Goldtent TA Paradise

Market Historian James Flannigan Calls a Bottom in the PM Sector

1. Noman says:

   August 24, 2021 - 10:13 am at 10:13 am

   Don’t agree. The miners are simply too weak. The tradeable sector right now is the energy sector after a brutal decline. I am in PBF.

   • JSKauai says:

     August 24, 2021 - 11:06 am at 11:06 am

     Noman, just curious on your thoughts about PBF. It took a huge hit from a high in the 50’s to sub tens. Plus it appears to have suspended their dividend, Are you looking to play the rebound? Chart looks horrible.

     • Noman says:

       August 24, 2021 - 11:40 am at 11:40 am

       My assumptions. The left wants to get everyone on board in going green, like with the Vax. The only way they will get everyone to buy a electric car is if the price of carbon like oil and refined product skyrockets. PBF is in the refined products business. I like XLE BP and especially PBF because they are highly leveraged. Biden and team want oil/gas to skyrocket in price to drive everyone to beg for their idiotic green deal. The price of oil will rise and will give refiners like PBF rising margins on profit. Only buy PBF if you believe the price of carbon based energy will rise. Unlike gold which the Empire hopes will never rise, oil is given the blessing by these green idiots to rise. My additional assumptions are that as the scamdemic fades more gasoline will be needed. The dramatic drop in PBF was caused by the collapse in demand for gasoline.

       • Noman says:

         August 24, 2021 - 11:43 am at 11:43 am

         If you want to get deep in the weeds people like me are front running the RVO decision from the EPA on 2021.

       • JSKauai says:

         August 24, 2021 - 11:44 am at 11:44 am

         Thanks for your reply. I have added PBF to my watchlist.

         • Noman says:

           August 24, 2021 - 1:10 pm at 1:10 pm

           I forgot to mention the chart. If you look at a weekly you can see a beautiful head and shoulders bottom pattern.

2. Noman says:

   August 24, 2021 - 10:26 am at 10:26 am

   Thank you for posting Olyeller. It’s nice to see gold posts.

   • Olyeller says:

     August 24, 2021 - 10:39 am at 10:39 am

     LOL….The lack of gold posts on this blog for the past few weeks has been one of best contrary indicators I have ever seen. With most everyone black bearish in the PM sector, except the gold bug perma-bulls of course, the general consensus has been the gold price will be moving down to $1550-$1600. While the GDXJ has already priced in $1550 gold, the GDX may have double bottomed. With most quality juniors cashed up through 2022, select junior PM stocks are presenting an incredible buying opportunity here. You may find my Kitco weekly column from 8/13 interesting: https://www.kitco.com/commentaries/2021-08-13/The-junior-bag-holder-nightmare-is-a-contrarians-dream.html

     • Strider says:

       August 24, 2021 - 3:00 pm at 3:00 pm

       Of course, the bottom of any market brings forth the highest levels of despair. In the case of the PM markets you will find the same phenomena in all PM centric sites. No need to knock our fellow Goldtenters.

       • Olyeller says:

         August 24, 2021 - 5:22 pm at 5:22 pm

         My post was not a knock on people who frequent this site, just stating a fact.

3. pedro_deleon says:

   August 24, 2021 - 5:48 pm at 5:48 pm

   Did not tune in to the audio. If there was a text summary, I missed it.

   What KIND of bottom did he call? OP simply refers to “A Bottom”. But that’s also meaningless without more.
   As I noted recently, there’s a difference between a trading bottom and an investor’s bottom.
   And a swing bottom or scalping bottom. Without elaboration, no one knows what is meant by a bottom.

   I’m on PM sector sell from 2011 (Cycle), VLT Sell from Aug 20, LT Resell from June. ANYTHING UP is countertrend from my perspective until I get flip side Buy signals at one or more of those higher degrees. And those biggies aren’t close in time. We could see a buy at lower degree after the dollar rally tops, for a tradeable rally. Nothing firm yet.

   • Olyeller says:

     August 24, 2021 - 6:04 pm at 6:04 pm

     Here is a link to the Gann Global webinar from a few weeks ago, which goes into detail re his comparative historic precedence for a significant bottom being formed in the PM sector at this time:

     “We’re still in the running to track the two greatest bull markets in since 1879 in the precious metals during the 90 and 60-year cycles (+737% & +612%) In April 2020, prior to the blow-off into the final bull market top in August 2020, I issued an all-out buy signal in both the gold and the precious metals stocks. This, of course, was in the thick of the pandemic crash and subsequent violent “V” bottom. In so doing, I was aware of the fact my purchases were being made midstream in the overall explosive moves up. And this was neither an ideal nor preferred strategy since I look to buy on weakness (at bear market lows or after major corrections in bull markets). Nevertheless, the structure argued for prices to continue to surge. As it turned out, runaway advances occurred into culmination highs in Aug. But the price reversals to the downside resulted in my receiving sell signals in November 2020. This resulted in my making 7% and 8% respectively in gold and precious metals stocks. So very modest gains. We’ve returned to the angles of ascent during the historic 90 and 60-year cycles. And by all appearances this can open the door to an all-out buy recommendation from lower prices than where we currently find ourselves…buying on weakness and into oversold conditions.” http://www.gannglobal.com/webinar/2021/08/21-08-12-Webinar-or-Video-Offer-Is-Open-MF.php?inf_contact_key=646c48944fc4e3369166b1fdeca1343cb7af0999dac2af6212784c39e05d2aef