As we kickoff the final week of trading in the month of January, here is a look at silver’s bull market, euphoria, plus another warning sign.
January 25 (King World News) – Peter Boockvar: Here is the updated Citi Panic/Euphoria index at 1.89, down slightly from the above 2.0 print last week. Still very extreme though. This compares with the above .40 which is considered euphoric.
Stock Market Euphoria Near All-Time Record
Record Call Buying
I also include a chart below that I saw on Twitter that measures the extent of the call buying. This call buying is not part of a long term retirement plan, or well researched long term investing. It is pure craps table dice rolling.
Public Betting Big On Stocks Going Higher
Another Warning Sign
And have you seen GameStop this morning? As of this writing it’s at $96.50 vs $65 on Friday, $43 on Thursday and $17.25 three weeks ago. I have zero opinion on the stock but it’s just another reflection of the ebullient mood. Again, it will matter when it does, whenever it does…
This company just made a gold acquisition that is worth 7-8 times what they paid for it and is now set up for monster upside in 2021! To learn more click here or on the image below.
I’ve also included the chart of the Goldman Sachs Financial Conditions Index ahead of the FOMC meeting this week. I’m sure this chart won’t make it into that meeting.
One thing to keep in mind as we get flooded with earnings this week. You’re going to hear every day about what percent of companies beat expectations, but most companies didn’t give guidance because of Covid and those that did, you could have driven a truck thru them.
Silver’s Bull Market
James Turk: Still waiting for this cup-&-handle pattern in weekly silver to complete. Need an upside breakout over $50. Each week the base gets bigger & stronger. Silver’s bull market begins when $50 is hurdled. Only need percentage gain in Mar-Aug 2020 to repeat. (see chart below).
Silver’s Bull Market Begins When $50 Level Broken
Also of importance…
Eric King: “Mike, your company just had a huge announcement with the first drill results from Eau Claire.”
FURY HITS GOLD BEARING EAU CLAIRE STRUCTURE AT DEPTH
Mike Timmins: “Eric, Fury’s EAU CLAIRE gold project located in the prolific James Bay Gold Camp in Quebec is a project with tremendous upside that was completely missed by the market. In our first drill hole of the 50,000 meter exploration program we hit the same grade of gold as 60% of our existing deposit over 600 meters down plunge from the deposit.
Huge Step-Out Drill Hole
This is a huge step-out drill hole which indicates that the deposit could get much bigger. We have added a second exploration drill rig and really going for it which is what you do when you see major extensions like this in your project. Results will be constant each month as we drill these extensions aggressively with two drills. Fury Gold, symbol FURY in Canada and the US.
James Turk discussed the silver cup and handle formation and why we’re headed into a mania in the precious metals, to listen to his powerful audio interview CLICK HERE OR ON THE IMAGES BELOW.
To hear Alasdair Macleod discuss the takedown in the gold and silver markets and what to expect next CLICK HERE OR ON THE IMAGE BELOW.
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