***NOVEMBER 2011 Gold and Silver Stocks/Options/Futures trading thread***
roadrunner
Posts: 28,303 ✭✭✭✭✭
This is a continuation of the monthly thread for discussing relatively short or near term movements in precious metals and related securities.
October was one of the best months ever for equities....not bad for gold and silver either. What will November have in store? ...........well it's already started with
a smackdown to the risk on trade. Happy Halloween. Volatility wins, again.
Link to October trading thread
roadrunner
October was one of the best months ever for equities....not bad for gold and silver either. What will November have in store? ...........well it's already started with
a smackdown to the risk on trade. Happy Halloween. Volatility wins, again.
Link to October trading thread
roadrunner
0
Comments
Further, this type of classification begins to have the implication that gold is like stocks, in terms of being a "risk on" asset. We see that today as the stock market is ready to open a couple more hundred points down, and gold is down another $30 or so in pre-market trading.
On one side we have the dollar (and Treasuries & debt), and on the other side we have "assets". Maybe it's always been this way to a degree, but now it seems like all assets are being lumped together as the anti-dollar.
Am I missing something? I'm not clear about why an investment in dollars would be "risk off" any more than an investment in anything else would be "risk on". Are we simply being gamed by semantics?
I knew it would happen.
These are the most stupid phrases I ever heard. They mean nothing and are completely inappropriate. They do more harm than good.
Further, this type of classification begins to have the implication that gold is like stocks
Gold IS like stocks. And bonds and real estate and currencies. It is just another asset class. Gold can lose value and be devalued, just as any asset.
Are we simply being gamed by semantics?
Yes. And those symantics apply to all assets, including gold.
Im really in awe of the relative strength of NEM over the last 2 months. Been holding the 50dma very well.
Knowledge is the enemy of fear
Gold IS like stocks. And bonds and real estate and currencies. It is just another asset class. Gold can lose value and be devalued, just as any asset.
I think you know what I'm getting at, but to clarify - the implication is that all stocks, gold and every other asset is to be lumped into a homogenous category that only reacts in the opposite direction that the dollar happens to be headed at the moment.
This type of dumbing-down in basic thinking seems to be quite intentional by the big financial media, and possibly by the Treasury in order to make it appear to the clueless - that there is no advantage in making any distinctions between asset classes or assets within a class. Ergo, if there is no advantage in making those distinctions, the most plausible alternative is to hand over control of their assets to the financial machine and let them take care of your thinking for you.
Interesting.
I knew it would happen.
I contend that this dumbing down is precisely what people want. Does anyone know how to read a map? No need as we have GPS. Have you seen the new Apple I-phone 4s? You just ask it questions and it answers you. There is no need for individual research or fact finding.
The Govt is not going to take control of anyones assets. YOU and I are the Govt. Are we going to let that happen? Watch what happens in Greece tonight. You'll see how a democracy works.
the implication is that all stocks, gold and every other asset is to be lumped into a homogenous category
Gold carries just as much risk as the stock market..
Knowledge is the enemy of fear
Not sure where markets trade in the next few days, but the rut is starting soon and I got a nice 8pt on my trail cam.
Knowledge is the enemy of fear
No - we disagree on this as I've mentioned before. I am helping to fund a bunch of guys who cater to special interests that for the most part - conflict with mine.
Watch what happens in Greece tonight. You'll see how a democracy works.
Greece was the first actual democracy, but what we'll be seeing tonight is the end result of the social welfare state, and it may turn out to be mob rule instead of any kind of democratic process. I hope it doesn't, but it might. My take is that this will go on for a long time in Greece.
<<the implication is that all stocks, gold and every other asset is to be lumped into a homogenous category>>
Gold carries just as much risk as the stock market..
Different assets carry different risks and the risk varies constantly. You know that. Even I know what a VIX is.
I knew it would happen.
I would say they all carry the same risk, but will agree that the risk is constantly changing.
Knowledge is the enemy of fear
<< <i>Different assets carry different risks and the risk varies constantly
I would say they all carry the same risk, but will agree that the risk is constantly changing. >>
Are you saying that there are no assets that are more speculative than others? If so, I would have to disagree.
