But really not a horrendous day for the Jacksonians, which gives one pause, no?
Now the PM’s are resuming their slide, and I can’t help but think it’s “of a piece” with the Treasury’s desperate need to sell bonds here. Again, we continue to see opportunity, as I think it’s unlikely that gold will fall much below $890-ish on a per oz. scale, and I would be shocked to see it claw back to $850. In the event it does, however, I will be manning the one man oompah-band, complete with bass drum, polka accordian and egregiously long slide trombone in order to advertise to the world — via drum majorette high kicks — that this is the time to back up the truck and buy.
In the meantime, I will continue to convert my more esoteric picks (non-Jacksonian) and hedges of large positions into cash for additional rodent-like hordings of shiny metals. In fact, should gold break $900 again, I will “do my part” and for the first time since 2001 start buying physical again. If the Comex geeks want to “play that,” Homey will be obliged.
I have included a “weighted return” in today’s review (from yesterday’s close), so you can see how much each individual position actually returns. As you can see, the actual $150,000 original investment is up a little more than the “pick alone” number, thanks to cashing out on a few loser, and thereby having them a lesser portion of the portfolio. As a result, I will likely add to some Jacksons soon with the cash and hedge amounts ( [[TZA]] and Cash are equal to almost $23K at this point — or 14% of the portfolio) when the time is right. That may be soon, fwiw.
Name/ | % | Portfolio | Portfolio | ||||
Ticker | 6-Jul | 7-Jul | Change | Value | Impact | Comments | |
ANDE | $ 29.67 | $ 29.96 | 0.98% | $ 18,091.79 | 0.11% | Still trending. | |
EGO | 8.75 | 8.79 | 0.46% | 8,236.23 | 0.02% | Hanging on, relative strength today | |
GDX | 36.94 | 36.51 | -1.16% | 11,050.24 | -0.08% | Hanging at 50% retracement | |
GLD | 90.76 | 90.71 | -0.06% | 10,432.43 | 0.00% | Relative strength | |
IAG | 9.93 | 9.99 | 0.60% | 12,318.13 | 0.04% | One of my strongest golds | |
MON | 73.26 | 72.62 | -0.87% | 4,259.24 | -0.02% | Down not so bad, considering. | |
NRP | 20.70 | 20.38 | -1.55% | 4,229.97 | -0.04% | Sold 1/2 on break of $20.50 | |
PAAS | 17.83 | 17.71 | -0.67% | 10,636.64 | -0.04% | Expected to test $17 again. | |
RGLD | 39.04 | 39.19 | 0.38% | 10,828.96 | 0.02% | Oversold, $38 a possibility today. | |
SLV | 13.10 | 12.89 | -1.60% | 10,471.16 | -0.10% | Oversold, but 200 week beckons (12.40) | |
SLW | 7.75 | 7.80 | 0.65% | 7,576.43 | 0.03% | Support @ $7.50 | |
SSRI | 18.20 | 17.91 | -1.59% | 10,418.85 | -0.10% | $17 likely goal. | |
TBT | 50.94 | 50.19 | -1.47% | 9,998.01 | -0.09% | Waiting for bond market to resolve | |
TC | 10.07 | 9.82 | -2.48% | 4,606.66 | -0.07% | Could target 50 day ($9.00) | |
TCK | 16.88 | 16.15 | -4.32% | 10,738.03 | -0.28% | Gave back most of prior day. | |
TZA | 24.34 | 25.86 | 6.24% | 5,209.53 | 0.20% | Portfolio saver again, still 1/2 position | |
Cash (000) | $ 13.44 | $ 17.69 | 0.01% | 17,694.95 | 0.00% | Increased on 1/2 sale of NRP | |
AVG (daily) | -0.38% | $ 166,797.25 | -0.40% | ||||
AVG (monthly) | -1.50% | Actual | |||||
AVG (inception) | 10.80% | Return | 11.20% |