Sun, Sun, Sun, Here He Comes…
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Today was golden, metaphorically and physically. Aye, my purse weighs heavy tonight, good sir. They’ll be more to come, but let’s see what today’s action meant for one of favourite picks. Today, I examine the daily Allied Nevada Gold Corp. [[ANV]] chart for some near term lessons and targets:
What a difference a day makes, no? One successful thrust and we are up and out of the consolidation zone once again, and ready to make a run at the early January highs ($16.50 area). We may get a couple of pullbacks from here, but I think we will proceed to that stated goal relatively quickly before pausing to coil again.
Our friend Baby [[HUI]] is also showing signs of robust life, not two weeks after becoming as oversold as that index had been back in the dark days of November ’08.
Note how the MACD and the slow stochastic are only just turning up on this weekly chart? It makes one want to touch one’s staggeringly huge bouffant, doesn’t it?
There’s a lot of run left in this move, I think. Maybe we’ll even shoot past the recent highs of $520 in this cycle. With the dollar continuing to flag, and the price of gold holding about $1,120 — I have all the confidence in the world.
Back in the here and now, I continue to like all the precious plays I named in yesterday’s post, and I also like the “N” team, NovaGold Resources Inc. (USA) [[NG]] , New Gold Inc. (USA) [[NGD]] and Northgate Minerals Corporation (USA) [[NXG]] . My top picks continue to be in silver, and especially Silver Wheaton Corp. (USA) [[SLW]] and [[EXK]] .
I also like the action in my two tech favourites (sic) today, Cree, Inc. [[CREE]] and Veeco Instruments Inc. [[VECO]] . I actually attended a venture capital presentation this afternoon on nanotechnology that blew my socks off. This new company’s first major customer was Veeco. I think that may be a sign, I dunno.
On the “other metals” area — the three T’s will be strong with steel ripping. Don’t forget Thompson Creek Metals Company, Inc. [[TC]] , Teck Cominco Limited (USA) [[TCK]] , and Titanium Metals Corporation [[TIE]] , as well as RTI International Metals, Inc. [[RTI]] , which has moved nicely in the last year or so.
Finally, I would be remiss if I left off my two platinum blondes [[PAL]] and [[PTM]] . Buy these and get a year’s subscription to Lady GaGa Magazine. It won’t disappoint.
Your faithful servant in the Reign of the Sun King,
Jake.
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that guy is gayer than a three legged statue of boy george.
Vraiment, Monsier Docteur Le Fly?
Commment sauriez-vous?
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On dit le Roi Soleil… Non pas Le Roi du Soleil…
SLW!!!
Ah, merci!
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Que diriez-vous du roi du monde ?
Monsieur DiCaprio??
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Le roi du monde? C’est toujours le dollar, à mon avis.
LOL. Non!
C’est argent! Convenu..?
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He looks like Mark Haines at the CNBC Christmas Party.–maybe an “Eyes Wide Shut” s&m after-party.
Love the $ANV though, Jake. Riding that fucker until Hugh Hendry capitulates and becomes a dollar bear.
Hugh Hendry…. Fly’s old mentor.
“Good DAY, Sir!” I say to him.
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Actually, if you look closely at Louis XIV, above, you will note that he bears more than a passing resemblance to George Soros.
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I miss Hugh Hendry. He’s been very quiet of late.
So smart, so entertaining, so… wrong.
DEATH TO HUGH HENDRY, for no reason at all.
For being a pommy toff!
Off with his ‘aid!
… Guvnah!
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I remember when I was in his palace in Versailles. The Hall of Mirrors looked great when I loitered through acting like a distinguished gentleman, and I bet it is Angelo Mozilo’s second step of his GTL.
Hugh Hendry lost my respect when he used a graphic from and referenced Karl Denninger in his Eclectica letter. Psychopath, he is.
Denninger? What next, Timmah?
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That was not one of his finer moments, but he would not have used the data if it were not reasonably accurate.
That so many disagree with Mr. Hendry, that is a good thing…for dollar bulls.
Not enough disagree w. him. Remember, the dollar is the de facto flight to safety… up til now.
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Please, let there not really be a Lady GaGa Magazine!!!
Yes, I think it’s some sort of acronym for Female Hermaphrodite Musicians?
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Jake any thoughts on Yamana?
