Teck Cominco Limited (USA) [[TCK]] is the strongest of the litter, here, and most of the precious still have work to do. The silvers in particular are giving me agita, but only in that they are making me wait.
I bot some more Silver Wheaton Corp. (USA) [[SLW]] today as it tested its 38.2% fib, and [[PAAS]] and Silver Standard Resources Inc. (USA) [[SSRI]] had similar (though not as severe) pullbacks today. Seasonally, we’ve entered into a slow period in the PM’s, but I am just not willing to sell anything right now, given the precariousness of the bond and dollar situation. Sure, we could have more strength in both, but I just keep looking at the amount they have to sell this week (hat tip to Scum Bucket), and… well, let’s just say hard money is looking a lot more appetizing, and I’m getting ready to reload on more [[TBT]] .
Of my non-Jackson’s Allied Nevada Gold Corp. [[ANV]] was actually a gold miner that was up today, and I’ve already mentioned that I increased my position in Rubicon Minerals Corp. (USA) [[RBY]] . Pretty soon I’m going to look like a gypsy Queen with gold and silver (and a touch of platinum, though I’ve yet to add to my starter position in [[PTM]] yet) dangling off my fingers, toes, ears and dreadlocks.
But that’s what our major theme is going to be here, folks, for the duration, so get used to it. Soon, you’ll thank me for my persistent nagging. In fact, it’s quite likely that someday, you’ll be adorning your children in “just 4 Kids” NY Giant paraphenelia in my honour (sic), and sending them off to college with tuition bills paid for in gold doubloons and pieces of eight.
I have every confidence. All I need is the patience of a Bengal tiger in the deep brush on the annual Marlon Perkins’ Eat a Safari Tourist Day.
Non PM picks I like, if you’re interested, include [[BIOS]] and Health Grades, Inc. [[HGRD]] here. Best to you all.
| Name/ | % | ||||
| Ticker | 2-Jul | 6-Jul | Change | Comments | |
| ANDE | $ 30.89 | $ 29.67 | -3.95% | Bounced off 20 day, sell on break $28.90 | |
| EGO | 9.25 | 8.75 | -5.41% | Closed a cent over the 50-day ($8.74) | |
| GDX | 38.31 | 36.94 | -3.58% | Gapped down, doji’d, 200 day $35.94 | |
| GLD | 91.25 | 90.76 | -0.54% | POG $925 headed for $900? | |
| IAG | 10.34 | 9.93 | -3.97% | Bounced off 50 day, patience, a keeper | |
| MON | 71.96 | 73.26 | 1.81% | Bounced as I suspected, but vol. sucks | |
| NRP | 20.77 | 20.70 | -0.34% | Still oversold, but hanging in. | |
| PAAS | 18.22 | 17.83 | -2.14% | Looking weak, still. | |
| RGLD | 41.52 | 39.04 | -5.97% | Below 200 day EMA, looking weak | |
| SLV | 13.16 | 13.10 | -0.46% | Oversold, but 200 week beckons (12.40) | |
| SLW | 8.40 | 7.75 | -7.74% | Closed penny over the 38.2% retrace, I bot. | |
| SSRI | 18.79 | 18.20 | -3.14% | Doji’d but could seek $17 one more time | |
| TBT | 50.73 | 50.94 | 0.41% | Looks ready to make a move | |
| TC | 10.36 | 10.07 | -2.80% | Could target 50 day ($9.00) | |
| TCK | 16.09 | 16.88 | 4.91% | Chinese investment give a pop. | |
| TZA | 23.63 | 24.34 | 3.00% | Portfolio saver again, still 1/2 position | |
| Cash (000) | $ 13.44 | $ 13.44 | 0.01% | Same | |
| AVG (daily) | -1.76% | ||||
| AVG (monthly) | -1.14% | ||||
| AVG (inception) | 11.26% | ||||
SLW is going to take your cake.
Jake, as usual I am questioning my crappy timing with the metals. But I am hanging in there on SLW… for now!
H/T 4 me, woohoo!
Sorry about the PMs Jake, I was a believer for twenty years. Even now it’s hard to fathom that it’s not over $50. Where’s the love? One thing that got me thinking were those lines of buyers when it was $20, those were’nt chinese, they were yokels. Sooner or later they will need their money back, even at a loss.
Sorry about the PMs Jake, I was a believer for twenty years. Even now it’s hard to fathom that it’s not over $50. Where’s the love? One thing that got me thinking were those lines of buyers when it was $20, those were’nt chinese, they were yokels. Sooner or later they will need their money back, even at a loss.
Sounds like you were a believer for the wrong 20 years — or 13 at least ;)….
Seriously, the one absolute tenet of a bull is that its known for shaking off as many adherents as it can while it grinds higher, just as a bear is known for sucking on as many “hopers” as possible before flushing them, en masse, down the toilet.
Now is the time to take Fly’s advice and nibble patiently, like a mouse on the inside of a fireworks mortar tube made from pure semolina wheat.
Soon, you will be shot skyward.
Patience, my son. (FWIW — almost all the Jacksons are positive in a down market… notable exception, yesterdays “big winner” TCK).
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Hang in there buddy, long term the dollar is dead meat.
Patience with SSRI too… That’s on my watch list, and I have my conviction that it’s a winner. One more day and the AA earnings come out, which is indeed the moment of truth for Aluminum and anything aluminum-based.
I am still a Jacksonian believer, although I have no Jacksonians in my portfolio right now!
Jake, I think you should add DMM (the Case Shiller bearish housing ETF) to your port. I just picked some up today. Note my KOPG post about it.
… of course I know there is no way you will add it to the Jackson port but I figured I would rib you anyway.
Market obscene…?
Jacksons green!
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Jake, as usual I am questioning my crappy timing with the metals. But I am hanging in there on SLW… for now!
I’m not a huge fan of buy and hold, but in this sector, I make the exception.
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Telegraph for the equities market:
Sender: The Bond Market
Message: Ur f@cked, Stop.
Bond market– we must sell these bonds this week, stop.
Precious metals market — we know., stop. Come to think of it, don’t stop. Stop.
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PMs will win the day eventually, either way it goes.
Equities, not so much.
IMO it is a lose -lose xmas future for stocks. Bonds go up it means people are shunning risk, bad for stocks. Bonds go down and they attract capital away from stocks, bad again. PMs will watch both with semi-detached amusement.
SVA hangin in there baybee!
As well as SLW, Mr. Cubs Sux.
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Any of you fackers get some HGRD today, as mentioned above? BIOS only off a penny, still looks good.
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