I’ll just keep on, keepin’ on….
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I trust nothing these days, save my Jacksonian positions.

I certainly don’t trust the restless trolls reaching their gnarled fingers from under their respective bridges to nip at my knee-caps.  Back off, trolls, lest I take you off at the fore-arms with my trusty scimitar!

Despite the above imagery, I was relatively unscathed today.   Down less than 40 bips.  Odd, no?

And guess what else?

I bot some more PM exposure, like a crazed bandicoot, hungry for shiny tin foil. Options, even. (Am I mad?)

No, not even peevish. Just “taking advantage.”

I bot back the 30 December $9 strike Silver Wheaton Corp. (USA) [[SLW]] at $3.70 and $4.00.

I bot back the 40 December $40 strike [[GDX]] at $5.60.

I added another 300 shares of [[AGQ]] at $56.33, just for the heck of it.

I am eyeing Exeter Resource Corp. [[XRA]] which I still haven’t bot yet. I think [[UUP]] will have trouble tomorrow, despite it’s recent strong price and volume move.

Remember it’s “Ridiculous Bond Sale Week,” and let’s be careful out there.

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This could end badly!

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Most of the time I’m giving you the long term perspective, which is what you should be thinking about with regard to the Jacksons.

But I figured it might be novel — more pulp fiction than Doestoevsky — to show you what I’m watching on a intra-day basis.  

For example I’ve been waiting for a couple of days for [[GDX]] to break out of this pullback downtrend.   You can see the targets I’ve illuminated for the short term.

The downside to this analysis is that it can turn to garbagio faster than a blues singer on meth.   So it will be an interesting — if short term — experiment to see how this play works out over the next few days.  

The key, I believe, will be whether the volume picks up here, or dies out as the dollar finally rallies.   Stay tuned.

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Some have grown fretsome and sold their gold miners to me in short sighted paroxysms of “management.”  They — these “some” — feel they are “managers” and therefore must “manage,” long term values be damned.

But let me ask you this:  if you were given a goose that laid — quite literally — golden eggs,  would you sell said poutlry for a handful of beans and a wide screen TV tube?

Would you wring it’s neck for a quick meal of pate and buffalo wings?

No, of course not.   You’d husband said semi-aquiferous creature and feed it only the best seed corn and malted beverages from the Villages of St. Ides.  

You’d sing to it.

Two charts I’m featuring  tonight are a perfect illustration of the opportunity we have before us.   The first, I’ve been mentioning for weeks.   A “latter day Jackson,” Allied Nevada Gold Corp. [[ANV]] is perhaps my strongest gold pick at the moment.  

It may pull back some more here, but there’s no question that this weekly chart is showing a trip to uncharted territory, on uncommon strength:

My second chart is a newcomer, courtesy of The PPT, and perhaps as strong as ANV at this moment.   Exeter Resource Corp. [[XRA]] is a new favourite of mine, and an irony to boot.

I appreciate irony, almost as I appreciate break-outs in trending stocks who also happen to be in super bull segments.

Look at this chart — this weekly chart remember — and ask yourself again.   Why would I want to concern myself with any other sectors at this point?   Why would you?

As they used to say on President & 5th — down in my old neighborhood in Prospect Park, Crooklyn — are you fookin’ kiddin’ me??

Be well.

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Zut, Alors!

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Some of you may wish to take this opportunity to weep like a disgruntled Maginot Line engineer a week after the Blitz (see above).  

That’s right it’s crying time again.   That time when the gold and silver bulls that as of late have been so docile and yielding of fresh milk (as far as you know) have now grown into raging Tauruses (Taurii?), trampling your bloated carcass and rifling your pockets for loose Good & Plenties.

But let’s check our calendars shall we?   Has Sinterklaas arrived already, muling his burlap bag of kittens and freshly polished wooden clogs?  

Has Mother already placed a large roasted poultry on the dusty “for guests only” dining room table and surrounded it with gut-stuffing, cream-embossed ancillary vegetation  seen — thankfully — only once a year?

