Category Archives: Platinum
Allright, that’s enough of this Barack Obamacare bashing. For now.
Let’s all remember what this blog is about after all, which is sound money market plays. That stuff can’t work out without a crapload of bad government policy to destroy the currency for our benefit. So let’s all take a minute to thank Barack and Nancy and the whole group down at the Fed for the opportunities they’ve apportioned us.
And here’s some more that I think may be burbling to the surface this very evening… First it looks like the coal stocks are catching a whiff, so let’s not forget about the Jacksonian dividend payor — Natural Resource Partners LP [[NRP]] .
Next I’ve got some fun junior golds that I think are ready to take off, not unlike last night’s recommendation [[CNXT]] did today. The first I’ve talked about for many months, and it’s one of my favourites (sic) of the junior miner variety — and here’s Allied Nevada Gold Corp. [[ANV]] ‘s weekly chart:
Looking for a flat side breakout (up) here, with a little additional volume. $9.00 should be the safe zone.
Next is [[BAA]] , which finally got it’s mojo going today. I think a move over $2.14 is the second stage of this story:
Last, an old friend who may be indicating good news (finally) for the Brotherhood of the Natural Gas freaks (like Fly’s Flotek), is Lexington, KY-based NGAS Resources, Inc. [[NGAS]] , which is showing a turtle head pop-out of the downtrend:
Last, the silvers look like they are going to make another run, so keep an eye on the silver Jacksons Silver Wheaton Corp. (USA) [[SLW]] , Silver Standard Resources Inc. (USA) [[SSRI]] and [[PAAS]] . Also platinum finally started getting off it’s keyster today as well — I use the ETF [[PTM]] to invest in that precious metal.
Remember to write your Congressperson about keeping their hands off your private, well supplied healthcare system. Don’t let them kill the goose that’s laying the golden eggs for us and the rest of global health. Best to you all.
Sorry I haven’t been around to post pictures of ugly food, but I had to blow out of here real early tonight, as Bob Dylan and his Merry Band, along with Willie Nelson and John Commie Mellancamp were in town for a great five plus hours of rock & roll. They were uniformly good, and Dylan was border line great tonight. Pretty impressive for a 68 year old dude, living legend that he may be.
Willie is 76 which is just freaking incredible, given that he sounds exactly like he does on the radio. Even John Commie Melons was pretty spry at 58. Still, they could’ve dropped him from the team and not have had such an odd mix of iconic greats with aging boy popstar. It makes one wonder — who will Bob tour with next, Vanilla Ice?
Because I just got back, and because I’m out all day tomorrow, there won’t be a Jacksonian Summary today. Looking over the list, it’s a pottage of offal. Down almost 3% today, with our money padrones, both gold (price $911.70/oz.) and silver (price $12.90/oz. ) getting beaten up in a summary back alley fashion, purportedly by Treasury Bond Salesman bearing Snidely Whiplash moustaches.
IAMGOLD Corporation (USA) [[IAG]] was the worst of the lot, down over 8%. I think that means we get a bounce tomorrow, given that there’s strong support at $9.00 (where we bounced today, btw). I do think that the price of gold goes to $890 or so, here and that the miners are preceding that move.
Again, those of you who are lucky enough not to have a full position should be taking this opportunity to add at least some IAG here. Yeah, we might see lower prices, but not three months from now. This is stock that I believe will see at least $15 before the year is out, which is a 66% move from here.
The same can be said for Eldorado Gold Corporation (USA) [[EGO]] , Silver Standard Resources Inc. (USA) [[SSRI]] and Silver Wheaton Corp. (USA) [[SLW]] , all bludgeoned today as well. Again, nibble with a sidelong glance for the great cat named Treasury, but nibble nonetheless. You shall soon bell that cat.
I expect we’ll get something of a bounce tomorrow — in almost everything — but again would not be surprised if there is some follow through drubbing on some of these, including even [[TBT]] . I will be out, but may take the opportunity to dial in some more [[TZA]] on a rise tomorrow, just to continue hedging these summer doldrums.
Non-PM Teck Cominco Limited (USA) [[TCK]] got whacked today too, but I think we may get a bounce tomorrow thanks to our friends at Alcoa Inc. [[AA]] .
On my recent non-Jacksonians, [[BIOS]] can easily get back to $5.25 (its 20-day) and Health Grades, Inc. [[HGRD]] still looks very strong here. Healthcare seems to be a continuing “safe haven” in this period. Checkout Amgen, Inc. [[AMGN]] for reference.
Teck Cominco Limited (USA) [[TCK]] is the strongest of the litter, here, and most of the precious still have work to do. The silvers in particular are giving me agita, but only in that they are making me wait.
I bot some more Silver Wheaton Corp. (USA) [[SLW]] today as it tested its 38.2% fib, and [[PAAS]] and Silver Standard Resources Inc. (USA) [[SSRI]] had similar (though not as severe) pullbacks today. Seasonally, we’ve entered into a slow period in the PM’s, but I am just not willing to sell anything right now, given the precariousness of the bond and dollar situation. Sure, we could have more strength in both, but I just keep looking at the amount they have to sell this week (hat tip to Scum Bucket), and… well, let’s just say hard money is looking a lot more appetizing, and I’m getting ready to reload on more [[TBT]] .
Of my non-Jackson’s Allied Nevada Gold Corp. [[ANV]] was actually a gold miner that was up today, and I’ve already mentioned that I increased my position in Rubicon Minerals Corp. (USA) [[RBY]] . Pretty soon I’m going to look like a gypsy Queen with gold and silver (and a touch of platinum, though I’ve yet to add to my starter position in [[PTM]] yet) dangling off my fingers, toes, ears and dreadlocks.