For example, in today's market there is more risk investing in real estate than there is in investing in oil. If your statement holds true then downside/upside for all asset investments would be the same and there would be no reason to be short one and long the other; there would be no reason to execute trades. If they all carry the same risk then they would all carry the same reward.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
news from any one miner. And with the ETF NUGT you get 2X GDX leverage. Of course if you're using call options then that will certainly get you more leverage. Note that
on December 1st NUGT and DUST both go from 2X GDX etf's to 3X etf's. Gotta keep up with the pack. I was in DUST on Friday but didn't have the kahunas to hold it over
the weekend.
roadrunner
Yes, thats exactly what I am saying. But as jmski52 mentioned and I agreed, those risks change over time. There are periods when a certain asset may carry almost no risk, yet another time when that very same asset carries a trememdous amount of risk. Timing is the most important concept in investing.
I could make a very reasonable arguement for oil being more risky than real estate, but thats probably best for another thread.
Roadrunner, I was thinking of going with an ETF, but i may try to play NEM via a combination of stock and options to capture dividends, even though NEM doesnt go ex until next month. NEM may even outperform the etfs.
Knowledge is the enemy of fear
<< <i>Are you saying that there are no assets that are more speculative than others? If so, I would have to disagree
Yes, thats exactly what I am saying. But as jmski52 mentioned and I agreed, those risks change over time. There are periods when a certain asset may carry almost no risk, yet another time when that very same asset carries a trememdous amount of risk. Timing is the most important concept in investing.
I could make a very reasonable arguement for oil being more risky than real estate, but thats probably best for another thread.
Roadrunner, I was thinking of going with an ETF, but i may try to play NEM via a combination of stock and options to capture dividends, even though NEM doesnt go ex until next month. NEM may even outperform the etfs. >>
Based on your belief, if I were to choose an asset investment right now, it wouldn't matter which one I chose because it's change over time would remain the same as the others. What's the point in choosing one if not to choose the one with greater return. And if one has greater return, in many cases, it was because of GREATER risk.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>
<< <i>Are you saying that there are no assets that are more speculative than others? If so, I would have to disagree
Yes, thats exactly what I am saying. But as jmski52 mentioned and I agreed, those risks change over time. There are periods when a certain asset may carry almost no risk, yet another time when that very same asset carries a trememdous amount of risk. Timing is the most important concept in investing.
I could make a very reasonable arguement for oil being more risky than real estate, but thats probably best for another thread.
Roadrunner, I was thinking of going with an ETF, but i may try to play NEM via a combination of stock and options to capture dividends, even though NEM doesnt go ex until next month. NEM may even outperform the etfs. >>
Based on your belief, if I were to choose an asset investment right now, it wouldn't matter which one I chose because it's change over time would remain the same as the others. What's the point in choosing one if not to choose the one with greater return. And if one has greater return, in many cases, it was because of GREATER risk. >>
Thats correct. Over the very long time every asset class has very similar rates of return. Stocks, bonds, real estate, gold, when plotted over the last 80 years have almost the same total return. The trick is to find those intermediate timeframes when one asset outperforms the others.
And if one has greater return, in many cases, it was because of GREATER risk.
Not necessarily. What was the risk in buying gold in 2000 at $250. Or in buying Treasuries in 1981 and locking in a 16% yield. Or of buying equities at 1x book value in 1982 while they paid a 7% dividend. Those risks can change dramtically over time as price rises. Gold lost as much in the month of September as it was worth in 2002. Stocks lost 50% of their value when they traded at 4x book value and 1.5% dividend. Same assets, bad timing.
Usually, the greatest risk yields lesser returns. While it is true homeruns can be hit, most of the time the most risky investments strike out.
Knowledge is the enemy of fear
<< <i>
<< <i>
<< <i>Are you saying that there are no assets that are more speculative than others? If so, I would have to disagree
Yes, thats exactly what I am saying. But as jmski52 mentioned and I agreed, those risks change over time. There are periods when a certain asset may carry almost no risk, yet another time when that very same asset carries a trememdous amount of risk. Timing is the most important concept in investing.
I could make a very reasonable arguement for oil being more risky than real estate, but thats probably best for another thread.
Roadrunner, I was thinking of going with an ETF, but i may try to play NEM via a combination of stock and options to capture dividends, even though NEM doesnt go ex until next month. NEM may even outperform the etfs. >>
Based on your belief, if I were to choose an asset investment right now, it wouldn't matter which one I chose because it's change over time would remain the same as the others. What's the point in choosing one if not to choose the one with greater return. And if one has greater return, in many cases, it was because of GREATER risk. >>
Thats correct. Over the very long time every asset class has very similar rates of return. Stocks, bonds, real estate, gold, when plotted over the last 80 years have almost the same total return. The trick is to find those intermediate timeframes when one asset outperforms the others.
