No Pause Here
The Hormuz Letter
@HormuzLetter
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1h
BREAKING: Iran has just launched multiple anti-ship cruise missiles from southern Iran toward vessels under US escort in the US-backed southern Omani corridor of the Strait of Hormuz, per initial reports. Loud explosions reported.
This comes in despite Axios’s Barak Ravid claiming yesterday’s US strikes “bought at least a month” of lowered threat levels for commercial ships.
Under the “tanker for tanker” policy announced yesterday, a confirmed hit means the US is supposed to strike one Iranian tanker for every ship Iran hits.
The recent action in the PM stocks is making me feel sea sick
Up and down for no reason; these are no normal market forces moving us. But I’m used to it for the most part. It’s not easy to hang on to the bull; they make it hard and scary. They’re shaking stuff hard, which equates to a big move up, is my prediction.
BTC has been interesting too; the last 2 weeks, it can’t get over the 200-day moving average. It popped through about 15 weeks ago and stayed up there to pull people in and then back down again. I have a chunk of change on CRCL, it’s a blockchain stock that I made a bunch of money in calls earlier in the year when it ripped. So I use CRCL as a Bitcoin proxy. It usually leads big moves in BTC. Check out CRCL and how high it was a while ago. Not saying to jump in, but it’s a speculative play.
Silver shares were amazing today!
Everything on my watchlist was up 7+% or more. What are they anticipating for silver?
HL up 9% on good volume.
aurum – I with you
Everything we see with this government is theatre. No one goes to jail, the money still gets spent, just moved to another agency for laundering. Remember all the DOGE savings and fraud they found? $200 Billion? All fully funded by the Senate. The politicians and bureaucrats in fed and state governments are fleecing the public left and right, doesn’t matter who is in office. If there are honest regulators or auditors like the woman in Minnesota they are threatened. Voter fraud is encouraged.
I’m not voting anymore either, it’s rigged for incumbents or big money comes in and buys the seats and rigs the election – Thomas Massie. They’ll do it to all the good people. Nancy Mace, the Repub. Boebert from Colorado. Ilhan Omar will be in office for as many terms as she wants, she steals the money from the govt. and threatens and pays off the Somali’s in her district for their votes. This administrations’ DOJ might as well be Biden’s. They protect the govt. criminals. Same with the FBI. Pathetic.
IMHO, IF we even have mid-terms, the Dems will win the house and we’ll get impeachment theatre for the last two years.
Sorry for the rant but I’ve had enough of these demons.
Silverngold
I only had the shares ( transferred over from the Dolly Varden merger), but I did buy a few more shares today😀 Thanks for posting!
It was all show.
Just as Omar said. Just like the other political shows. Where are the indictments, the trials? The only major trials were thrown out because of incompetent prosecution. Was that by plan?
I will not vote for any of these scoundrels regardless of which party.
Here’s another great interview about Contango Silver and Gold. They’ve got “it” and I’d recommend you get it if you don’t own it.
About 17 minutes and worth understanding what this great new company possesses and is developing. As I previously said Sng owns it, and once the PM’s finish this correction, if you don’t own it you’ll be chasing it….FWIW!
maddog, 13:44
thanks for that.
Who is protecting
her? Must be some powerful entities!
In case you didn’t bother reading the CONTANGO Silver and Gold writeup, here’s what they own and share; Some of the best and most extensive gold and silver mines and explorations in BC and Alaska, and they are well financed with cash!..
ABOUT CONTANGO
Contango is an NYSE American and TSX-listed mining company that engages in the exploration for and development of silver, gold, and associated minerals with a growth strategy focused on district-scale silver and gold exploration in British Columbia’s Golden Triangle funded by high-grade gold production in Alaska. The Company’s flagship Canadian asset comprises approximately 247,000 acres (100,000 hectares) of prospective silver-gold mineral tenures in and around the Kitsault Valley, the southern cornerstone of the Golden Triangle. In Alaska, Contango holds a 30% interest in the Peak Gold JV, which leases approximately 675,000 acres of land for production and exploration on the Manh Choh project, with the remaining 70% owned by KG Mining (Alaska), Inc., an indirect subsidiary of Kinross Gold Corporation, operator of the Peak Gold JV. The Company and its subsidiaries also hold: (i) a lease on the Johnson Tract project, which consists of mineral rights to approximately 21,000 acres located near tidewater, 125 miles southwest of Anchorage, Alaska, from the underlying owner, CIRI; (ii) 100% ownership of the Lucky Shot project, which consists of mineral rights to approximately 8,600 acres of State of Alaska and patented mining claims located in the Willow Mining District about 75 miles north of Anchorage, Alaska; (iii) mineral rights to approximately 145,000 acres of State of Alaska mining claims; and (iv) mineral rights to approximately 11,700 acres of State of Alaska mining claims and upland mining leases, all of which give Contango the exclusive right to explore and develop minerals on these lands.
