 19,700, compared with about 7,900 bearish contracts. At 1.6-to-1, the ratio of outstanding calls to puts on the fund is higher than for the VanEck Vectors Gold Miners ETF, data compiled by Bloomberg show.
While betting on miners rather than gold brings the risks associated with investing in any company, the advantages outweigh the costs if the metal rallies, according to Asa Bridle, an analyst who specializes in smaller miners. The additional appeal of junior firms is that mergers or takeovers are more frequent and could raise their shares substantially. On the other hand, a leveraged product is not for the faint of heart -- the Direxion fund has been about four times more volatile than the VanEck Vectors Gold Miners ETF in the past 100 days.
“These are higher risk investments, sure, but the returns tend to also be higher if you get it right,” said Bridle, who works for Cantor Fitzgerald, one of the largest small and mid-cap mining trading houses in London. His firm handles $2.5 billion in daily stock trades. “This is a calculated risk.”
Gran Columbia Gold (TPRFF) up over 10% today, Teranga Gold (TGCDF) up almost 5%, very green day in my portfolio.
Geo, very surprised to see NSU back under $3, quote from Stockhouse board...
Nevsun Resources – (NSU $2.94) – Having raised a significant part of the capital needed for its first major asset purchased backed in the early 1990s, I’ve followed NSU longer than any other company.
This evening, NSU announced 2016 results and 2017 outlook. I found no surprises there, not even the major cut in its cash dividend. Normally, such a percentage cut is done when a company is in great need to preserve cash or worse. In this case, NSU was a cash cow from its one main asset. But now that it has taken over what I and others believe is a potential world-class gold and copper project in Serbia, it was prudent to use much of its cash to advance this project with the least amount of dilution. I think once we have the PFS in September, and drill results from a massive exploration program, the market will need to greatly ratchet up its valuation on Timok.
Much of the recent weakness IMHO was concerns about Bisha production. While clearly not all behind them, the wording in the release gives me a sense it will linger (but expected to be less of a concern as each week passes). The conference call tomorrow is likely to give a better idea if this assumption is valid.
If one can get past all the gibberish on the Internet and take heart this is mainly an institutionally-held stock and for the most part, those type of shareholders have the basis to derive far more logical assumptions than often “wrong” novices who think a chat forum gives them authority, I find NSU a compelling value no matter what it may do or not do in the next day or week (I see no reason to chase it, but any further weakness should be relatively short-lived).
Since I’m speaking publicly just for now, I like to send my most sincere wishes to Cliff Davis, CEO of NSU, who will be retiring once a suitable replacement is found. Having known Cliff from the earliest days of NSU, he has done a great job and NSU is poised to vault even higher (although I don’t think they will still be independent by the time TImok pours its first ore).