Monument Circle, Indianapolis, Complete with Super-Classy, Monster Roman Numeral Decor
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The precious metal sector has gone HAM, as we’ve discussed ad nauseum here these last few days. I’m not a big crower, as I take the “That’s Life” Sinatra-version view of this crazy stock picking game. In fact, if anything I’m ticked that I got caught with only 60% exposure to my favourite stocks in the PM sector, and having ditched my two internally leveraged stocks (AGQ and NUGT) only the day before this anti-grapist surge. That said, my port is still well above even my Seven Samurai picks (currently at +11.4%) as of the first of the year, so things are good.
I also think I called the dollar top to within pennies (one of my predictions was that the dollar would fail at $81.50). I think it has a bit to go, even as it may take a rest here to bounce on the support that has now become resistance (#2):
I think we may get a bit of a pause here, but not much. I will be adding on pullbacks and all the usual names will be good.
Let me take this opportunity, then, to point out my two “A” and “B” best PM stocks for the current moment. I’ll do “B” first and admit right off that Banro — BAA is in fact, a Congo miner. I make an exception, at least temporarily, to my rule about not taking too much political risk by noting that it controls over 2500 square kilometers of rich African resource land, and that it was incorporated (and still resides) in Toronto, Canada in 1951. That’s a lot of embedded expertise and a lot of paid off pols in the Congo. Consider it barrier to entry.
In any case it’s the chart I like, and when it gets back over $5, it’s going places:
Yamana (AUY), my second attractive Toronto-based player, seemingly breaks my rules because of its size (over $12 bn market cap), pointing out that it may be more an acquiror than acquired. I like it’s benign Latin American exposure, however (Mexico, Brasilia, Colombia, Chile, etc.) , and think that it’s got one of the more promising charts (this one a weekly) thanks to a long term breakout from a lengthy consolidation:
I’ll be trying to take these two in the next couple of days at $4.80 and $16.70 respectively, if I can. My best to you.
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BAA looks like it’s working on its’ 5th wave now … top could be $5-5.20 … I’d wait for the consolidation back around $4.20 … JMO
Romney stuck it to Newt last night. His best performance to date. Santorum is psycho/self-righteous anger. We’d be in WW3 before his 1st term was out.
ABBO, my man, ABBO.
Santorum is a little self wrongteous, but that’s worked for him in the past.
Had breakfast with a very smart gentleman this morning who said he loves Gingrich’s debate style and wit, but that there is a 40% hard stop at his potential vote capacity.
I tend to agree. I actually think he’d be the worse between him and Santorum, btw. Santorum is actually a lot more plain vanilla/McCain-esque than you’d think. Not an economic guy, likes the social conservative stuff.
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Have you ever checked out Argonaut? (AR on the TSX)
It’s done well for me; more than a double in 2 years. It’ll slow down a bit in the near term I expect.
They are a Canadian corporation, based in Nevada, and active in Mexico.
http://argonautgoldinc.com/
I wait until they start trading on the U.S. exchanges for liquidity’s sake. Too many shennanigans in those Canuckistanian broker circles.
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Jake, any opinion on Fortuna Silver Mines (FSM)? In a nice base (weekly) and bounced strongly this week. I added between $5.25 and $5.50 over the last few weeks and it’s pushing $7 near the top of the base. I’m watching for a breakout if this run in silver continues.
Thanks,
Tom
Looks good. Overbought right this moment, but I’d grab some at $6.40-ish or so.
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Just went HAM on a bunch of stuff, including GDXJ, COP, BAA, and AUY.
Lots of room to go here.
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COP looked tough, I like it.
I like the way it finished the day.
I really like the phat divvy as well.
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Hello Jake, Do you take profit AG and RGLD here or hold ?
Thank you.
I’m holding, but you might want to take some profits depending on your risk spectrum.
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Thanks Jake,
I’m already at 75% and plan to wait for the next pullback to add some that I’ll trade in and out of.
I may add to my 1/2 COP today. Waiting to see if this is indeed a double bottom.
Didja add?
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Senator, I added COP and am in with a full position now. My father will be happy when the divvy arrives:)
I did : )
I Did .. almost full position.
NY-Semi’s were unreal at “CAESARS” Jake.
I am not sure what that means?
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Jake, just saw a movie that has been locally released that debunks the whole climate change crap.
Nashville talk show guy, Phil Valentine, has been on a quest the last couple of years to bring the truth about climate change and just got his movie locally released to disprove Al Goracle’s An Inconvenient Truth.
The movie is called An Inconsistent Truth
http://aninconsistenttruth.com/
The distributor of the movie says if it does well in Nashville they’ll open it up to more theaters nationwide. By all accounts it is doing great. The wife and I hit the 2:50 showing today and there was a huge crowd, in a large stadium theater.
The crowd was very enthusiastic. It was entertaining, intelligent and funny at times.
Keep it on your radar as it is well worth a viewing.
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Joined you in COP over the last week. Picked up a few shares of GDXJ and AUY as well. Thanks.