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Some Instructive Dialogue from the comments section:
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“Hi Spock. Just joined your site and must say you have been a great inspiration for me after reading some of your work over the last week. As a brutally mauled investor in the precious metals stocks over the last two years, I am truly gun shy to pull the trigger now but as you recently alluded to an article over at GOLDTENT you indicate now is the time to buy. In your humble opinion should i just pull the trigger now or wait to see if any further correction materializes in the next two weeks. Thank you.”
NOVY
Plunger Reply:
“Novy
One never knows the right time to pull the trigger but its my considered view after studying markets for 30 years that this bull will offer no “gentlemen” entries early on. One just has to buy. Thats a result of everyone being burned on the way down and having their psychological capital spent. Its why so many are on the sidelines and fearful to get in. But its now a bull market. One takes his positions and holds. I have compared this to the beginning of the SM bull of 1982. You just had to blindly buy that one and hold on as it never really corrected for about 10 months.”
Spock Reply:
Novy, prices may indeed drop below your entry price, but in a bull market that is not a big deal, as it will always rescue you. Your fears are imagined. Based on recency bias, the bear is still in your thoughts. You have to revoke that fear and be confident that the bull will always rescue you at the end of the day.
Buy at or near the prices recommended, and sit tight. An updated matrix is posted daily generally, with recommended entry prices and position sizes. use that as your guide and revoke any lingering fears. You control your destiny, do not let fear enter your thoughts.
NOVY, just my two cents here (ok three) but I was in the same boat – rode the miners all the way down, down, down (been collecting 2+yrs with a bit of dip-buying rally-selling to reduce my cost basis but not by much) – would have saved me a lot of PAIN had I found this site earlier. Admitedly, I gave up (all out) expecting a third wave down at the HUI 100 low (aug 2015). Meanwhile I dabbled somewhat successfully in oil (gold/wti oil ratio @ historical 45) and come January I was sick to my stomach having seen the huge GDX rally into Feb, however that only lasted a few nights of contemplation and I got over it – no sour grapes – this breakout IS a game changer – in addition to the fact that Spock and others here on Goldtent had been calling this move. Another clue this was a trend reversal for me was the fact the QE driven dow/gold ratio since 2011 was BROKEN on the 100 year chart (macrotrends.com). Just to give you an idea of how convinced I am of this move – I’ve recently drawn some equity out of the house at a ridiculously low IR and progressively buying gold and silver eagle bullion. Sell Real Estate buy PM’s. To boot, the SM tops are looking like the St. Louis arch. And back to what Plunger says about blindly buying – do it – not ALL IN at once maybe you may wish to wait for this trend to prove itself further – but I think you ought to at least start participating in this move NOW – make a plan and stick to it (Rich Dad’s Silver and Gold Investing P180). Take a look at the daily gold move from early 1976 to Dec 1979, which was just after the first big market downdraft in the early 70’s (and gold’s first run up). IMO, this is where we are today. It all started around 9/2/76 with a series of three poles and flags that were short and steep to begin with, then got larger and longer – the first moves were sudden and with little or no re-entry pullbacks to take advantage of. Good luck.