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I added to my gold position by buying JNUG today. Right now I have a 10% holding in NUGT, 5% holdings in EGO, and AG. In other words, ~25% of my portfolio is long gold/silver, with an actual exposure level of much more than that — given the levered nature of the ETFs under ownership.
On a 1yr scale, unsure if it’s all that meaningful to be honest, the 50 is about to cross the 200, producing a ‘golden cross’ for GLD.
I feel like I’m spinning my wheels, vacillating and meandering wildly as markets gyrate. My best positions are the ones that build steam and climb walls of worry. I do believe the market can break lower tomorrow and we’ll see resolution in many of the technical theories floating out there now. Apple has not rebounded at all today and semis are still on the mat.
On the plus side is crude, HYG, and SRLN — all higher. Under different conditions, I’d use those elements as purpose to go long. However, the overarching dominant factor, at least in my eyes, is the poor technical set up for stocks here. Additionally, should crude reverse lower and drag down oil stocks, that house of cards will collapse and we’ll have a full blown rout on our hands.
FOOD FOR THOUGHT!
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Today should be a back breaker for one side or the other.
I’ll take it as a good sign. Gold and Silver are the last picks of the damned. That’s not damned for eternity, just long enough to feel like its an eternity.
If we lose this little bear flag on the s&p one minute we could see a drop.
Several years ago (2014-16) I recall AAPL stagnating between 100 -125 while the rest of the market moved ahead.
It can do so again although the leadership will be different.
It’s no coincidence that gold stocks have been moving since October and that the Fed may have raised for the last time for awhile. Been a fan since Oct. re: silver stocks (stay away from SLVP etf as the spread sucks) as the gold/silver ratio has been at historical levels.
Still have to go with the energy service stocks (see OIH etf) and small caps as January moves ahead.