And if one has greater return, in many cases, it was because of GREATER risk.
Not necessarily. What was the risk in buying gold in 2000 at $250. Or in buying Treasuries in 1981 and locking in a 16% yield. Or of buying equities at 1x book value in 1982 while they paid a 7% dividend. Those risks can change dramtically over time as price rises. Gold lost as much in the month of September as it was worth in 2002. Stocks lost 50% of their value when they traded at 4x book value and 1.5% dividend. Same assets, bad timing.
Usually, the greatest risk yields lesser returns. While it is true homeruns can be hit, most of the time the most risky investments strike out. >>
So, I guess the term "weighing risk" is limited to whether I should be invested or be in cash.
<< <i>Are you saying that there are no assets that are more speculative than others? If so, I would have to disagree.
Yes, thats exactly what I am saying. >>
OK, so if you and I were to have a six-month contest where we each invest in one of two assets, one person in real estate and the other person in gold, you would have no problem with me choosing which of the two I get to invest in?
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
But as a rule, I NEVER let others choose my investments.
Knowledge is the enemy of fear
<< <i>I dont have a problem with that as long as I get to choose the 6 month period.
But as a rule, I NEVER let others choose my investments. >>
Thanks for correcting me, I aways thought it was the right choice at the right time.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
I used to think that way also.
How bout we turn this thread back to trading?
Where is gold going next? Silver? Stocks? What a rally the dollar has made, blowing right back up and thru the 50dma. Australia cut rates last night, only by 1/4%, but will probably be the first of many as their 1yr yields 60bps less. Australia is close to recession. Real estate there has dropped for 3 straight quarters.
I wonder how the ECB president liked his first day on the job?
The only competition the US dollar has right now is Congress and the Fed.
Knowledge is the enemy of fear
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
commodity related equities. Today's gold low of $1681 retested key resistance going back into September covering 4 separate peaks between $1677 to $1695....as well as retesting the breakout of October 24th. It initially looked like gold had formed a small 5 day head and shoulders with a neckline at $1705 and targeting $1660. But after the quick dip to $1681 it came right back to retest the underside of the neckline before finally ending up closer to $1720. Silver volume was huge today falling just shy of the level reached during the May 2nd plunge.
Interesting how gold's first drop point yesterday was $1705....the current neckline. That same level was also the first major drop point coming out of the August $1912 high (ie $1702
swing point). So staying above $1705-$1710 is a good sign.
Dollar left a nice island bottom behind recently. But in doing so also created a huge gap at 75-76. There's a higher gap left over as well in the 78's. Both will probably get filled in the relatively near future. From here, it seems easier and quicker to go up another pt and then head back down.
To those asking about what the real cost to mine an ounce of gold today: The CEO of AngloGold Ashanti said in an interview that it's close to $1200/oz when all-in. A far cry from the $400-$600 routinely published numbers. He also mentioned that he views Australia as one of the most (tax) unfriendly mining jurisidictions in the world. Newmont has 4 mines in Australia.
roadrunner
Sounds like higher inflation is being acknowledged in advance. Throw Europe into that mix and what do you get?
I knew it would happen.
"Interest rates, the price of money, are the most important market. And, perversely, they’re the market that’s most manipulated by the Fed." - Doug Casey
<< <i>Laurence Meyer seems to think that the Fed is leaning toward a higher "inflation objective" while saying that he doesn't think that QE3 is "on deck" at this time. Recent economic indicators have been somewhat positive, according to CNBC - so they may tolerate "temporary overshoots" on inflation in order to address the other half of the Fed's "dual mandate" - employment numbers.
Sounds like higher inflation is being acknowledged in advance. Throw Europe into that mix and what do you get? >>
The FED has been fighting deflation, not inflation. Higher inflation will not create jobs.
derryb, I havent seen any drop-off in foreign buyers of Treasury debt. There are stories going back for years saying this country and that country no longer want or are selling US debt, yet the next month they are right in there buying.
Greece now saying they will hold off on a referendum until Dec 4 or 11. They really know how to kick the can.
Im mostly in cash--seeing equal chance of 500 pt more up or down and option premiums are too high. I'd rather miss the next trade than be wrong. Long NEM via short puts.
