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I already gave you this idea a few weeks back, but I wanted to bring my favorite Japanese gold play (not really), Yamana Gold (AUY), back to your attention. As I mentioned in my last feature, this is one of the longest saucer-consolidation patterns I’ve seen forming in the gold sector since the March 2009 Recovery, and I think we are finally done consolidating and getting ready to launch with vigour (sic). Look at the weekly one more time:
Note that the real breakout is probably going to be somewhere above $14, and you might want to wait til you see that number. I already own some, however, and may add on strength tomorrow. As I would with any long term consolidation in a bull, I expect AUY to launch quite nicely once it breaks out of it’s saucer pattern here.
Today I cut back on some over-weighted positions, as announced in The PPT. That includes AAU, RGLD, DGP, some more NUGT and even silver star AG. I still have tonnes left in each of those names, btw.
Today I took advantage of Crazy Eddie “low, low, low” prices to nab some more UPS and TCK as well. UPS is perhaps one of the most solid companies in the world. It was on sale today so I added. I also opened a new position in Borg Warner (BWA) which I have been stalking from much higher numbers. I really like the auto supplier space. There’s tonnes of activity going on in the Private Equity market there as well.
Best to you all. I will be on the road again tomorrow but checking in.
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JG Sir long time reader & PM buyer, Thank you very much for your SLW which has treated me very well.
Canadian junior area PVG TUO SSO for your thoughts .
Thank you again for your insight as to what it takes to ride the PM carnival ride.
thanks senator,been long auy for 6 weeks now. and UPS is THEE greatest american company ever !
Agreud!
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Ahem, Dollar, (cough)*…
Fuck a drake.
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Jake,
I admit I’m surprised that you’re selling here. Looks like we can be at the beginning of a new leg up on these, certainly looks that way for NGD. RGLD and AUY, certainly. Will be adding on a strong move. As I said, too, in the PPT, I have some BWA already and will be looking to add. Check out MPAA. I played that in the spring. Great little automotive co.
Nevermind about this post. Disregard as the framework is shifting, obviously.
Yeah, well, I didn’t see this coming either, so no worries.
I was selling some stuff that I’d loaded up on… wish I’d sold some calls at the same time. Ah well, such is the life of the roller coaster PM market.
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Dang nabbit, rabbit.
Didn’t know about UPS.. thanks for the insight Jake. Grabbed some on this horrific sell off today. Although UPS is holding well given the overall market.
UPS is one of the finest companies in the universe. If it starts selling off like mad, we are doomed.
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Holy shit, EXK down 14%. — “Murder is the Case that they gave me!”
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Of course I was in meetings all morning and early afternoon AND on the road.
I don’t know why I go back to work. Someone’s trying to tell me something, obviously.
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Here’s another Canuckistani to get pissed at (besides Endeavour Silver). Remember Frum? He gave GWBush the ‘Axis of Evil’ catch phrase.
http://fullcomment.nationalpost.com/2011/08/04/david-frum-barack-obamas-blame-for-the-u-s-economy/
He’s an asshat. The first comment covers the whole response necessary.
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Here’s another Canuckistani to get pissed at (besides Endeavour Silver). Remember Frum? He gave GWBush the ‘Axis of Evil’ catch phrase:
http://fullcomment.nationalpost.com/2011/08/04/david-frum-barack-obamas-blame-for-the-u-s-economy/
Just stopping in to wish all well. On a very bad day a few years ago, Jake, Boca and myself chatted well into the a.m. as the world seemed to be coming to an end.
It didn’t.
Hope no one got too burnt today. With Jake’s advice and example, many here might be better positioned than would be otherwise.
All the best Sir
Thanks. Shaved 7% today, but it could’ve been worse. We were up all week, I guess, so were were due a storm.
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