Some updated targets for Gold, GDX, and GDXJ
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On August 1, 2014 at 8:45 am,
Matthew says:
…I would be very surprised if it went any lower than about $1257. Short term, sure the miners could fall another 10-15%, but that is meaning compared to the coming rally.
Oops, “meaning” should be meaningless.
Matthew, just a reminder of past predictions…track record… poor at best!
On September 7, 2013 at 5:56 pm,
Al Korelin says:
Certainly nothing personal here, but I don’t agree gentlemen. Want to bet a bottle of rred wine with a time frame of year end?
I say that gold will be higher and the DJIA lower by then.
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• Gold 1388.80
• Silver 23.94
• DOW 14992.50
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• On September 7, 2013 at 6:50 pm,
Bobby says:
al, I am always game for a good bet. I will have the cash, you are on.
Matthew:
• Matthew says:
I agree, Al. If the Dow does manage to continue higher, it will still be falling versus gold.
Dow in gold dollars, $ 224.88
Yes, that was a bad call. But it cost me time and not much else. I have consistently stated that the miners would outperform the metals and spent 2013 selectively buying very cheap ones. Anyone who did the same is much better off now than had they remained in conventional stocks. I have always made it clear that I am a speculator first. The fact remains, I was buying the major lows when most technicians were calling for much lower lows. Most technicians were also bearish conventional stocks in Dec. 2011 when I said they were going higher.
Note that I did not say I was shorting the Dow or S&P last year. Now I am for the first time in many years.
Same for me Matthew except for your shorting!
Matt, I have to totally disagree with this statement, thee numbers just do not support it.”Anyone who did the same is much better off now than had they remained in conventional stocks.”
Bobby, the good bad and the ugly in my portfolio of spec juniors were up over 100% on average earlier this year. They are currently up more than 80% YTD. Position weighting and trading obviously played a part, but even the ETFs have smoked conventional stocks.
Although I’m always ready to buy individual stocks if they’re cheap, you will not find comments from me here in which I said I was buying 7 or 11 juniors and GDXJ calls except for right at the last two big lows.
Sorry to break it to you.
http://stockcharts.com/h-sc/ui?s=GDXJ&p=D&yr=1&mn=3&dy=0&id=p69134163366&a=362646069
I did ok with the Canadian dollar, too. The only comments I made were at the momentum low and the price low.
http://stockcharts.com/h-sc/ui?s=$CAD&p=D&yr=1&mn=1&dy=0&id=p62951828699&a=353312067
Well Bobby my “poor at best” opinions got you a very nice bottle of wine!
Yes Al, one of the finest I have sipped.
Glad you enjoyed it.
You see there are advantages in betting against passionate people like me!
Off topic.
Swiss Gold Repatriation initiative has achieved 100,000 signatures and will go for referendum on November 30th of this year. This initiative is not backed by the Swiss Parliament or the Swiss National Bank. As a matter of fact, SNB strongly against it. However, based on Swiss law, a yes vote will be the law and both Swiss Parliament or the Swiss National Bank are powerless.
It is nice to see the result of the referendum. If what happened in Germany repeats, there is no way for SNB to say that we prefer the gold stored in US since it is not their decision. Vagueness is not an option. Another delay by the US pretty much validates all the suspicion.
Please see KingWorldNews Site.
“However, based on Swiss law, a yes vote will be the law and both Swiss Parliament or the Swiss National Bank are powerless”. If the vote is “Yes”, watch Heaven and Earth get moved to find some loophole in the “Swiss law” and you can be absolutely certain one WILL be found. This is what happens when one cuts Faustian Bargains with not just one Devil, but many.
You cannot drain blood from stone.
Thanks Lawrence
Interesting:
http://stockcharts.com/h-sc/ui?s=$GOLD&p=D&yr=0&mn=3&dy=0&id=p74739654333&a=359707135