The dramatic upside reversals in gold and silver this morning, after glaringly weak overnight sessions, are giving precious metals and miners bulls one more, perhaps their last, shot at cementing a major bottom.
Will they fumble the ball again?
One thing is for sure: I am not looking to be dogmatic here. If bears are correct, I will not go down with the precious ship–My escape hatch is two steps away from me at all times.
I locked in a piece of my NUGT win yesterday inside 12631 and could easily sell out of my other positions by the time you read this blog post.
We have a fast market on our hands, equities and otherwise. Therefore, it is probably best to tighten up even more.
Watch the gold ETF over $124.25 intraday to see if we get a secondary thrust higher.
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Chess, you know where I stand, pitchfork still in hand. Thought about tweeting you this A.M. when $GLD dipped below your $122.50 line in the sand. Glad I didn’t. The action is wild…!
Very wild action, Unc. Fluid situation.
Uncle, you short Gold?
I’m at the point I have to believe whatever trade I make will be wrong then right then wrong then who the hell knows