Knowledge is the enemy of fear
<< <i>With the planned issue of $846B in Treasuries in the next six months (35% more than issued in the first six months of the previous fiscal year) and due to the lack of foreign buyers these days I see more reason for QE3. If the FED doesn't buy who will? Not only are former foreign buyers shunning them, they have been slowly reducing their holdings. >>
Besides treasuries add the amount that M2 has been increasing since QE2 ended in June....on average over $100 BILL per month or the equivalent of another set of Treasury auctions each month. And this is only the reportable stuff. The real money flows are behind the scenes. The foreign buyers may indeed be purchasing up TBonds, but it could also be said that our primary dealers are often buying and then selling their purchases right back to the FED.
roadrunner
Knowledge is the enemy of fear
<< <i>Bot DGLD on the Fed statement. >>
Hadn't heard of that ETF before. 3X bear. But with only 3900 shares traded today isn't it a bit on the illiquid side? Compare that to 1,900,000 shares of DZZ trading today.
But nice $20-$25 drop in gold in an hour. You probably unloaded that already.
roadrunner
ECB cut rates. First of many i believe. Unlike the US where deflation is a concern, inflation and deflation could be a problem for Europe, especially Germany, where money is beginning to pour in from Portugal, Spain, and Italy. The PIGS will be deflating while Germany inflates.
Knowledge is the enemy of fear
T-Bonds are a ticking time bomb and are probably going to have an awful November.
To add a short comment about the discussion on risk, the risk with commodities is DIFFERENT than risk with bonds or stocks. When you buy a commodity, you own something real. Stocks can go to $0 tomorrow (i.e., Enron) and similar with bonds (anyone thinking they're ever going to get paid off on their Greek bonds is delusional). My gold/oil/pork bellies will always be gold/oil/pork bellies regardless of how the world values them.
I'm in Sydney ATM. A lot has changed since I was last here in 2005, there has been a lot of development in the tourist areas. There seems to be plenty of commercial space available, including prime new commercial space in the tourist areas like Darling Harbour. Plenty available, but it doesn't look excessive, not that I would know enough to tell.
Everything is pretty expensive. $4 for a 1.5L bottle of drinking water. $3.50 for a coke at a restaurant. About $8-9 for a small "value" meal at McD's.
the low 50's and usually gets near 80 before things are done. RSI is >70 (w%r maxed out) which usually means the short term run will end around 2 weeks after RSI exceeds 70.
To add a short comment about the discussion on risk, the risk with commodities is DIFFERENT than risk with bonds or stocks. When you buy a commodity, you own something real. Stocks can go to $0 tomorrow (i.e., Enron) and similar with bonds (anyone thinking they're ever going to get paid off on their Greek bonds is delusional). My gold/oil/pork bellies will always be gold/oil/pork bellies regardless of how the world values them.
Technically, one has to view anything that can't be placed in your hand as paper. That includes any commodity shares, etf's, futures, etc. While they are based on a tangible asset,
ultimately the value of that paper in one's account is only as good as the counterparties involved and the financial system honoring that contract. At least with physical metal in-hand
you are the only counterparty....unless Uncle Sam decides to place a lien or ecumbrance on your asset. Before the final unwinding/revamping of the financial system some brokerages
will go belly up and make it very difficult to get your assets back. There are also instances where your commodity asset can be paid off paper, such as GLD shares or even fiat when
settling a gold futures contract. If you're a little dog, the exchange can probably decide how they will pay you if you request delivery, not the other way around. Another consideration
is what if financial records and digi-accounts get wiped out due to some planted computer virus or bug? This doesn't require an Armageddon scenario, just some dedicated financial
hackers or maybe even a 1-2 week long banking "holiday." If one of your favorite mining companies does much of their business in one nation, it's not inconceivable that the next
morning they become nationalized and you're investment is worth $0. Another concern is the extreme moves in share prices. It seems the boyz can take any stock they wish and
essentially drive it to zero in one day or a couple of days. It doesn't matter what the company is really worth, only what the digi-traders say it's worth. This can be done to the majority
of companies in the commodity sector.
For now, we play the game as it is. One thing for sure is that the rules will change as the financial crisis continues to "mature."
roadrunner
Classic words to remember!
Before the final unwinding/revamping of the financial system some brokerages will go belly up and make it very difficult to get your assets back.
More classic words to remember!
I knew it would happen.
