I added to my levered long gold position on Monday inside 12631, discussing the thesis several times on this blog as well.
Tonight, the futures in the gold market saw an impressive sprint higher.
I suspect the next few hours will see consolidation. But so far so good on that front. I am looking to see whether this pop holds the lion’s share of its gains, especially in front of Yellen speaking tomorrow.
The daily chart of gold futures shows the inverse head and shoulders bottom very much in play.
I recognize that I am talking my book, but there is no denying that a wildly bullish scenario tomorrow would be if Yellen gives hawkish remarks about tapering and gold still rallies on higher. Food for thought.
Drop me your top tickers overnight.
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I think that’s exactly what’s going to happen. Probably a quick shakeout to take out stops, then off to the races. (I’m long GDX weekly calls)
Nice work.
Kinda wish i could agree with you, but i fully expect that nothing has changed and they are setting us up for another slaughter in the GLD and miners after teasing us with upside
Can’t discount your scenario with a declining 200-day moving average still.
Hope i’m wrong I am loaded up with miners thinking I’d better hedge or sell down tomorrow AM
FNMA??
Gamboool
Word. Saw the $2,025,000 buy after hours and am contemplating whether or not to put in an order – I like the consolidation. .
The precious metals are one of only a few things working. Fish hook tape for the indexes. 1820ish at best for the spoos then down we go. The water is warm then a pack of piranhas are let in.
GS XOM no bounce. When the fix can not bounce?
Gartman lite caveat. The print button will be hit. Until then we got a old time market.
I was just looking at and getting very interested in rare earth metals. Tickers I’m looking at are MCP, UCU, REE, and (more a silver/gold play) TC. Any preferences?
$SLW chart actually looks better than $GLD IMO. Breached the 200-day SMA with a clear break. It occurred on day 3 of concurrent gains, so a re-test is expected.
With that, I’m in the camp Yellen surprises by being more hawkish than most suspect. Why? Because if not, Ben’s (And Yellen’s) experimental econ fix is considered a failure.. I know this is a departure from what they claimed about linking decisions to jobs #’s, but the economy is recovering and it looks like emerging is doing what is needed, devaluing their currencies in response to tapering. They cannot change course now.