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It’s called work. I’m back home, and I’ve got tonnes of it. I shall be out of the office again for three days this week and have all manner of personal and personnel issues to work through. What’s worse, my right hand man is taking this week off (and deservedly so, as I’ve been working him like a Sherpa in tourist season).
I did have a chance to look through the charts tonight, however, and I continue to believe two things. One, this rally will continue, most likely after a slight pause that will either accompany or ensue from a dollar strengthening. It won’t be much, but enough to continue working out it’s current oversold condition.
This week would not be the week to add to the TNA (D’Rex Triple Russell), in other words. It may be a decent week to continue looking at the PM recovery that firmed last week, however. This is especially true if we’re given a bit of respite with the dollar strengthening.
As the daily AMEX Gold Bug ($HUI) chart show, that rebound off the oversold levels has occurred. If the cycle continues as it has, we should see at least $490 again, and perhaps even new highs, depending on what the dollar decides. Here’s the latest in a series:
I would continue to add to strong names that look like they’ve bottomed for this cycle, especially IAG, ANV and EGO in the golds, and SLW and PAAS in the silvers. RGLD — the royalty banker — is also extremely attractive at these levels.
Feeling adventurous? Gobble some EXK. Or gobble some more, in that case. I can’t tell you how much that stock reminds me of SLW, and even it’s ultimate parent WHT (now known as GG) in the bad old days of the early 2000’s. I believe it will eventually provide similar rewards.
Someday, you will thank me for nagging you on all this.
Best to you all.
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Have fun, i celebrated being older this weekend. And did some yardwork as well. Well my significant other was happy. So, enjoy being off and godspeed your return.
Thanks, but I am back at the grindstone now, thanks.
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http://www.telegraph.co.uk/finance/markets/7884272/Secret-gold-swap-has-spooked-the-market.html
Don’t you love how these stories “get out” just when the crankers start cranking?
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Mere media propaganda. The BIS announcement had a big splash with little ripples.
I mean, how can a closed transaction have a significant impact on the open market? Even if the banks couldn’t buy back and the gold goes on the open market, the net effect is likely minimal.
I look at it this way, the London gold market trades an average of 18.3 moz per day. The BIS swap of 11.2 million ounces amounts to a 61.2% of a single day’s trading in London…
Hey Jake
I really liked the tone and clarity of this post. Very uncluttered.
Indeud!
Ditto!
LOL. Thanks, I guess. Does that mean you want less chartage or less badinage?
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Not sure. Maybe it’s just your having unwound a bit? Or maybe being in a hurry actually helped somehow. Or a good balance between detail and big picture. I wouldn’t want to see posts like this all the time necessarily.
Hey Jake,
So what exactly is your primary occupation? Do you work for yourself or for a money mangement firm? Do you have a CFA or something similiar? What city are you in?
Spoiler alert, Jake?
NFW.
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NFW? That confused me…
No freakin’ way! 😉
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Naturellement Monsieur Gint:)
Rest in Peace to to the original “Boss.”
From Cleveland, no less!
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I now have a greater appreciation for Jeff Bezos:
“Cleverness is a gift, but kindness is a choice.”
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Thanks Jake.
Fuck him.
Did he put your bookstore out of bidness or something?
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No, that was for all the suckers who purchased kindles.
MON looking real good, much to the purdouche’s chagrin.
Sorry hater, I covered and went long MON right at the very bottom – posted it right here real time. .
Try and have a nice day.
Ha ha – good for you!
Whaddya know, the sun DOES shine on a dog’s ass every now and again.
Now girls, girls!
You’re both pretty! *
*(hat tip to the busted knee at Daily Caller)
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get som silvahh ova heyah
Usually I am not a big fan of frivolous lawsuits… but this is kind of funny.
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