I don’t know what to say. Silver is even higher over it’s 200-day EMA (53%!) today and yet AGQ continues to sally forth, like the great Black Knight knocking aside rivals like tin pots, only hours before losing all his arms and legs to a timorous King Arthur.
The winds blow here and the lights flicker, and yet the rancorous dollar is not held aloft. It’s a rag, a pliant kerchief, a spoiled cabbage. What do make of it but furthur substitution in proper specie?
Listen, I havn’t a lot of time. My lights have flickered once, and the next blow will likely break my server from the Interwebs. Therefore I give you my “best idea of the night,” in the form of one of my favourite (sic) Jacksonians, mighty ANV. Like RGLD the other night, this looks ready to be purchased here and now. Now is the time for gold to begin to catch it’s mercurial brother, methinks.
Due to last night’s technical difficulties resulting from tornadic activity, I will not chance furthering this message, but be on the lookout for a number of gold names breaking out like BAA did yesterday. My best to you.
________________
If you enjoy the content at iBankCoin, please follow us on Twitter
Dr. Goldfinger,
I will buy this ANV you speak of. I am now afraid if i don’t participate in this gold and silver meltup i will eventually be poor. Me thinks everyone is getting rich off gold and silver, and they will soon drive up the price of everything with their newfound wealth.
How do you like that theory — gold and silver as creators of inflation!
Not creators… reflectors and/or deflectors of inflation.
Look to the Bernank for Creator status.
______
What do you mean we are trough? No one stops at $40…
But what about $50? We are getting there waaaay faster than I dreamed. Never planned for it, actually…
Everybody has his sell stop at $50. Right? I mean I should sell near $50 and wait for things to develop. Right?
I have several silver stocks with quadruple digits gains. It’s like a daze, straight thinking is hard. That is what the .com bubble must have been like.
This is the expected end of a C wave, that’s all. It will be followed by a harsh D wave down, so be prepared to garnish.
_______
I have not paid attention to the teachings of Mr. Elliott (yet). But I thought to know that letters denominate corrections (1,2,3,4,5 folowing the trend A,B,C for the correction), you have it the other way around?
But you are right, a correction on at least 2 timescales seems to be due. Raising my stops, I don’t want to give too much back.
Thanks for your opinion.
Not Elliott wave. Just A,B, C, D, that’s it.
______
Yeah, I looked at the old charts. These run-ups turn on a dime and there is no telling how far the elevator goes down…
It’s just that I think this has the potential to make another historic spike. I’ll let this run with a 10% trailing stop.
A,B,C,D…. now you scare me… is there a future after D?
Yes, there’s a new A after your D, which is an up move.
It’s the D you need to worry about.
____
Thank you sir! You clearly have your sea legs under you in this chop; invaluable
RGLD grandmama! Hope you got ye some.
_______
Oh no. I waited for the “retrace”. Once again trying to get too cute about establishing a position.
Sold this a couple of weeks ago only to buy back again today. My biggest mistake is that I haven’t left a small core position in the portfolio. I’m rectifying this egregious mistake in future miner stock purchases. I’ll stick with at least something through the good and bad. Getting too caught up in the daily grind and not thinking further out. I can’t imagine that gold won’t be at $2K or higher in the next year or so yet I trade long positions like it will be at $1K next week. Dumb.
http://pragcap.com/jim-rogers-silver-is-not-a-bubble
JAKE GINT: RICHEST MAN IN THE WORLD!
Working on my Locust Valley Lockjaw as we speak…
Indueeeeeeeeuuuuudd!
_____________
Lockjaw even Thurston Howell the 3rd could be proud of, well played!
Soltoro came in for me! Now… To buy a solid platinum shifter knob in the shape of mudflap girl, or that solid gold frying pan (better heat conductance than copper)… choices choices…
Jake, you have any idea why SLW is under performing the metal the last week or so?
I don’t, but it’s not like we aren’t due a pullback here.
_______
Not to be a crank or anything, but the action in SLW and the miners bespeaks either a sharp correction or a C-wave top.
ETA: The current environment is somewhat reminiscent of the situation back at the beginning of the year, when SLW was draggy even as silver made new highs. We all remember how that ended.
Yes, it’s an ill harbinger indeuuud.
Personally, I cannot believe AGQ. My opportunity costs are starting to run into the hundreds of thousands, ovah heah… and I still have a bunch left!
_________
I’m right there with you on the opportunity cost.
I felt pretty smug when I laid off a ton of it at $295.
