No rain today (tonight is expected to be another story) so hoping to head up to Whistler for the day.
U.S. Stock Market – Yesterday’s late day sell-off was the first of its kind in quite awhile. The market has not had a 10%+ correction since the March lows. We’ll need to watch the next couple of days to see if one has finally arrived. Whether it does or not the market continues to “melt-up” and my target of DJIA 10,500-11,000 remains intact.
U.S. Dollar – In 25 years+ in this business, I can’t recall any single market having such an overwhelming number of bears (95% bears in U.S. Dollar Futures) and not see a reversal of some magnitude. There are just so many legitimate bearish factors continuing to pile up against the U.S. Dollar. The only hope for some counter-trend rally to begin would come IMHO if the U.S. Dollar Index could close above 78. Until such time, the path of least resistance remains down.
Gold – Sorry for the bad language but if you’re a bear you have to be poo-pooing in your pants right about now. Despite widespread bearishness not only from the usual wrong suspects, many former bulls became weak kneed or outright bearish and continue to see the market move away from them. Gold has shown tremendous internal strength by actually self-correcting intra-day by selling off only to come roaring back. Today so far has been no exception. We’re in a secular bull market that has been “stealth-like” and despite being a few dollars from it’s all-time nominal high, gold remains hated and/or ignored by most. I LOVE IT!!!!
Oil - Oil indeed broke out above $76 and has $85+ written all over it. If it can get there with the DJIA also hitting my target, both could become shorts so stay tuned.
U.S. Interest Rates – Going much higher over time!
I’ve met with a few companies so far on my trip and here’s a summary of those meetings as of now:
Effective immediately, I’ve resigned my position with ATW Gold. I’ve said over and over again that management is the key for a junior’s ability to be the one in ten that makes it. While I have considerable personal respect for Graham Harris of ATW Gold, I believe his management team has not done the job. While I believe Graham will try hard to right the ship, the bottom line is they lost the confidence of shareholders, myself and the market in general. I think there are too many others who offer better opportunity at this time and one should recognize this and move on.
I had a terrific meeting with the management of Evolving Gold. Yesterday’s drill results IMHO strongly suggest that they have true home-run potential. I no longer think the question is DO they have something but HOW BIG will it end up? Management agreed with me that they have room for improvement on the corporate communication side of things but don’t let that be a knock against them. Remember, they’re the very same management team which has discovered and is developing what 99% of all other management teams can only dream about. I CONTINUE TO BELIEVE ANYTHING UNDER A BUCK IS AN AGGRESSIVE SPECULATIVE BUY.
Met with Hunter-Dickinson management and had great updates on Farallon, Taseko, Northern Dynasty and Continental Minerals. With great bias I must tell you in all my years associated with HD, I never found them as confident in one of their deals as they are with KMK.
I had an in-depth update on Sunridge Gold. They have all the makings of becoming the next Nevsun. Company is on European road show. I’m told to look forward to lots of news flow.
Must Watch! For all those who make fun of people like me and others that speak openly about the U.S. government’s “Working Group”, I strongly suggest you watch this video.
God Bless!
Does anyone know of any Canadian ETFs that short the U.S. markets and the oil price/equities WITHOUT LEVERAGING? I believe these are much safer to hold on to than the ones that are leveraged at ‘2 to 1′ or even ‘3 to 1′. Any comments are appreciated.
Thanks
Thanks again Peter, you reassure me at the best possible times. I always wait for your updates and they always ease all doubts in the markets direction.
Gold:
I wish Nadler was right and you wrong!
I have Christmas presents to buy still (normally buy in July, but the Summer Shopping Season was AWOL this year) and would LOVE to see lower prices; AFTER I buy – To The Moon, Alice!
Roger.
“Met with Hunter-Dickinson management and had great updates on Farellon, Taseko, Northern Dynasty and Continental Minerals”
Any the update on Northern Dynasty is??? (will wait patiently for your response)
Any = And
NAKTOTENBUCKS, I bought shares in low $6. Where do you see NAK going from here?
Could someone tell me how to eliminate the debt clock on explorer? I dont have the power to run it.thanx so much
gold up
DOW/S&P up
dollar in limbo
junior metals shares as a group markedly down
what gives?
