This downward move in gold could last a couple weeks
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We may go to 1370 1st this week, then down…just sayin’
There are too many long and too many bulls to just capitulate after 1 significant down day…i say the hedge funds will goose this for a bit more to 1370 Gold and 29 or 30 GDX and thne leave the dinner table. GDX’s outperformance today in my mind shows strength still there and Yellin will chirp dovish tomorrow so again just sayin’…this one has already had numerous headfakes so not so easy to say we just go down here. I most certainly think so but not so easy
NYC i think you have it the wrong way. If anything the longs have been punished for over three years. You think 100/150 off the lows has bulls and longs as majority here? Nah.. I day like today has longs and bulls and shorts and bikinis thinking oh crao here we go. 1050 here we come. sentiment is still towards the bearish side. That’s when the bull catches everyone alseep. just saying.
I will share a limb with you and also say that Doc has it wrong. His call of 1280 may just hit, hell even 1277 looks good. But the feeling that im getting is that the miners are hanging in strong and refusing to budge as gold sells off. Im not a veteran of this game but Im astute and I know that when gold heads down and miners refuse that a turn is coming. Same goes for vice versa. So infact doc having been out for quite sometime you may never get those prices again in the miners. We are already up quite nicely from when you sold awhile back. If you get this call correct doc, then me, gary and rick will be on the wrong side. Your call puts you with the majority of sentiment that gold is headed back towards 1240/1050. The miners look good. Hui/xau look strong.
I don’t think Doc is wrong, I just think we get to 1370or more then start a decline back to 1300.or a bit lower… Tomorrow PPI and next Tues CPI, so if a bit hot will show how behind the fed is and that is… so perhaps we get a peak next week??? could be 1400 then down for a couple week to Doc and Garys #????? we shall see
In NASDAQ GLD it was a BIG avalanche in buiyng calls that starts as todays lows, so in my opinion this is profit taken and some SMART GUYS are buiyng on the dips…
You very well might be right Peter. I know some people who I consider smart money that have been utilizing this strategy for a little while and claim to be doing quite well.
I was a buyer of select juniors and AGQ calls today. Market support looks very good for the miners and even the daily chart doesn’t show much damage at this time.
In light of the massive record volume of the last month, I don’t know how one could say that interest in the sector is lacking.
At the moment, it seems premature to anticipate prices going back to the levels of 2-3 weeks ago –especially the miners. Rick’s target of $42xx for GDXJ seems very likely to mark the low for this little pullback. Looking beyond price, I see more strength than weakness here.
I hope this investment pans out for you Matthew. I think the next couple weeks will be a good time to accumulate but I am not expecting any significant rise shortly. You do bring up a good point about the volume last month. This is a positive sign for the summer months.
Cory this next move that should pan out for miners will have them moving to higher levels all the while you continue to say you not expecting a significant rise. By the time you say that again, most miners will have doubled and that’s what a bull does to the average investor. Leaves you behind. Cory the time to buy was december bottom and june 3rd when we had double bottoms for many miners. Just my honest thoughts. Waiting game will leave you with a double. Im going for the 4/5 baggers
Matthew,
I for one am hoping that we get more downside in both gold/silver. I’m not one bit worried about this small correction. Its just another fabulous buying opportunity and allows one to recalibrate your weightings.
I’ll use this opportunity to load the boat on both short and long leap call options on some of my favorite miners and ETFs.
There is going to be a lot of paper money to be made as we move forward this year and into 2015, 2016 and 2017.
Vortex, I agree that there is no reason to be concerned about this pullback. The miners could fall quite a bit more and still not hurt the bullish outlook. The sellers just don’t appear to be very strong so far. Of course, that could change quickly.
I also agree that the next several years will be very good for investors in this sector.
This 84 year old gentlemen recently appeared on America’s got talent, he wrote an extremely funny song that he sang that brought the house down if you haven’t heard it you are in for a real belly laugh, humor comes to all at any age: http://www.youtube.com/watch?v=m8273HGqxEc&feature=em-share_video_user
That is funny no matter what age you are!
Hey, PILOT GOLD got a thumbs up from Exploration Insights….Cook is very, very picky – he labels Pilots project as economically feasible given there resource estimates and other geology factors – SOURCE: Jaytaylormedia – the reason I mention this company is because Moriarty likes it too – nice little- one, two punch for this explorer…FYI, not investment advice…:)
Marc, 38.5 metres of 5.59 g/t is pretty impressive at any day and age and particularly now.
There is a lot of interest in Pilot Gold! The stock is still being held down by the overall market. This could be one that really moves in a hot market.
Thanks for the updated coverage Marc.
Mark,
Brent Cook has been recommending Pilot Gold and a few other excellent juniors for a while now. This is not new, but good information to know anyway because I guess many have missed it.
thanks Marc……….for the info…………..
Personaly, I think should gold ever get going anything that hasn’t gone broke already could be looking at some big % gains.
Check the kitco list, anytime golds up the whole list pretty much has gains.
The cheaper the stock the bigger the % gain in general.
Heck, Im not even sure it matters how many shares are out etc.
Doesn’t even seem to matter if their making money.
Just what Ive noticed.
is there a smart phone app with PM prices that anybody will suggest that they have used and enjoy? Please have it include platinum.
applications.kitco.com
NetDania.com
Interestingly enough, CNBC’s price action on gold from 7am -10:30 am was off either $.80 or $1.00 that entire time frame while the other services were showing gold down $20-35 virtually the entire day, curious & peculiar. And no one on the set or thru the day mentioned it, CHICANERY!
thank you both
LOL…Pretty predictable. ..gold pulls back.
But strangely theres no one screaming “Where’s the Longs” !!!
But anyhoo….this next week or two will give us yet another time to top up.
I believe theres great times ahead but patience maybe needed?
Long term its going to be fun…but moonshot “Wheres the Shorts” calls like last week look short of pale now…..hey.
Cheers.
WHERE’S THE LONGSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSSS
Well,,,,,,,,,looks like no two days in a row……….gold up Tuesday,,, Looks like there is no one with another billion to throw do the rat hole.
do should be in………..
I’m going to go out on a limb and say we get a cycle bottom either the end of this week or Monday of next week. Gold is on day 28 of it’s daily cycle and due for a cycle bottom at any time. Also it registered a Bollinger band crash trade today and the 5 day RSI is already oversold. At least 1290 as that would be a 50% retracement and maybe it gets down to 1280.