And Just the Right Colour (sic), Too!
It certainly feels good to stretch one’s wings once again, especially after a period of soreness and chafing, when the gold and silver markets pulled back in feeble, milquetoast fashion, rendering my hedges dull and feckless, and largely a waste of my time. Luckily, I exited the remainder of my precious metal hedges today, and for the most part in the plus column (while my short ETF hedges were not), and the whole unpleasantness was avoided save for a more optimum re-entry price on a few select names.
As I previously stated, the dollar and the Amex Gold Bug Index ($HUI) were my guide in re-entering this morning, and the $HUI preceded the dollar in breaking that “roof” at $535 that has been plaguing us for the best part of a week. I think today’s strong candle — on volume not evident in this chart, but in the individual names — gives we longer term players the assurance we need to be back in for the final ramp into Spring:
Note that upon the strong break this morning, I piled into AGQ with the gusto of a small ravenous narwhale amongst the migratory squid, immediately purchasing my first allocation (about one half of my expected total) without a limit order. When things are breaking out like this, you always want to make sure you at least wet your beak so that you are not left behind in a tidal surge. I also put in limit orders at this morning’s gap — and they never came close to being filled all day. Tomorrow I shall try again for my fills there.
As planned, apres this break, I also added to my considerable hordes in EXK, SLW, SIL and NGD. As early as tomorrow I expect something of a pullback, but I will be adding at each opportunity. Next in line is PAAS, AG, MVG and perhaps even CDE and HL. I shall be as a fat suckling pig in a candy shoppe. And no, I will not forget Prometheus’s gold – EGO, ANV and IAG will be added to as well, perhaps with IVN and AAU.
Scratch that, I just looked at the charts. I will definitely be adding some AAU tomorrow.
Cheerio! Wot? Your friend, Happy Jake.