Steve Penny: Currency Crisis to Lead to $300 Silver

• Palisades Gold Radio
  Tom welcomes Steve Penny back to the show. Steve is a full-time trader specializing in silver, gold, and uranium. To subscribe to our newsletter and get notified of new shows, please visit http://palisadesradio.ca
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  Steve discusses how the world is becoming increasingly unstable, and he has coined the term “Practical Preparedness” to highlight the need to financially insure ourselves against possible problems. It’s essential to get that insurance before it’s needed because it likely won’t be available when you need it. It’s too late to get insurance once your house is on fire. Steve discusses how the dollar is in a downtrend no matter how you measure it. We still have some resistance around the 89 levels, but once through it, that should set up a strong tailwind for precious metals. Gold has been outperforming the DOW in recent weeks, and he expects this to continue. He expects the senior gold miners to lead the gold price, which we are currently seeing. He expects SIL.J & GDX.J to break out and follow their senior counterparts.
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  Gold is signaling a textbook cup and handle, along with a possible breakout. Steve thinks silver is likely the most manipulated metal on the planet, but they can’t change the overall long-term trend. Commodities are quite undervalued relative to the S&P 500. He expects commodities will revert to the mean and eventually overshoot. We are still in the early stages of this long-term move. Steve discusses his expectations for uranium and why we are likely still early. Spot uranium will have to rise to incentivize new production, and fifty is the minimum required. He shows how Cameco has broken above its long-term downtrend, and volume is confirming the current move. Time Stamp References:
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  0:00 – Introduction
  0:34 – Practical Preparedness
  3:15 – US Dollar Chart
  4:20 – Gold/Dow Ratio
  5:58 – GDX & GDX.J
  9:45 – SIL.J Chart
  11:03 – Gold Monthly
  11:46 – Silver Monthly
  12:22 – Manipulation Analysis
  14:13 – Commodities vs. S&P
  16:05 – Uranium Monthly
  18:15 – Cameco Chart
  19:43 – Concluding Thoughts
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  Talking Points From This Episode
  – Practical Preparedness and Precious Metal Insurance
  – The dollar downtrend and Gold/Dow ratio.
  – Expectations for junior and senior gold & silver ETFs.
  – Commodity valuations and the bullish outlook for uranium.

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