<< <i>
<< <i>With the planned issue of $846B in Treasuries in the next six months (35% more than issued in the first six months of the previous fiscal year) and due to the lack of foreign buyers these days I see more reason for QE3. If the FED doesn't buy who will? Not only are former foreign buyers shunning them, they have been slowly reducing their holdings. >>
Besides treasuries add the amount that M2 has been increasing since QE2 ended in June....on average over $100 BILL per month or the equivalent of another set of Treasury auctions each month. And this is only the reportable stuff. The real money flows are behind the scenes. The foreign buyers may indeed be purchasing up TBonds, but it could also be said that our primary dealers are often buying and then selling their purchases right back to the FED.
roadrunner >>
"And this is only the reportable stuff." rr I remember the recent $16T Fed bombshell that went virtually unnoticed? I think we are already in QE3. The media hasn't picked up on it yet because they're too busy chasing windmills on Herman. The same goes with Corzine and MF Global bankruptcy. 'These are not the droids you are looking for.'
I believe the $16T figure went under the radar because it was a number representing total transactions and not a net cash position. In other words the FED was doing swaps on a daily
and weekly basis. And that $16T number includes the same transactions repeatedly opened and closed many different times...many essentially duplicate transactions. It would be no different than the IRS trying to claim a coin dealer's net profit was the same as gross sales. Rob Kirby came up with a number of $2-$3 TRILL representing the total new liquidity
pushed into the system. I thought Rob made a fairly good case for his point of view. But the $16T figure was a good headline number for those wanting to wave that red flag.
roadrunner
<< <i>Technically, one has to view anything that can't be placed in your hand as paper. >>
Yes, I was referring to physical ownership of assets/commodities rather than paper-based methods of ownership.
<< <i>I remember the recent $16T Fed bombshell that went virtually unnoticed? I think we are already in QE3. The media hasn't picked up on it yet because they're too busy chasing windmills on Herman. The same goes with Corzine and MF Global bankruptcy. 'These are not the droids you are looking for.'
I believe the $16T figure went under the radar because it was a number representing total transactions and not a net cash position. In other words the FED was doing swaps on a daily
and weekly basis. And that $16T number includes the same transactions repeatedly opened and closed many different times...many essentially duplicate transactions. It would be no different than the IRS trying to claim a coin dealer's net profit was the same as gross sales. Rob Kirby came up with a number of $2-$3 TRILL representing the total new liquidity
pushed into the system. I thought Rob made a fairly good case for his point of view. But the $16T figure was a good headline number for those wanting to wave that red flag.
roadrunner >>
And hopefully this the "$16 trillion" discussion to rest.
T-Bonds are a ticking time bomb and are probably going to have an awful November
Very possibly, but im seeing a pretty strong corrolation to T-bond price and gold price. Its evidenced in the parabolic chart of the 10yr and gold that i showed several weeks ago. If the cost to "carry paper gold" increases then positions will be unwound and gold price will fall. Remember the guys who buy paper gold, buy paper. They will not be interested in coverting into hard gold. Instead thye will just look for the next paper trade.
PC, good comment on commercial RE in Aussieland. I'll be interested in your further assessments.
Knowledge is the enemy of fear
Isn't there a similar cost in carrying a paper gold short position that causes the price of gold to rise when those positions are unwound? Paper can be a two-edged sword, right?
I knew it would happen.
I did nibble on ZSL at $11.17, with a stop on sustained trading over the 50dma.
Knowledge is the enemy of fear
<< <i>If the cost to "carry paper gold" increases then positions will be unwound and gold price will fall. Remember the guys who buy paper gold, buy paper.
Isn't there a similar cost in carrying a paper gold short position that causes the price of gold to rise when those positions are unwound? Paper can be a two-edged sword, right? >>
I think you have to consider who owns the short positions----big banks and mining companies. The banks would be sitting pretty as they have unlimited capital so increased carrying costs would have minimal impact but it would drive out the speculators who are largely responsible for the volatility. The banks and miners would "print coin".
Knowledge is the enemy of fear
<< <i>Very possibly, but im seeing a pretty strong corrolation to T-bond price and gold price. Its evidenced in the parabolic chart of the 10yr and gold that i showed several weeks ago. If the cost to "carry paper gold" increases then positions will be unwound and gold price will fall. Remember the guys who buy paper gold, buy paper. They will not be interested in coverting into hard gold. Instead thye will just look for the next paper trade. >>
Although I do pay attention to those relationships, I always hate to place much faith in them as they can fail when you rely on them the most. My notes are disorganized while travelling, but I think my call was based on bond funds asset levels and commercial traders reports, as well as some other cycles. Also, November is typically a very bad month for bonds, while at least the last few years it has been pretty good for gold...
banks overlooking the precipice. Basically seasonality has been n/a since July 1st.
roadrunner
I agree with PC that its about to get very dicey in Italy. The 10yr bond yieldis a devilish 6.66% and I think it wants to go to 7.5%, perhaps very quickly.