For that matter, have even any cleverly disguised neighborhood brats beaten on your manor door, claiming King’s Right upon any nougat resident?

No?

Well, then, heck — go order a Kung Pao or something.  Take the day off.   Feed the birds.    Go have a pigeon sandwich with pigeon sauce on the side.

Or if you’re of a mind, and have recently grubbed some coin selling an egregious biotech hand grenade with your one remaining three fingered hand, see if there aren’t some glittery bargains out there you may have missed the first time around.

Caution — nothing’s really much of a bargain, valuation wise.    To buy here you’ll have to accept the thesis that we are “dollar unhinged” at this point, and that gold and silver are going quite a bit higher.   If you’ve been with me since inception, you’ve probably bought into that much. 

We’ll look at the dollar later tonight.    There will be a low and a rebound, but I don’t think it’s coming until [[UUP]] is down below $22.00.   That said, we’ll remain cautious.

There’s not a ton out there that I’m eyeing to add, but that’s only because I’m so “jug full” at this point.     I  continue to think the silvers offer the best opportunity, so I may want to look at the double POS(ilver) [[AGQ]] .

I also think [[PAAS]] is an opportunity here, thanks to yesterday’s sell-off on the merger news.  

[[CDE]] is hardly taking a breath (and I forgot to include it in yesterday’s list, my bad).  

 Silver Standard Resources Inc. (USA) [[SSRI]] has been lagging, but it’s known to catch up rather quickly. 

  Silver Wheaton Corp. (USA) [[SLW]] is of course my favourite (sic) silver,and don’t forget mighty mite [[EXK]] .

On the gold side, my current favourite — and non-Jackson — Allied Nevada Gold Corp. [[ANV]] is pulling back here.   I also like Yamana Gold Inc. (USA) [[AUY]] and [[BAA]] on this pullback.    

Of the Jackson golds, Royal Gold, Inc. [[RGLD]] is “the one” I choose above all others, thanks to its royalty leverage.   IAMGOLD Corporation (USA) [[IAG]]   and Eldorado Gold Corporation (USA) [[EGO]] have also been champions and will see the 20’s by Christmas, in my opinion.

One last thing, platinum is really picking up after lagging here, and I think  [[PTM]] is very close to “BTFO”  in the $16.50 area.   This is one to have in your portfolio as a “core holding” along with [[SLV]] and [[GLD]] , in my humblest opinion.

That’s enough for now.   Go to the boulangerie and weep over an anisette and black-black coffee.

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I’m really juicing my returns!

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I know, I know, so few of you even watch baseball anymore… It’s more than likely that this reference is something of a stretch.

Better I should stick with the metaphor of football, with its place of honour (sic) and royalty amongst great American sports, and it’s apt illustrations of long bombs and crashing sprints to the goal line.

But for now, humour (sic) me, and act like you know what I’m talking about when I describe an increasingly obscure sport played by men in tight knickers carrying large whittled  pieces of timber, who seek to knock a tightly wound and sewn sac of leather onto a perfectly mown lawn, preferably with no interference by opposing knicker-clad men who have handicapped themselves with enormous envelopes of leather appended to one hand .

It’s not unlike “the jai-alai,” in that respect.

In recent years these men, perhaps grown jealous of their larger athletic compadres playing in the NFL, have taken to augmenting their physiques with such muscle enhancing chemicals as horse hormones and testicular steroids.    One such famed participant was Mark McGwire,  a now near-forgotten and disgraced performer for the St. Louis Cardinals, who put on so much additional mass via home chemo-therapy that he began to resemble the famed Michelin Man of French tire hocking renown.

Then he broke Yankee Great Roger Maris’s single-season home run record and marked the beginning of the end for American baseball.  

But enough of that funeral oratory, as I only bring up Mark McGwire to remark upon how easy it seems to have gotten to knock home-runs in the precious metal space.     So easy, in fact, that I remarked in The PPT yesterday that it was like watching the aforesaid McGuire hitting warm up fungoes in batting practice, or better yet — easily winning the Major League All-Star Game Home Run Derby almost every year he entered it.

