They Cleared The Decks
The criminal bastards at the Crimex just cleared the decks. Based on nothing, they smashed Gold by $100 and Silver by $3, creating a wonderful low risk entry point. Don’t let it pass you by. We may not bounce much today? but by the end of next week and the end of September, prices will be much higher!
Wild day again. Miners smashed early on then recovered quickly. Many are shorting the miners or selling now to wait for a correction. According to Stewart Thomson of Graceland Updates: “In a nutshell, the door is still open for a move to the big resistance zone of $4800-$5000, but a short-term pullback could see gold fall 5%-7%, with silver and GDX dipping by 10%-20%. The current market is strong, and so partial profits need to be booked. In a nutshell, professionals sell into strength and amateurs try to call tops.”
I’ll just hold on. What do you and Agent Argent think of his advice?
Decided to sell 25%. Can’t really hurt.
MJ, I’m holding. I’m too lazy to sell a bunch of shit, and and a pullback at this point would satisfy the Elliot Wave karma that usually asserts itself. GDX advance from about 70 to 105 is about 35. Half of that is 17.50. So, 87.50 would be a 50% pullback. I’m not rooting for that, but if this is indeed the start of the next leg after this excruciating 6 month shellacking of the PM’s, then I wouldn’t expect a pullback of more than 50% of this advance to placate Mr. Elliot.
Plus, I do believe GDX will reach it’s all time highs by year end. It’s hard to sell, and even harder to get back on the train…..the bull wants you to bail.
And, everything overbought on the daily charts….RSI, MACD, Stochastics…..
That’s a sound way to approach this.
Although your model might be oversimplifying the complexity of the moves EW expects here.
Sure, I’m a macro focused investor with some knowledge of TA. And bigger picture, in my eye, gdx first leg was Feb 24 to Feb 26, wave 2 down just ended 3 weeks ago. Wave 3 commencing…..like I said in my amateur TA analysis. You can get more technical and detailed I’m sure. Waves within waves…..
His comments are pretty basic, no big insights. Long term the metals are always higher and taking profits along the way with miners and derivatives is always wise.
“Based on nothing”
From a chart based advisory that our group gets (and in line with my own cautionary remarks); from yesterday (Thur)
“Overall, GC has reached a meaningful resistance region and is probably about to turn lower, either in a corrective pullback or in a decisive reversal to the downside.”