This is precisely the type of price action gold bugs want to see, with each seemingly cautious bit of action failing to follow-through lower. We are looking at one higher low after the next in the yellow metal, leading the charge in its entire complex of late.
Earlier this week, I stopped out of a gold miner long inside 12631 for a loss. However, we have caught several nice trades in the precious metals and miners complex dating back to last year, to the point where taking a loss here and there, despite how high beta the sector and ETF’s can be, should be accepted as part of the process.
I remain unperturbed by my loss earlier this week, and am actively seeking to reenter the complex if today’s strength holds and builds on itself. NUGT is at the top of my list, as are some silver miners like SLW.
The gold metal is outperforming silver again. And the best case bears have here is that silver is the weak link which will roll the sector over lower.
However, bulls are winning battles here after a multi-quarter bear market, and I am respecting that.
Also note UNG losing $25 today. I am stalking DGAZ for an entry.
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that’s a power post on gold/miners. 24.84 on $UGAZ is the line IMO. range from 24.84 to 31.88 at risk of downside breach. last gasp of cold may be the opp. i am already in $DGAZ at 3.29 this time from y’day. $UVXY highly tradable up and down but having trouble borrowing so other down vehicles used. good luck master Chess.
Good man, Randad ^%
many miners have impending 50/200 golden crosses, seems very bullish to me,
thanks again Chess
Cheers, WOLF
A Trifecta..
Sláinte on the photo choice.
Clubhouse – Gold, 007 and Mint Julep
(no position)
Thank you, Soozy!
sort of not true..hmm?
I did take position in Jake’s- EXK-Acquired 12/11/2013 (but did ‘Not’ post entry so I suppose it doesn’t count)
Where is Mr. Gint? He’s been gone much too long..
🙁
Jake is rooting for Rick Pitino these days.
Did you know..?
2014 Kentucky Derby gold passes, which have been Sold~Out, cost $3,999.00 (per person)..yeehaa!!
Nice!
http://video.cnbc.com/gallery/?video=3000253673
Oh I see..d@mn Social Media!
(I’ve tuned out, CNBC, for at least 5yrs with very limited exception..truth)
decided to take some profit here:
(+44.50%)
Status Filled at $5.1301
Symbol EXK
Description ENDEAVOUR SILVER CORP COM NPV ISIN #CA29258Y1034 SEDOL #2980003
Action Sell
*will continue to hold
Now I need to go shovel the walkways that have accum another foot of snow in the last 12hrs and then I’m going to run away..
😉
also added ‘Moar’ as you fine gentlemen like to say..RIG
here:
Status Filled at $40.7699
Symbol RIG
Description TRANSOCEAN LIMITED COM CHF15
Action Buy
From my gas contact at Very Large EMC down here in the south. Natural gas prices are down a good bit this morning. Tomorrow is when the new storage report is issued and we are expecting a dismal report.
Prices could fall a bit if folks could keep storage above a psychologically critical 1 Tcf by the end of March. Working gas in storage was 1.348 Tcf as of 2/21, and this is 711 Bcf below the 5-year average (not good). Our storage reserves are at 23% of capacity (lowest ever) at the end of February. We burned a lot of storage gas in January and February due to the extreme cold.
We have been told to expect the first quarter low around St. Patrick’s day (next Monday). However, the producers really like these $4.50 plus prices right now so unless supply really exceeds demand we are not expecting to fall below 4 bucks in the short term at wholesale.
Dismal would mean that storage is / or will be below that “psychologically critical 1 Tcf by the end of March” – FYI – Hope that helps. TP