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November 25th, 2020
Dear Valued Readers,
We would like to wish all our U.S. readers a very happy, and safe thanksgiving!
Covid-19 is continuing to be major news around the world as wave two becomes even bigger than the first wave. Vaccine manufacturers are racing to get a product out to market and everyone is trying to guess when it will actually happen. -70deg freezers required for storage for one manufacturer and -20deg required for another one.
[ Why does Pfizer's Covid-19 Vaccine Need to be Kept Colder than Antarctica? ] Here is an interesting web site for you about how many are in develompent: [ Covid-19 Vaccine Tracker ]
The DJ30 is breaking the 30,000 mark again. It is incredible that we are breaking new all time highs and we are in the middle of a pandemic which is wreaking havoc on employment, small business, stressing healthcare system, and the whole economy. You Can't Fight the Fed?
Everyone is expecting the fed to pump in a few more trillion in stimulus and Biden is going with Janet Yellen as Treasury Secretary. [ Janet Yellen as Treasury Secretary Sets Up Biden to Go Big on Stimulus ]
Oil has broken out of its range and taken out the resistance lows of Dec. 2018, and June 2017 ($42US). It is now trading above $45 and I'm seeing next resistance in the $50 a barrel area. Another point of interest is it took out the 61.8 fibonacci level, can it take out the yearly highs of $65 ? I think that might be a stretch but maybe next year. [ Daily Chart ]
Gold is always on one of my monitors. Gold has dropped $150us/oz in the last two weeks. Is it because of Covid-19 vaccine announcements? Biden coming into the White House soon? Was a good solid correction needed for it to go higher? Well it pounded down to $1800us/oz which is the support level of the triple top of the range from Nov. 2011 to Sept. 2012. Yes, I had to go back that far to find some reason for gold bouncing at $1800us. It is also the reason gold stalled for 8 days at that level in July on its way to $2075.
Will $1800 hold up? Give it a week or two, and if it climbs above $1850, back into the previous range, we should be ok. [ Daily Chart ] Gold Bull Market to Explode, Overweight my 40-year Average, says [ Rick Rule ]
Have a great rest of the week everyone!!
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[ YouTube ] Sprott Weekly Wrap Up with David Brady Co-founder of Global Pro Traders
[ Mining Stock Education ] Fund Manager Warren Irwin Discusses Gold, Uranium, Coal, etc
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