Friday – Final Day
On Tues. I posted that Friday was going to be a special day. It represents the LAST great buying opportunity before the gold and silver stocks take off to the upside. You want to complete your buying, in the Terrific Ten, and or any other miners you may be interested in. I can only speak to the many I follow, but lets use the charts of the Four Leaders I have posted about in the past.(GSV has already broken out) The other three, and many others, will complete inverse h&s bottoms today. Granted, these are just small bottoms with 6 day counts between each of the three points. The same time frames play out with gold and silver as well. Because the charts complete their patterns today and because Monday is a holiday in the US with no trading, I believe that the metals are going to rise and possibly significantly on Monday and early morning Tuesday before US trading resumes Tuesday morning. The gaps on Tuesday morning in many of the miners could be significant and you don’t want to be faced with the dilemma of having to pay up and worry about gaps then getting filled at much lower levels and missing out if this turns out to be the mother of all breakouts and those gaps never fill and the metals and miners just keep rising. Buy today and you don’t have to worry about missing out, chasing, nor getting caught in a sharp reversal that scares you out just before heading higher again. Today, is the sweet spot. Buying on the final pullback of a completion pattern. It doesn’t get any better than this. Additional thought: If the COMEX and or LBME are ever going to default because of a lack of physical silver, ie force majeure, where they have to settle in dollars or pounds, respectively, this weekend into next week would be my guess.
FWIW, of the 3 you have provided charts, the most skeptical 1 is NEM. I’m in with RGLD. I made 35% with the recent big jump in MAG. THX for your input CM
You are welcome Isarmina. The charts were just to show the bottom patterns. As I pointed out(possibly yesterday) NEM is the laggard, possibly to keep as many people as possible skeptical of the bullish thesis since it is one of the two giants. Even it will be kicking in before today is over.
Just re-read your post and the comments. I was halfway in as of yesterday.
As I started looking at shares and their action (my PF opened down, of course!!) and checking on calls, I quickly noticed the prices were starting to move against me.
Perhaps I’ve read too much these last few days, but 10 minutes ago I pushed all my chips into the center of the table. My leveraged bets are on FSM, AUY, FCX and a handful of juniors.
Now we wait and see. Not selling again till it’s time to take profits…
“Get right, sit tight” Looks like you’ve gotten right, now JUST SIT TIGHT!
CM, I like your conviction but very briefly, please make a case for why the H&S on a 12 month chart for GDX should be dismissed. I’m bullish long term of course but I see a washout coming in paper gold (NOT the metals).
My target buy (not GDX but just as a signal) are $32.50 and all-in at $31, you’re saying the bottom’s-in clearly (for paper metals), but I’m spooked by this obvious H&S pattern (you could even say there is an H&S on either side of the August head. Thanks in advance!
Thanks.
I don’t follow nor care about GDX. It is just noise. I don’t talk about paper anything so don’t say I called the bottom in paper gold and silver. I only use CEF, PSLV and the actual charts of gold and silver. CEF and PSLV are not paper, they are trusts that own and hold actual physical bullion, not paper. That is why I don’t look at nor pay any attention to GLD or SLV.