Sit, Midas, Stay!
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I was away on business in outer Lobos Lobovia today (somewhere in the untracked wilds of the Midwest), when I received a cell phone text from my dog, Midas (above). She’s been trained to faithfully call me whenever I’m away from the screen and there’s a significant opportunity in the precious metals… especially the miners. She’s to do this no matter how busy I am, and mein gott have I been busy. Still, she has her training… so…
“Roof!” She said, “roof, urf, roof!” Loosely translated, this meant “buy MVG,” but that’s of little consequence when you could have bought anything in the PM sector today (save maybe PAAS) and you’d have made a crop of coin. So who says dogs are smart, right?
Anyway, MVG was up 6% including after hours today. AAU was up 12.7% today. Guess what wasn’t up so much today? If you said “BAA” you get a prize. It was flat most of the day, only to trade up a shade under 3% in after hours. Can you guess what I’m going to be buying tomorrow, time allowing?
My dog Midas knows.
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Again, my apologies for being away from you, friends. It’s truly been one of the busiest weeks I’ve had since I was a gruntling analyst fresh out of my white shoe training program. And shit, it’s only Wednesday.
That news in itself should be somewhat indicative to you. Money is moving people, on both sides of the balance sheet.
Given this pace, I may not even make it to the weekend. So if I don’t, let me share my outlook. I think we should be aware we could be on the cusp of a cataclysmic move in the PM’s. The dollar has broken that support at $76, and as I type it’s at $75.89 on the index. Gold has responded, and is above $1700 again. I think we’re on the way back up, and am cautiously adding to my piles as time allows.
Silver’s been something of a laggard, but I may take advantage of that by adding to my AG and EXK tomorrow. If my readings are correct, we’ve still a ways to go in those names. I may even indulge in some AGQ. Juniors in the gold sector should also be considered. Grab GDXJ if you don’t want to choose. Take care, and I will try and drop in on you tomorrow.
Best to you all.
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