But that’s what our major theme is going to be here, folks, for the duration, so get used to it. Soon, you’ll thank me for my persistent nagging. In fact, it’s quite likely that someday, you’ll be adorning your children in “just 4 Kids” NY Giant paraphenelia in my honour (sic), and sending them off to college with tuition bills paid for in gold doubloons and pieces of eight.
I have every confidence. All I need is the patience of a Bengal tiger in the deep brush on the annual Marlon Perkins’ Eat a Safari Tourist Day.
Non PM picks I like, if you’re interested, include [[BIOS]] and Health Grades, Inc. [[HGRD]] here. Best to you all.
|ANDE||$ 30.89||$ 29.67||-3.95%||Bounced off 20 day, sell on break $28.90|
|EGO||9.25||8.75||-5.41%||Closed a cent over the 50-day ($8.74)|
|GDX||38.31||36.94||-3.58%||Gapped down, doji’d, 200 day $35.94|
|GLD||91.25||90.76||-0.54%||POG $925 headed for $900?|
|IAG||10.34||9.93||-3.97%||Bounced off 50 day, patience, a keeper|
|MON||71.96||73.26||1.81%||Bounced as I suspected, but vol. sucks|
|NRP||20.77||20.70||-0.34%||Still oversold, but hanging in.|
|PAAS||18.22||17.83||-2.14%||Looking weak, still.|
|RGLD||41.52||39.04||-5.97%||Below 200 day EMA, looking weak|
|SLV||13.16||13.10||-0.46%||Oversold, but 200 week beckons (12.40)|
|SLW||8.40||7.75||-7.74%||Closed penny over the 38.2% retrace, I bot.|
|SSRI||18.79||18.20||-3.14%||Doji’d but could seek $17 one more time|
|TBT||50.73||50.94||0.41%||Looks ready to make a move|
|TC||10.36||10.07||-2.80%||Could target 50 day ($9.00)|
|TCK||16.09||16.88||4.91%||Chinese investment give a pop.|
|TZA||23.63||24.34||3.00%||Portfolio saver again, still 1/2 position|
|Cash (000)||$ 13.44||$ 13.44||0.01%||Same|
Yes, I’ve been down here all day stacking cans of chicken stock and chewing tobacky with the Devil Dawg, whilst we discuss Obamacare Armageddon scenarios and the influence of Frederick Heidegger on the work of the BeeGees, post-Staying Alive.
Okay, so it’s not that bad yet, but I’ve “taken some steps” ovah heah, as I mentioned I would last night. One of them was to cut back a bit on certain plays where I had some substantial gains (in the case of Silver Wheaton Corp. (USA) [[SLW]] and Thompson Creek Metals Company, Inc. [[TC]] ) or wanted to reduce some exposure due to flaccidity Eldorado Gold Corporation (USA) [[EGO]] — all in order to raise cash.
I sold 25% each of the SLW and EGO and another one third of the TC, as it broke $9.25. I now have just a third of my original 1,407 shares of TC purchased at $7.11 left. This second batch was sold at quite a bit less than the first ($11.21), but still at a 30% premium.
The SLW was sold at $8.21 right before the close, and the EGO at $8.12, at 6.35% and 1.5% returns, respectively. Ugly and the folk in the PPT will tell you how reluctant I was to part with even that much, but a necessary cash raiser for our protective [[TZA]] , of which we purchased $10,000 worth at $24.82(as mentioned this morning in the last post’s comments), similar to our other “initial purchases” in the JCHP. I reserve the right to add more in $10k increments, and may do so tomorrow, depending on where this market is headed.
I am also looking at [[SMN]] as a possible add tomorrow, and Natural Resource Partners LP [[NRP]] as a possible cut, again depending on what the commodity movers do. Stay tuned.
|Name||22-Jun||% Change||23-Jun||% Change||Comments|
|ANDE||$ 28.45||$ 28.23||-0.77%||50-day @ $27.53, could “touch & go.”|
|EGO||7.65||8.07||5.49%||Strong launch off the 200 day today (7.64)|
|GDX||35.74||37.33||4.45%||Also bounced off the 200 day EMA (35.71)|
|GLD||90.54||90.92||0.42%||$90 seems like support/|
|IAG||9.04||9.58||5.97%||Nice rebound from yesterday’s plunge.|
|MON||78.12||79.30||1.51%||Continue to watch that $77.25 level.|
|NRP||20.60||20.65||0.24%||Rebounded weakly, may sell tomorrow.|
|PAAS||18.02||18.31||1.61%||Need some follow through tomorrow|
|RGLD||41.12||42.43||3.19%||Closed just about 50 day ($42.27)|
|SLV||13.54||13.62||0.59%||Tepid response, but POS up 15 cents tonight.|
|SLW||7.97||8.21||3.01%||Needs to reclaim 200 day @ 8.40, or die trying.|
|SSRI||17.56||17.99||2.45%||same as above, 200 day is @18.91|
|TBT||53.28||51.85||-2.68%||Could easily get back to 49.25 before bounce.|
|TC||9.40||9.42||0.21%||Sold another 1/3 at $9.24.|
|TCK||14.57||15.51||6.45%||Nice bounce off 200 day EMA @ 14.62|
|TZA||24.82||25.57||3.02%||New hedge entrant, up nominally today.|
|Cash ( 000′s)||$ 4.14|