Gold and Silver Outlook 10-30-14

10-30-14 GLD Chart

The mining stocks took it on the chin big time today. But the start of the day was JDST again up a whopping 26%. JDST is up about $10 a share from when I first mentioned it. Being that it is down 72% of the year, it is no wonder that it had room to move higher as the mining stocks break down.  UGAZ UGAZ had another decent day up 3.14% to close at $11.84 and is trading at $12.02 after hours. I had said the risk vs reward was there with today's supply data coming in. The data was good for … [Read more...]

Gold and Silver Outlook 10-29-14

10-29-14 GLD Chart

In today's midday report I pointed out some of the shortcomings of the Fed reading the market which is why they are still keeping their low interest rate policy for the time being despite ending QE. Will they do QE again if necessary? Sure they will. How will any new QE be viewed differently than the old QE if it comes? Sorry Fed, This Is NOT a Recovery First off, to think that QE was responsible for the improved unemployment numbers is a reach. As I noted midday, the U-6 number still shows … [Read more...]

Gold and Silver Outlook 10-29-14 – Midday Report

Home purchase applications

The Fed has spoken and as I wrote in yesterday's Current Thoughts that the Fed won't do anything. Specifically I said; My guess is the Fed will NOT tip their hand tomorrow and QE will come to an end, but I do think that when the minutes come out in a couple weeks, it will show more discussion on whether they ended QE too soon from some of the members. This could be temporarily bullish for gold then, but I don’t see a real catalyst for it to move higher. Long time readers know where I think … [Read more...]

Gold and Silver Outlook 10-28-14

10-28-14 GLD Chart

We got some volatility today with gold and silver as they bounced off their most recent lows slightly, but it was the miners that made the biggest moves. JNUG did break to a new 52 week low but both GDX and NUGT only came within a few cents of their lows before marching higher. I had said in yesterday's report to watch for quick reversals during the week the Fed meets and to expect volatility and that's what we got today. GDX was the only score that improved on the day. All eyes on the Fed … [Read more...]

Gold and Silver Outlook 10-27-14

Gold RR

As mentioned in yesterday's thoughts, gold and silver are struggling to catch footing and the miners I mentioned last week were set to break their 52 week lows again. GDX closed just above its 52 week low. JNUG closed just above it's 52 week low but is under it after hours. NUGT is also just above its 52 week low. GLD turned to a score of -55 and SLV is the weakest metal sitting still at -100. Things do not look good for gold, silver and the miners. But this is typical action before a Fed … [Read more...]

Gold and Silver Outlook 10-26-14

10-26-2014 GDX

No good news for gold bugs so far this afternoon. Gold and silver opening slightly lower in Asia. After Friday's non-event where we saw gold and silver scores for the metal and miners move slightly lower, it seems we are still on that same path. I hate to say this, but I do see at some point gold moving to the under $1,000 level. It is a psychological level that I see market makers wanting to break. It is a level I know the Federal Reserve would love to see broken and it would break the backs … [Read more...]

Gold and Silver Outlook 10-23-14

10-23-14 GLD Chart

Really not much to add to the midday report I posted. Miners ended up a bit after all hitting 52 week lows. This is what market makers do, they pull it down to break channels, then reverse it for quick profit. Will the miners continue up tomorrow? I don't know. Might be a good short term play, but gold didn't end up green for the day. Gold however is still maintaining above the $1,200 psychological level and silver maintained above $17. I would use those as stops if attempting any … [Read more...]

Gold and Silver Outlook 10-23-14 – Midday Report

GDX 10-23 Midday

Just a quick note that even with gold lower today, as expected, and the mining stocks all breaking their 52 week lows, we have had a nice bounce off those lows. Many times market makers will like to break 52 week lows and those who are technical traders will then jump on the short side, only to be whipsawed out of their position with a sharp turnaround. You can see from the charts below for GDX, JNUG and NUGT just such action after all 3 broke their 52 week lows earlier in the day. They all … [Read more...]

Gold and Silver Outlook 10-22-14

10-22-14 GLD Chart

This morning I added a note to last nights Current Thoughts about what gold did overnight in Asia and Europe as well as at the open here in the U.S. Here is what I said around 6:30am PST. 10/22/2014 MORNING UPDATE Gold never did follow through higher and the miners are all gapping down. CPI came in as expected but the dollar is up strongly with interest rates rising a bit. Gold needs some good news to get going. TNA gapped up to 65.29 and we might see a reversal coming through Halloween so … [Read more...]

Gold and Silver Outlook 10-21-14

10-21-14 GLD Chart

Gold and silver ended the day with slightly better scores today but the miners continued their struggles. GDX, JNUG and NUGT all finished down for the day and the score remains at -100 for GDX. I am still leaning for a bounce here but gold has to continue higher for this to occur. The dollar shot up with news from Europe that the ECB may lower rates again. This in turn caused the Euro to fall. TNA has a very nice day and is up now $10 off the lows. UGAZ broke to a lower low just … [Read more...]