Gold is starting to breakdown here as the market continues to punish those who bet against it. I own a piece of $NUGT, which is the 3x gold miner ETF, but may look to take it off around my entry at 10.25.
As you can see from the chart below, things could just be getting started to the downside for the precious metal. But then again, you never make money selling the dip in gold. What say you?
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I actually don’t know what to do either, i have an entry of gold at 1700, now im stuck.
support seems to be here, but is selling a good idea here?
It’s looking weak. I sold some of my physical gold and it’s beginning to look like I should have sold more.
I say if 164.3 can’t hold (GLD, close of the day / see tomorrow / see week ) it’s gonna go where it had gap to fill down to 157.5 level .
SLV same story , but more painful down to 28 level .
it may be that gold is in a steeper correction do to end of year equities rally , and may last lil bit more then a week, but i am the same advice as many banks advisor that this is a correction on the long trend up continuation picture ..
As granpa says, never sell gold, dip is a buying opportunity in a loooong run. I believe Jake would agree.
Too many non-gold factors affect the miners for the POG to be used as the sole basis for position management, imho. GDX is right at support – if it drops below the $45.20/$45.30 area it’d probably be time to bail on NUGT.
KTB
Right now, I trust my dog.
If he shits the rug again, his
ass is gone.
Cash in King
Dollar is breaking down… masking agent is a gold drop.
I ain’t selling.
__________
It looks like gold and silver have the 200 day ma’s in sight, at least. It’s the obligatory hit while the dollar falls out of bed.
For the miners, GDX may be setting up a nice inverse H&S pattern with the 11/16 and 12/5 lows, but the 12/5 low needs to hold for the pattern to remain valid. For NUGT, that is roughly $10, although maybe a little lower with the roll. I trade NUGT with the GDX chart.
The holidays are times of fuckery in the precious metal markets. I remember last year’s 12/12-12/29 drive by shooting of gold and silver only see them bounce through the end of February. The dollar is being killed by QE3,4 and gold is not going to be allowed to give a warning.
If GDX loses $45 on a close, I’ll dump NUGT. I might even switch to the dark side and try to swing DUST… Looks like a nice breakout is setting up. I fought the fuckers last year but will raise cash at a minimum or maybe go along for the ride over the next week or so before taking advantage of the new sale.
Long answer/rant – sorry about that.
That said, I’m not dumping FNV, RGLD, AG. FNV, in particular, is holding up remarkably well. It’s in a tight flag pattern that has barely breached the 23.6% retracement of the May to September rally. I just don’t want the leverage of NUGT on the downside. I’d rather re-load on the way back up.
Also, the juniors I’m watching are holding up pretty well so far, with EMXX and MRZ.V looking particularly strong today.
Hate the costs and implicit speculation, but pairing a gold position with with something yield/inflation sensitive makes sense – not because either asset class is attractively priced, but because neither class makes sense without the other.
Perspective… that’s what its all about.
Well said.