#Gold - Reaching near old time highs yesterday, but #MiningStocks were down 1.9%. $GDX had a reversal yesterday, which may signal a short-term top. $GLD $SLV $SIL $GDXJ $JNUG

Attachment 1 displays the 30-minutes gold spot price. The price reached intraday yesterday a high of US$ 1'898 per ounce. Since the beginning of this week, gold didn't get attacked by the Usual Suspects

 

The gold spot price has tested the all-time high London gold p.m. fixing of 2011 (US$ 1'895)(attachment 2). Technically this is a very important limit and most likely the gold price will consolidate but will try again to go over this technical target. The all-time high intraday was 1'917.90 per ounce in 2011.

 

Many so called gold Gurus always talk about US$ 2'000 per ounce as a resistance, but this is only a psychological barrier.  Technically this round figure is meaningless.

Although spot gold was up yesterday, gold stocks were down 1.9%. GDX (VanEck Vectors Gold Miners ETF), the largest gold mining shares ETF, had a reversal yesterday, which usually signals it has reached a short-term top.

 

Generally speaking gold remains in an uptrend. It might pause for a while but the chances are excellent for higher gold prices in the weeks to come.

The silver spot 30-minutes chart (attachment 4) shows silver reached a high of US$ 23.24 per ounce this week. But more important, it was able to break on the upside a 5-year consolidation pattern with a strong resistance point of US$ 21 per ounce. That level will now become the support level (attachment 5).

 

The largest silver miner ETF (Global X Silver Miners ETF), symbol SIL (US$ 45.50) had no steam left yesterday, despite firmer silver prices, and lost 2.7%. As in gold it signals a short-term consolidation period to come. However, the breakout in silver prices at US$ 21 is very strong and silver has definitely entered into a bull market, something gold achieved already in June 2019 when it broke out on the upside at US$ 1'380 per ounce. 

 

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MasterMetals

@MasterMetals

American #RareEarths Producer #MPMaterials Raising $500MM via #SPAC & #PIPE In Growth Capital

The bankers are getting their product to market quickly.

MP Materials to merge with Fortress Value Acquisition Corp., SPAC-special purpose acquisition company- sponsored by an affiliate of Fortress Investment Group LLC.

The transaction includes a $200 million fully committed common stock private Investment in public equity (PIPE) deal at $10.00 per share, anchored by Slate Path Capital, Chamath Palihapitiya and Omega Family Office.

The merger is expected to be completed in the fourth quarter of this year and will be listed on the New York Stock Exchange under the new ticker symbol MP.

See the whole article on Forbes here: https://www.forbes.com/sites/jimvinoski/2020/07/17/american-rare-earth-elements-producer-mp-materials-is-going-public-and-raising-500-million-in-growth-capital/

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The Breakout in #Silver Seems To (Finally) Be Here! $SLV $SIL $PAAS $FSM $WPM $MAG $AG $FM

After underperforming #Gold for some time, Silver now looks to catch up... “Silver” #MiningStocks should do particularly well. Silver Miners in quotes, because for many, half of their production is from Gold and the base metals.

The Breakout in #Silver Seems To (Finally) Be Here! $SLV $SIL

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