But in the market, things are not supposed to come this easily, and so my mind has strayed to areas of oncoming resistance much like a hobo seeking lights at the far end of a train tunnel.   Remember, there will be pullbacks, and I think our friend “Baby $HUI”can be our guide again in this regaurd (sic):

My best guess is we run to that first line of resistance as depicted on the weekly above, and then fall back to the trend line.   So if you are looking to unload phat options positions that have grown unwieldy with greasy profits, your window may be approaching.

There’s also a chance that the dollar dumps with the ferocity of an aging bull elephant beset with cholera.  If that happens we may run all the way back to all-times highs as featured on Saint Paddy’s day of 2008 (and illustrated in red above), when oil was peaking at $147 a barrel.   

 Word to the wise — oil is half that now.  Act accordingly.

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For specifics, silver is still lagging gold, which as we’ve discussed, has broken to all time highs and is now over $1,061 an ounce.   Silver remains below $18, and it’s all time high is  $49.45an ounce.      That’s why I’m on those stocks like Woodshedder on a corn-dog. 

In order of immediacy,  I like [[PAAS]] on the sell-off, Silver Standard Resources Inc. (USA) [[SSRI]] on the pullback, [[EXK]] , Silver Wheaton Corp. (USA) [[SLW]] and finally the dog, Hecla Mining Company [[HL]] .

Also, on the gold side, I have to make a shout-out to favourite Allied Nevada Gold Corp. [[ANV]] and new The PPT find Exeter Resource Corp. [[XRA]] which is up about 25% since being singled out by The PPT early last week.

Last, I am accumulating [[TBT]] for the near inevitable rise in interest rates.  I added 1,000 more yesterday.

Best to you all.

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Jake Pours A Special Treat for the Bears

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You can tell by the twinkle in his eye that old Pat Boone’s having a special day.      And so are tthe loyal Jacksonian JakeGint Brigade.

Gold is now in new all-time high territory @ $1041.70 an ounce, having smashed the former $1,033 ceiling with gusto this morning, as our friend, Mr. Dollar plummets once again to it’s flash-paper grave.  

In the meantime, silver is the purchase of the century as it still lags gold in targetting and achieving it’s old $20+ highs.    Silver is still one-sixtieth the price of gold as well, compared to more historic ratioss of 40:1.

 I’m still targetting a $21.95 price for [[UUP]] , and we may break to new lows from there, thanks to swarthy men wearing bedsheets and mis-treating their camels half-way across the world.

How dare they object to our running off sheets and sheets of green paper with Ben Franklin’s visage on it and exchanging said specie for their greasy petrol?   Don’t they know what attractive wall covering that shade of grey-green can provide?

Not to mention window-treatments.

Not to get all “stuffed-in-the-gut” about how all my dollar defense dragons are tearing ass on this market and making investments in TV-tubes and natty gas service companies look like so much Baltic Avenue rowhouse property (we have Mr. Boone for that purpose  anyway), I’d like to point out some exaggerated gorillas whose armpits you may wish to shave at some point today…

(That means “take some fiat off the table” for the metaphorically challenged)

Silver Wheaton Corp. (USA) [[SLW]] will likely come back to it’s breakout at $13.35 or so.

Hecla Mining Company [[HL]] is a crazy stock and will likely meet stiff resistance at $5.00.

Wait for a break of $21.96  to get back on [[CDE]] , otherwise, it should fill that gap again at $20.41

Silver Standard Resources Inc. (USA) [[SSRI]] has an optimal entry at $21.75, but otherwise it should get held up at $23.25 or so for the near term.

[[PAAS]] is “BTFO,” but will likely return to it’s old high of $24.81 before heading to new pastures.

Golden Star Resources Ltd. (USA) [[GSS]] will be BTFO at $3.71, but is a buy on a pullback to $3.38.

That’s enough free fritatas for now, pikers.   Sign up for The PPT to get the full-fire hose effect of instant portfolio nutrition.

Off to commiserate with mountain dwarves and other horders of glittering treasure piles.

Slante.

 

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