ETFs coming under scrutiny like the JNUG and GDXJ mess.
What about this pair? DZZ ramping while DGLD and GLL are muted.

Please turn off the print instruction … didn’t know whether removing that would kill the link.

PS — I try to stay clear of ETNs when I have the choice. Stick to ETFs over ETNs, esp. if DB is the sponsor.

EW on the Indices

I’m in general agreement with Avi on the indices here.
He’s still bullish for months to come.
I am too. Mostly because everything looks so dismal around the globe by comparison. And rampant QE continues in Yurp and Asia.
I’m letting Goode chart the EW outlook, based off his updated post a short time ago.

He’s revised his count to nested 1,2s off the Feb lows from ’16.
With that, we have a series of 4,5 unwinds still ahead of us.
Plenty of opportunities to call tops and load up short. That will each fail until the last set completes.
All I can add is that my monthly relative trend indicators remain in the outer ionosphere.
Based on my backtesting, this means we will likely need a succession of negative divergences at high degree to work our way into VLT sell pre-positioning.
Until we get all of those, perhaps not even winding up THIS year, I won’t be loading the boat short anytime soon.
That having been said, I’m not a buyer here and won’t be again until one of the larger 4’s completes.

Sprott hostile bid for CEF

Sprott makes hostile $3.1 billion bid for Central Fund of Canada

From the Canadian Press
via Canadian Broadcasting Corp. News, Toronto
Wednesday, March 8, 2017

Toronto-based Sprott Inc. said Wednesday it’s making an all-share hostile takeover bid worth $3.1 billion US for rival bullion holder Central Fund of Canada Ltd.
The money-management firm has filed an application with the Court of Queen’s Bench of Alberta seeking to allow shareholders of Calgary-based Central Fund to swap their shares for ones in a newly-formed trust that would be substantially similar to Sprott’s existing precious metal holding entities.
The company is going through the courts after its efforts to strike a friendly deal were rebuffed by the Spicer family that controls Central Fund, said Sprott spokesman Glen Williams.
“They weren’t interested in having those discussions,” Williams said.

Implications ????
For Americans, CEF was structured to afford holders certain tax advantages wrt the collectibles rate on bullion. Would this continue under Sprott?


Sam had been on the C of 4 up count** since the Dec lows. (**for really big picture see my LT gold keeper on lower right)
Within that C, we have 1 up, now in 2 down. With 3 up imminent.
But I wasn’t on board that last detail in his outlook.
However I was lacking a clearly outlined alternative count.
Classypete at Pretzel’s and Philip A from Spain helped me out this week.
I copied Sam with these counts along with my endorsement, based on my non EW views.
He posted this update tonight. I seldom hear from him directly — which is fine — so I don’t know if my suggestions played a role.
But now there’s four of us EW’rs on the same page.
This fits my longstanding view that we’ve got a ways to go before the meat of C of 4 gets going (the third wave).
And I still think its possible we’re in B down and C up may not have even started.
c of 2 down will tell us or not, if last Jan’s lows don’t hold.
So I regard this as “the bullish count”.

NB: Schematic for STRUCTURE only … future turn dates and pricing not to scale.
c of 2 will be in five waves. Some of you already knew that, of course.

Trader Joe .. spx, crude, gold

21 min vid. Gold starts around 13m.

I disagree with his LT count, as I have his III IV and V at one degree lower (ie, 3, 4, 5). At the same degree as the 1952 to 1970 move, which becomes the wave 2.
So the 2011 high becomes 5 of III.

Joe is correct that “we have a problem” in gold, in that the ongoing B wave can take various forms, and that none of the options can be ruled out yet.
At least not in EW terms.

postscript … in response to several comments on the vid … one of which was mine … Joe now agrees that we are likely in a SuperCycle IV th wave, and that 2011 was V of III.
See comments sections directly at his site. This means he has signed on to my LT wave count for gold, in effect.

Cote weekend report

see pg 23


If you own gold, you really own the yen.

Sam’s EW on HUI

No one was expecting this eh? Let’s be clear. Sam was. I was. Peppermint Patty was.
Seems at least a few of us with EW running between our ears got the drift.

From before


I think the REAL question that we ALL better start thinking about, is what does it mean if this larger count is correct, after we hit green B.
My ‘treatise’ lays out how I see things resolving, and it points to sleepless nights.
I have no answer for that one.

Sam’s EW for hui

Make of it what you will


Rubino’s take

“Typically, a bottom occurs when both commercials and speculators are flat — that is, carrying more-or-less equal long and short positions.
The latest report is still a long way from that kind of balance.”

via ZH