Additional information can be found on our web page at www.contangoore.com.
Better listen to this Dane Wigington presentation on USA Watchdog, or ride along with Elon to colonize another planet when they have made earth uninhabitable. It may already be too late but the destruction continues.
Better start looking up!
I see the unchecked
meth monkeys arrived as usual to stifle any enthusiasm, although most of the silver shares are holding up well.
At least there’s something that’s consistent about this sector. They will defend $65 down to their last snort.
aurum
Your confused enough about EW, to be considered very good !!!!!
It works so well in hindsight that most think it can work as well in foresight……but as you so clearly show the possibilities are so endless, short term trading based off it is v perilous .
I often resort to time for the waves , but that too can be treacherous, when corrective waves are longer in time than the previous impulse !!!!
As for now we can say we were up for 28 days and down for 6, so if all the 2 nd waves are @ equal in time we would do 18 days down, for a clear a-b-c down and then the 2nd would be 0.64 % in time, v close to a perfect Fib 0.618 % and if C is a little lower the correction, which so far didn’t even sniff the 0.382 % level, would be clearer….
All that said the speed with which we went up today, says we maybe already in a 3rd Impulse…..the move down can be counted as a clear 3 wave, already and not 5….5 would say we need B up C down…as of now we really don’t know….aka classic E Wave…but we do know it is a super bull.
I also think that as it was created from following the Dow, you can be less exact in a commodity…..
I would add that by buying ystdy, u got good prices and even if we do a C down, the speed up we saw today, says it may be sideways. That the rally was as around the time SM opened and has now died down, that says big money, the tell will be if we see a strong last hour or so as well.
Aurum
The next 4-5 business days will be very challenging to assess based on technical analysis ( I would think holidays squelch the veracity of TA and certainly add much more volatility).
Looks like the Maxwell House effect may be in order for the rest of today…..
Contango Silver & Gold Intersects 2.45 Meters Grading 86.05 g/t Gold at Lucky Shot and Additional KM-Style Mineralization in West Drift Extension
More good news for Contango Silver and Gold! Yes, Sng still owns it!
The big and easy are gone
Don Durrett – goldstockdata.com
@DonDurrett
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Aug 31
It’s even worse for large silver discoveries (>100M oz). Those have become unicorns. 😳
Maddog
That is exactly the problem I have been wrestling with. The correction, though brutal, is somewhat shallow for a wave 2. That might imply a lower low after a B wave. Otoh, even if so and though the C often equals the A, it could be less. Also, if a strong B, just a slightly lower low.
I thought Monday was the low and so rebought positions. The issue I am wrestling with is do I want to lighten again at a perceived B top or buckle up and take the ride. The first down from this up wave could easily be a wave ii of 3 0r the beginning of a C down.
aurum
added: If I was more adept at EW I would be able to identify this up as corrective or impulsive.
Let’s not forget
that the JV button pushing, porn watching 20 something JV squad will be on duty during the upcoming holiday weekend. That means, things could be quite volatile in the metals markets whilst the Varsity is out in the Hamptons. We’ve seen this kind of scenarios for potential downdrafts…..
ADP missed low expectations
Expectations were for 44K jobs, they came in at 38K. Pretty weak. Should bode well for Friday’s report.
I’m surprised that rates aren’t moving down though.
Looks like the Bear raider shorts are caught and are panic buying back…..
This is serious bull action, rally with such speed……especially as it may only be a B wave rally…..if it was a third it would be going up way faster…..that said the speed say it may be a 3rd wave rally…..whatever wave it is the action is superb.
Edward Gofsky
Edward Gofsky
@EdwardGofsky
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Jan 1, 2024
$GLD
~ The Gold Train Now Departing. After a 12-year consolidation, the gold train left the station in 2005, embarking on a breathtaking 6-year bull run to previously unthinkable highs. Today in Jan 2024, gold is in a nearly identical setup. Chart from AG Thornson.
Nice snap back, especially for the shares
Silver back above $65 is a big help. Let’s hope the trend heads back up!
The Yen is rallying pretty good this am against the dollar, but rates are flat.
Hopefully pm’s can ignore all the other markets and do their thing.
GDX bounced perfectly off the 20 ema.