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Gold and silver prices are down

I bought some Hecla Mining (HL) and some Dolly Varden Silver (DOLLF). The miners are even lower now than they were a few months ago - or at least my miners are lower now [laugh]
 
If we get a monthly close on Gold at $2050 and Silver at $25 I’ll be very pleased.

Chatted earlier today with a buddy who was in the executive suite at Bank of America for years. Brilliant guy. Knows and loves the financial markets.

I've known him for many years. He's always been a stock guy.

At the moment he's advising a mix of bond and gold as a hedge against inflation. He's nervous about the markets.

This is a dyed in the wool, old school investor. I'd never thought he'd even consider PM's.
 
Wow, $2041 close. That’s very significant. There’s no real resistance except the all time high now around $2085.

Don’t count out the big banks, they do not want a monthly close up here. There will be an attempt by the banks to get it back under $2000 by Thursday’s close.
 
I bought some Hecla Mining (HL) and some Dolly Varden Silver (DOLLF). The miners are even lower now than they were a few months ago - or at least my miners are lower now [laugh]

Interesting today to see what miners did.

Some juniors are up 20-30%, I think this is naked shorts running for cover. 😂 You can legally do naked shorts (shorting without actually borrowing the stock) on miners in the Canadian market. So you can more shorts than shares in a stock. One miner I have is up 90% this week I suspect due to short covering.

Some stocks didn’t move at all, there’s certainly no increase in buyers yet, need to break out above $2100 for that.

Lot of miners up 4-5%, I suspect this is savvy investors who sold for tax loss and were looking to get in cheaper, and had to move early in case gold breaks out.
 
Gold Feb 2024 Futures are getting close to a breakout. Right now the market is using Dec Futures but it’ll roll over to the Feb number in December.

The banks magically drove gold under $2000 on the last trading day of Sept and Oct. they’ll try again Thursday.

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