The 10yr bond in the USA is still the safe haven play as yields hover around 2%. I cant figure why the Euro remains high other than a concerted global effort to keep the dollar index from going to 100.
I fear in the next 6 months prices of assets could be dramatically higher or lower. Something wicked this way comes.
There is a Brent etf trading under the symbol--BNO.
Knowledge is the enemy of fear
<< <i>Silver right up against the downward sloping 50dma. If silver is truely in a downtrend, then it should begin to trade lower almost immediately. If it can push thru the 50dma then there could be a quick trade higher. In anycase I would look for a 10-15% move over the next 2 weeks.
I did nibble on ZSL at $11.17, with a stop on sustained trading over the 50dma. >>
what would you say the chances are silver will push up through the 50 dma?
Successful Trades: Swampboy,
The dollar is equally flawed as the Euro. Different warts. MJ
Fellas, leave the tight pants to the ladies. If I can count the coins in your pockets you better use them to call a tailor. Stay thirsty my friends......
<< <i><I cant figure why the Euro remains high other than a concerted global effort to keep the dollar index from going to 100>
The dollar is equally flawed as the Euro. Different warts. MJ >>
Perhaps, but currencies are relative and I think the value of a currency is based on more than just a debt to GDP ratio.
A strong dollar would be deflationary and the world does not want deflation, so the weak dollar is actually a good thing to most. I believe most will eventually be disappointed.
Just because it has warts doesnt mean its infected.
Knowledge is the enemy of fear
<< <i>
<< <i>Silver right up against the downward sloping 50dma. If silver is truely in a downtrend, then it should begin to trade lower almost immediately. If it can push thru the 50dma then there could be a quick trade higher. In anycase I would look for a 10-15% move over the next 2 weeks.
I did nibble on ZSL at $11.17, with a stop on sustained trading over the 50dma. >>
what would you say the chances are silver will push up through the 50 dma? >>
Actually the chance may be good. Im playing a small position based on a technical parameter with a tight stop so my risk is limited. I am concerned oil may pull all commodities higher. But at the same time I have this feeling that there are a lot of hands on the rug and they are beginning to count 1-2-3-pull.
Knowledge is the enemy of fear
At the Gold Coast at the moment, just finished skydiving down onto the beach. This place has REALLY built up over the past 6 or so years. New high-rise condos are everywhere with at least one still being built (will be the tallest building in town when completed). A local said the RE market was soft at the moment and prices have come down some. Hard to say what the vacancy rate is, how many are unsold, etc., and how they are sold (and with what kind of financing). But the city is bustling, and this is a city that has no industry other than tourism and retirement really.
Sold ZSL. Silver is either going to pop or drop in the next few days. I feel much more comfortable holding cash than ANY investments at this time rather than try to guess market emotions.
Knowledge is the enemy of fear
roadrunner
To borrow jmski's tagline---"I just knew it would happen".
Shoulda held ZSL.
Knowledge is the enemy of fear
I put that post together at 9:05 am and sent it to dimeman via PM by mistake. Don't ask me how that he even happened. But I revamped it and posted a replacement. It just felt like a better retest of the $1760 area was in the cards. I had bought some Timmins Gold and a few others on the morning dip and then decided to unload them shortly thereafter as they peaked again. Got to buy back a good portion of several juniors and intermediates that I sold off 1-2 days ago that decided to drop 7-10% today. Todays whackees included MFN, PAAS, GSS, CGR, LSG, UXG, KBX, etc. If they get cheaper still, I'll probably buy some more. Hopefully the bluer chips seniors and juniors will drop off some more to make them more affordable. Was tempted to by some DUST yesterday this morning but that stuff gives me a heart attack at times. But it's tough to short a bull even if a downswing is in progress. They can end abruptly with one "good" communique from Europe (manufactured or real....lol).
roadrunner
<< <i>PC, with the Italy news I figured gold would be ballistic mode. What am I missing??? >>
Im wondering the same thing.
That "bubble graph" from a few weeks ago is "interesting".
Knowledge is the enemy of fear