Monthly/Quarterly Close Highlights

Quick update

The Dollar Index - DXY (Bullish)

Not what I would have expected to see. This could be a risk off deal corresponding the and S&P rollover. It’s not negatively effection gold and oil though. We could be going higher here.

Gold (Bullish)

Giddy-up. Inverse Head & Shoulders inside of a Cup and Handle. Buy the pullbacks (PHYS). Target 1 is around $2,400. Raising cash may not be a bad idea with the chart above. I expect this pretty quick and a decent pullback. I will be swing trading it if its quick… possibly this is a reallocation point to the equities.

This is what it looks like on Sprott PHYS. The plan is to monitor the distance from moving average (green arrow at the bottom) and there should be confluence with that and the first target as to raise some cash from the move. Very strong overall. Nothing wrong with holding to get the $22 extended target. This is the beginning of a long bull move IMO.

Silver (Modest Bull)

Silver looks like it wants to break out but isn’t quite there yet. Still, Golds move is encouraging. IMO a breakout pushes $34.5 very quickly. It’s highly likely we get continuation move to near $50. We’ll have to evaluate that as it comes. I would expect a break and a handle formation to this cup, possibly for the following 12-18 months. Everyone will be calling for $200 then. Be wise.

I’m playing PSLV (Sprott physical silver). Targets 1 and 2 are shown:

Sprott has a blended product (CEF). I don’t normally recommend, since you can blend your portfolio yourself, but the chart looks very good (clear breakout) for a 20% upside this year.

Gold & Silver Equities (Semi-bearish)

There is one gold producer really popping its head up. Bulgarian Dundee PMs. This company is cash flowing and profitable (a leader). This month it confirmed a bull flag breakout (green arrow). I’m looking for +100% over the next 2 years, maybe sooner.

One silver producer that is leading the pack just confirmed a breakout (AYA). Key indicators and targets are mentioned on the chart. This stock valuation and growth forecast is supported in the fundamentals as well. If we get the confirmed silver breakout. I expect the first move over the remainder of 2024. The company is ahead of schedule on its mine development and ramp up.

Runner up to AYA is Silvercrest. The breakout is not as convincing but it looks like the downtrend is finally broken on the monthly chart. Target is $23-24, but it will likely need some revision to account for a varety of other factors.

The guys I covered mid month all still look good:

Oil and Gas (Oil trying to break out)

Nat Gas (rock bottom)

At some point elasticity kicks in and it goes no further. I would think higher prices are in the future if distant.

Play Natgas, DVN energy from last weeks chart and add a CNX to the list of the others:

Potash

NTR looks like its creaping above a break out, but not super convincing at the moment. This is a high quality company (I own). I’m keeping an eye on it.