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What a lucky bunch you are.

No, seriously, you are in for some fun tomorrow, especially if you are a PM “noob,” because we may get a gold and silver sale tomorrow that would put even a semi-retarded Wal-Mart jewelry clerk to shame.

It looks like we’re getting one last final swaller before we do our annual Santa run, and this one may turn out to be fun for short and long term trader’s alike.

I’m not going to show you last night’s price of gold chart again (just click one back to see it), but suffice it to say we are “right on” the 34-week EMA, just as I’d expected.   Seems we made the entire move in one day.   And on relatively light volume.   What does that tell you?  Keep in mind we’ve got COMEX options expiring today as well. 

I announced in The PPT and later on my blog that I had taken the opportunity to grab some more IAG and SLW, as both of those looked ripe for a bounce, even more so than my planned purchase of ANV.  Looking again at the longer term charts, I see that SLW could drop another dollar lower than my $18.09 purchase price, and if it does, you should take advantage.

I think ANV will finally be ripe for plucking tomorrow, maybe as early as the open.   The daily picture tells the tale here:

Looks scary, but in fact, the 200-day EMAhas been a beautiful place to pick up discounted goods in this secular precious metal bull, and you are lucky to see it once again, despite the seemingly perilous status of the situation.   Look again at that three month move from February to May, and keep in mind we are coming to Santa-season sooner than you think. 

Ho ho ho!

My other “favorite” that is looking awfully tempting for tomorrow is my massive EGO.   This time, the weekly has the better view:

 If you can catch this one anywhere near $14.90 (the 34-week EMA) then you are golden, pony boy.

I like SLW and PAAS as your silvers on any kind of gold bounce, but so does Barron’s, so for safety, I’d look at EXK here too. 

Best to you all, and happy hunting tomorrow, you lucky dawgs.

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Addendum:  For  you political types… this is one of the best articles I’ve read all year on the historical and political analysis of our currently “evolved” system of government.   I think Purdy and probably M. Le Docteur would both love it…  Angelo M. Codevilla’s The American Ruling Class, and the Perils of Revolution.   Excellent stuff, really.

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Some of you get a tad nervous and that’s understandable. You haven’t been sailin’ the seas lo these last ten years with a chest of silver and a chest of gold amid-decks, watching the waves break over your port bow and the rigging whip up under many a Jamaica squall.

‘Tis a pity, as it’s rendered many of ye as feckless and gray-faced as a feral stoat during the slaughtering season when it comes to any down-draft in ye positions. 

If there’s one thing I could keep in your mind it’s that the PM”s are a volatile lot.   Like a powderkeg in a burning fireworks factory, ye shall be shaken about before ye’re borne to heaven.

But your time is not yet, and neither is it the hour for hand wringing.   There may very well be one last shake of the lamb’s tail before we ascend over again into the high surf and the sun scuppered seas.   I say “may” because with silver’s recent strength leading the prow, it’s just as likely we take off like a shot tomorrow, mimicking the dolphins of tech like CREE and VECO, the latter of which blew out it’s numbers tonight and should offer boundless booty to ye faithful who stuck with her.   As well, POWR should benefit from that triumph.

As usual, I think it’s the weekly charts that give the best perspective, and the weekly of $GOLD should be no exception.  Look here on the direction I think we should take in the coming month.  That short dip may very well be our last gasp at these levels, and if so, I’ve amasse some dry powder to partake in more ANV and SLW in the coming week.

My best to you all, as ye make yer way through the shoals of Uncertainty.

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Step away from the rabbit…
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Pay no attention to Lady Mahket with the butcha knife.  This is the chop part of the summer, but I’m not fooled.  I know what’s coming this year and so do you.

It’s an American election and it’s an important one.   The forces of “status quo” are going to do what they can to make sure it happens in as stable an economy as possible, despite the double barrells of ObamaCare and Dodd-Frank that have been administered to our collective guts.

Make no mistake, we’re going to be dealing with those two awful — and I mean awful — bills for the next decade.  My hope is that the perennially corrupt Congress will be rendered poleaxed for years to come just in unravelling them both.   That is truly our best possible outcome, given the unintended consequences that have popped up even on the very first day of the horrific bank “reform” bill’s signing.   I point you specifically to S&P and Moody’s suspending their ratings for fear of being sued into (perhaps righteous) ignonimity.

This is what you get when you allow a group of largely innumerate corrupt Democrats (and select boneheaded Republicans) access to the vital wheels of commerce.   Truly, they are en masse, a shit show.   Tell me again how elections don’t matter.

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Surprisingly, I’m sure, you’ll find my answer is grabbing undervalued gold, of which we have recently come upon a trove.   First, the weekly $HUI is approaching oversold whilst bouncing off a crucual long term (34 week) moving average.   That’s been a healthy sign in the past:

Then, a specific recommendation, one of my favourite Jacksons is  a bargain.  Look at the weekly ANV chart for my take on the situation:

I am back home this evening, so I will try to catch up on some sleep and be here tomorrow for any queries.   Best to you all.

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Of my favourite (sic) PM positions there are quite a few that are “almost there,” for an optimal buy, according to my weekly (ie, “long term”) reviews.

And then there are two that I like for tomorrow. They are PAAS and ANV. I will look to add tomorrow morning. There are a couple that may need one more day (and it may not even be a full day) like SLW and EGO. If you can get RGLD below $43, you are one blessed by Fortune.

As for “rippers” that will be taking advantage of any continuing up move in the regular markets, CREE and VECO, the LED twins, are taking off again. I expect POWR will be not very far behind them.

Attendez!

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It’s called work.  I’m back home, and I’ve got tonnes of it.  I shall be out of the office again for three days this week and have all manner of personal and personnel issues to work through.   What’s worse, my right hand man is taking this week off (and deservedly so, as I’ve been working him like a Sherpa in tourist season).

I did have a chance to look through the charts tonight, however,  and I continue to believe two things.   One, this rally will continue, most likely after a slight pause that will either accompany or ensue from a dollar strengthening.   It won’t be much, but enough to continue working out it’s current oversold condition.  

This week would not be the week to add to the TNA (D’Rex Triple Russell), in other words.   It may be a decent week to continue looking at the PM recovery that firmed last week, however.   This is especially true if we’re given a bit of respite with the dollar strengthening.

As the daily AMEX Gold Bug ($HUI) chart show, that rebound off the oversold levels has occurred.  If the cycle continues as it has, we should see at least $490 again, and perhaps even new highs, depending on what the dollar decides.   Here’s the latest in a series:

I would continue to add to strong names that look like they’ve bottomed for this cycle, especially IAG, ANV and EGO in the golds, and SLW and PAAS in the silvers.   RGLD — the royalty banker — is also extremely attractive at these levels.

Feeling adventurous?  Gobble some EXK.   Or gobble some more, in that case.   I can’t tell you how much that stock reminds me of SLW, and even it’s ultimate parent WHT (now known as GG) in the bad old days of the early 2000’s.  I believe it will eventually provide similar rewards.

Someday, you will thank me for nagging you on all this.

Best to you all.

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[youtube:http://www.youtube.com/watch?v=BCAw5EYzen8 450 300]

(One of the kids’ favorites, and prescient)

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I’m on vacation and have enough trouble dealing with the deal shinola from the office, so I’ll make this brief.   That $HUI daily Amex Goldbug Index I’ve been featuring these last few days?  Well, it’s finally hit the trendline, and now it’s time to pack those shiny things on.

I’ll bring me sack, you bring the gold:

Could we have a couple of extra days consolidation?  Sure.  Play it by ear, but stay on your toes and be prepared.

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