Steve,I share ur concern,its a valuations issue! are we in for a deja-vu of last year?pretty soon we will need an inverse PE!!!!
Peter, You,ve told us all the good reasons to buy ATW over the last several months. Now you tell us to sell without an explanation or what transpired with your conversation with Mr. Harris.I would think that something must have happend or been said that would pi$$ you off enough to quit.I think the readers should know what is happening with this Co.
Obama Poised to Cede US Sovereignty and Freedoms
Check this out…
http://www.pyrabang.com/view.php?ref=thenetprophet&post_id=42151
Steve,
It think it’s just a bit of profit-taking. The junior metals have been up almost every day this month and have significantly out-performed most other groups for several months. Today Mr. Market decided to take some off the table and put it into lagging sectors. This may continue a little while longer, but the general trend is for the juniors to outperform.
Fall Of The Republic: The Presidency Of Barak Obama
(full length)http://www.assatashakur.org/forum/open-forum/40059-full-length-fall-republic-presidency-barak-obama.html
Chill out Dennis. Mr. Grandich told us all we need to know. He has no confidence in management and they dropped the ball so move on. I didn’hear you asking why he said to sell his last 30 sell recommendations of which I think 28 were big winners. Sure I lost on ATW but I’m crying all the way to the bank on Nevsun and Taseko just to name a few.
Welcome to B.C. Peter,
Make sure you get Mr.Campbell to take you to the Canucks game saturday night it will be the hi-lite of your trip. Hope you do make it to Whistler for it’s a great town. Once again welcome to B.C.
Cheers
Chill out Sonya. In case you didn,t know. A prudent investor finds out as much as possible about a Co. before they buy OR SELL.lol.
TGB up more then 10% with big volume, anyone knows what is the reason ?
James,
Look at Horizon Betapro’s list of “inverse ETFs”. They do have the 2 X leveraged ones, but the ones labeled “inverse ETFs” are just single inverse.
http://www.hbpetfs.com/fundSummary.asp
I will leave it to you to sort out which might be of interest to you.
It appears that there are no single inverse of the U.S. indices, but you could find ones that trade on U.S. exchanges by sifting through
http://etf.stock-encyclopedia.com/category/oil-price-etfs.html
and browsing using links at that page down the left side.
welcome to Vancouver peter! good to read an update. not going to lie i get tentative with out. nice chatty blog tonight:) and i look forward to seeing u on the weekend at the investor summit!
I hope Peter is rite…im sufering from ‘open wallet’ surgery when it come to KMK.
CEF – I thought this was a good explanation from Howard Ruff on differences between CEF and other ETF’s like GLD. Not knocking GLD as it too has its place in folks portfolio’s should they believe the gold price will go up but many feel that CEF is a more conservative approach. This response was in answer to a question about how we can feel certain that CEF actually holds the gold (and silver) that it says it has.
“Dear Joe,
You need to understand the difference between a “closed end” mutual fund and an “open end” mutual fund. For example, if CEF was an open-end fund that backed their new shares with gold, like the ETFs claim to do, every time they sold shares, they would have to create new ones and buy gold to back it up.
But in a closed-end fund, like CEF, they buy the metal when they are first created. I am confident that they did that – for a lot of reasons. When the stocks move, it will do so pretty much in parallel with bullion in their inventory. When you buy the shares, supply and demand says the stock will go up, pretty much paralleling the movement of gold and silver.
Do they have the inventory? Yes they do, but they don’t have to keep buying it. They bought it when the fund was originally capitalized. That’s the difference between a closed-end and an open-end fund.”
I noticed that Zijin Mining has a Phillipine property in the air. May not get movement in KMK until that is put to rest. Also, how does Chinese government handle Au values when it comes to permitting? Don’t they have a ban on foreign ownership of Au properities?
here is the renowned Roubini:
http://www.philstockworld.com/2009/10/23/roubini-a-big-crash-is-coming-but-i-dont-believe-in-gold/
The video on Brooksley Born is superb. I first heard about her this past spring – she was the subject of a piece in the Stanford Magazine. http://www.stanfordalumni.org/news/magazine/2009/marapr/features/born.html
She is truly a great American.