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Noteworthy    WATCH: Mark O'Dea on when he gets his best ideas  BC Business, October 31, 2014 11:36 AM  See More
WATCH: Mark O'Dea on when he gets his best ideas
BC Business, October 31, 2014 11:36 AM  See More
POSTED ON October 31, 2014 BY CEO Technician

It is not a coincidence that gold has seen a low of $1161 thus far in today’s large sell-off: Click to enlarge There is a great deal of Fibonacci confluence in the $1154-$1160 area (the 50% retracement of the entire 2003-2011 bull run and the 61.8% retracement of the 2008 low to the 2011 peak).… Continue Reading

POSTED ON October 31, 2014 BY CEO Technician

After yesterday’s ugly session it was pretty much a foregone conclusion that gold would knife through the $1180 level, an area of support which it has tested on 3 different occasions since June 2013. As is often the case the breakdown took place in the early morning hours New York time: Gold is currently fumbling… Continue Reading

POSTED ON October 29, 2014 BY CEO Technician

Gold stocks were hammered today with many senior producers falling by more than 5%. Barrick Gold (ABX), the world’s largest gold miner, was particularly hard hit; its shares reached levels not seen since 2003 when gold was $330/ounce and copper was below $1/pound: Click to enlarge This chart is truly remarkable. It tells a story… Continue Reading

POSTED ON October 28, 2014 BY CEO Technician

Total assets in gold exchange traded products reached fresh 5-year lows last week: Click to enlarge In addition, total assets in the Rydex Precious Metals Fund (an excellent gauge of retail investor sentiment) reached 12-year lows yesterday as investors continue to flee the space in disgust: It is interesting to note that as funds continue to… Continue Reading

POSTED ON October 22, 2014 BY Travis McPherson

A relatively unknown European-focused gold developer called Euromax Resources (EOX:TSXV) has a market cap of just $26 million, but yesterday it secured a $175 million streaming deal with the world’s largest gold streamer, Royal Gold. That’s nearly 8x its current market cap. Euromax’s management is made up of most of the former European Goldfields executives who sold that… Continue Reading

POSTED ON October 22, 2014 BY CEO Technician

With the marginal cost of gold production currently pegged right around $1250/ounce (Morgan Stanley Research) it is not surprising that this level has been quite ‘sticky’ lately, first serving as support and now as resistance: Click to enlarge After the $70 rally we witnessed in the last three weeks a consolidation between $1230 and $1250 is to… Continue Reading

POSTED ON October 21, 2014 BY Travis McPherson

In what looks to be a classic example of “first mover advantage’, the billionaire Lundin family is acquiring one of the best gold projects in the world, in the worst market in decades. Lukas Lundin’s Fortress Minerals is acquiring the Fruta del Norte (FDN) gold project in Equador from Kinross Gold for $240 million in cash and stock.  The… Continue Reading

POSTED ON October 17, 2014 BY CEO Technician

I will have a full market summary out on Sunday but for now I found two of this afternoon’s Commitments of Traders (CoT) reports to be quite curious; small speculators have moved to a record short position in gold futures (net short 6,592 contracts for a notional value of roughly $818 million), while total speculative… Continue Reading

POSTED ON October 16, 2014 BY CEO Technician

Ten days ago before all the recent fun started we penned a piece entitled “2008 Redux?”. The main point of this piece was to highlight the striking similarities between the current market and the lead up to the 2008 market meltdown. Most notably we just witnessed one of the worst months ever (September) for commodities… Continue Reading

POSTED ON October 15, 2014 BY CEO Technician

Investors have long been trained to think that when it comes to gold, deflation is bearish and inflation is bullish. This basic economic theory holds that during inflationary periods the value of paper currency declines (less purchasing power) with every passing day, whereas gold maintains its purchasing power (hence the phrase “store of value”) and appreciates in terms… Continue Reading

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