Carmine, I love AUY, and I own it, but I don’t speak of it much because I consider it one of the “bigs,” like GG and AGM and even KGC that you should own, but can also be replaced “en masse” by a holding of GDX.
The problem with the bigs in periods like these is they underperform the juniors, largely because these rising price periods usually lead to M&A’s where the bigs buy the smalls, impacting the former negatively and the latter positively.
That said, AUY is a fine company.
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A big thank you from The Dirty Jerz!
Good to see the new Paisano Gubner is doing the right thing, ovah heah.
Joisey may survive, yet.
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TiiiiiiiiiiiiiMAY!!!!!!!!!!!!!!!!!!!!! Whoo hoo!
“I have made no secret of my interest in shorting precious metals at the right levels. I have no position in gold now, but I did short GDX and SLV today. Provided SLV stays beneath 16.48, I am optimistic about the potential for this trade. Below is the Gold Bugs Index.”
Yes, you really can’t ask for much more positive news than that, can you?
😉
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Jake,
let’s say we entered a time like the 30’s where physical gold was not allowed to be owned privately and all you could do was own the miners.
Give me your top 2 or 3 stocks you would want to own as your only 2 or 3 gold plays.
No silvers then?
Gold alone… RGLD, ANV and prolly EGO. Tough call though.
I’d own SLW before any of them, however.
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yeh, just gold. I own lots of actual silver bullion, I use it in my sculptures, melt it down and cast it, and I have a lot of coins. But I just wanted to get your opinion on a few gold plays if you had to pick just a few and stick with them.
Another words Jake…lets say you were giving a big speech
which Gold plays would you have to write down on the palm of you hand?
You going to see the Irish tonight?
I have tickets, but I have a 5:30 meeting, so I gave ’em to a junior employee here.
Looks like N.D.’s Hairy Gorilla is not going to play in any case (deep bone bruise). I hope we can keep the level of play we got against Syracuse going on for these last six games or so….
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Aaaagh, that ND game was sickness… I can’t believe I missed it for a damn meeting!
Two OT’s!
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Sell the (silver) coins, convert them into cheaper spready bullion ingots.
If you want to “add value” (the pitch they use to sell you the overpriced coins) you can always turn the bullion into a nice sculpture of a nekkid woman or something.
I’m not a big believer in the whole “numismatic value” bee-ess. If you want to collect coins as a hobby, that’s great (I actually did so as a kid), but silver coins, with their high spread over POS, are not a great investment.
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Interesting… DXY up fitty cent and gold and silver largely flat.
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Any thoughts on the Dollar’s strength?
DXY just filled the gap from Tuesday’s gap down, then proceeded to sell off from there ($80.38).
Now at $80.31… we shall see. As long as we stay away from last week’s highs ($80.74) we should be okay.
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One may be remiss in neglecting SWC, no?
Indeed!
SWC is one of those “untrustworthy” stocks, like HL. I’m not going to recommend it until it stabilizes.
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Added some more SLW, EXK, RGLD and NGD today.
Looking at my choices–next time I will avoid these for sure. HL, CDE, SSRI, VGZ, BAA, GFI. (Those silvers were picked based on a trusted pm guy…who’s been know to be a “Smart Money Tracker” 😉
I’ll go heavier on EGO and ANV.
I’m pleased my biggest holdings are SLW and GDX, GDXJ so I didn’t screw those up too bad.
Best line ive heard from a customer in 2010. Guy is from poland, been here three years, sounds like one of my neighbors in the bk: “bottom line, truth is, you work hard in this country, its easy to make money.”
Best line ive heard from a customer in 2010. Guy is from poland, been here three years, sounds like one of my neighbors in the bk: “bottom line, truth is, you work hard in this country, its easy to make money.”
love the metals exposure, but still think deflation rules the short term…plus hoping for MUCH lower prices to load up the boat :)…ahhh how this plays out will be amazing/interesting…love silver, gold bleh
This dollar rise is not “deflation” but a euro scare. There’s too much printing going on for another deflationary event.
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Looks like a big gap down for GLD in the am.
Should be a sweet buying opp soon. We already knew the IMF was dumping.
Yeah, when the IMF is “announcing” they are selling (for about the twelth time in the last two years), you know the PPT is getting nervous about POG.
Good news, iow.
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