Now I am forced to bitterly complain from the sidelines (see above), like an sad old man yelling at the TV from his Barcalounger.
I am with you… about to start confiscating soccer balls that roll up onto my lawn…
… Damn kids!
_________
ha ha, Blumberg(?) style.
Silver is leading gold by a few days and an intermediate top is approaching but that said there are two things that may be holding the mining shares in check – 1) Rising cost of energy and 2) Slow Growth
With SLW, mgmt has indicated a twofold unwillingness of potential partners to sign new contracts with silver at such a high price …. 1) Lost income from processing the silver byproduct on their own for a discounted production loan that could irritate large shareholders and 2) juniors that are afraid to give their production away so cheap when a potential acquirer could come along and pay up big time for their reserves at current/future price expectations.
Example: AAU announced after the close yesterday that they have instituted a shareholder rights provision
WOW
India to outsource to US
http://www.benningtonvalepress.com/2011/04/india-to-outsource-services-to-maine-as.html
Reads like a story from “The Onion”. Not surprising however. Women and children always suffer the most from the bad decisions of idiots (banking system).
Still liking AAU?? Fell off in latter part of day
Not as much as a lot of the others did.
Yeah, I still like.
______
I added some AAU today on the shareholder rights announcement.
JAG bringing up the rear today … lots of catching up to do there, haha!
standing by for your read on the dollar tonight and likelihood of whether we could break down below 2008 lows sooner then we might have thought (that is if you have a working connection to the net tonight) thanks Senator
JG-
I’m still stalking. After following your Jacksonians since ’08-’09 my gut tells me to hold off, there will be a pull back. But I gotta say, it’s been tough recently. I’ve got powder.
Still doing the Braveheart….”Hold!….Hoooollllldddd!!….Hoooooooooooooollllllllldddddddddddd!!!!!!!…..”
Just hoping my own “Hold” doesn’t hold me in a “5 years in Chino” kinda way. Nobody likes an ass buggering.
Apologies. Again having trouble posting. Silver off the hook, reccing looking at SLW on the pullback here, as well as AAU, AUMN, IVN, RBY, and BAA.
_______
Great call on XG. Up HUGE last couple of days. Thanks.
Crud, wanted to roll out some IAG for more RGLD. Guess I’ll have to wait.
My (trading) mentor is an extremely happy man right now.
_____
took a small flier on PZG at 3.12.
An interesting read…
http://www.scribd.com/doc/53526093/QBAMCO-Apropos-of-Everything-II-III
You have a mentor? I picture you as a 65 year old grizzled cowboy, or something. Is your mentor Jack Palance?
Could you recommend any books on valuing mining companies? Or do you not necessarily care because you’re more interested in the macro/technical trends?
I picture him as a 40-year-old grizzled investment banker.
Bought AGQ at 310 just to show the shorts that silver still has some juice left in the market…
Jake, do you use stop loss for AAU?
oh – the avatar was made from a folk art image – lion dancing for prosperity and festivity. nothing to do with Catherine’s wheel.
Jake, I have to confess. I tried to trade like you do but at first it seemed like I kept making the wrong decisions. I would sell at the wrong time and then I would get jittery and buy back in at the wrong time.
I have a long time to wait so I finally decided to just buy the stuff Jake likes and don’t sell the good ones. Since I am in it for the long haul, time will make up for my mistakes. Over the past year, I haven’t sold much but I have slowly bought the dips. I have done very well, not as well as you have I am sure, but very well for me.
I think the PM Bull Market is going to last quite a while longer given our countries current financial situation, but it can’t last forever. I don’t think I would recognize a PM bear market. Would you? What do you look for? I don’t think we have had one for a long time and I haven’t been paying attention to the PMs for that long so I am a bit worried I won’t recognize it. To be honest with you, the only two scenarios I can think of that would create a PM bear market given our current political situation would be another law banning ownership of gold (and I don’t think that is possible in this day and age) or a major scandal involving misrepresentation of the physical metal backing the ETFs. I do recognize however, that this is precisely the attitude the market looks for before it smashes you in the face. I would be interested in what your thoughts are about the PM market long term (2-3 + years and beyond)
Best regards Jake. I follow your trades in the PPT religiously and you have helped me tremendously.
Jake search Twitter for the hashtag #jakegintricheetmaninworld
I also emailed this to you, so I’m sorry for the double but you should get some laughs out of it!
Chivo– saw that stuff … hilarity. 😉
______________