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Curse the Gods of the Precious all ye may, unbelievers and heretics of the Vixx Vapo-Rub-TLT Coalition! Ye shall not daunt me, nor my precious ego.
Or should I say Eldorado Gold Corporation (USA) [[EGO]] ? For like Allied Nevada Gold Corp. [[ANV]] , IAMGOLD Corporation (USA) [[IAG]] and many of the components of [[GDX]] , my massive EGO made a doji high hammah (or whatevah) on strong volume today, indicating their are dip buyers and accumulators galore interested in the safety of these miners and their precious byproducts.
Lookee, here, soldier, and note ye the last two days of EGO-centric action after the recent breakout:
Not bad action on almost double average volume on a down day, no? What’s more, in after hours, the stock was even green by a tad, much like Goldcorp Inc. (USA) [[GG]] ended the day today.
As for the dollar, it strikes me that it’s at least temporarily peaking out, with the 50% fib line fast approaching on the weekly chart, and on increasingly lower volume. I think [[UUP]] may touch the 50% mark at $24.43, but I think the dollar retreats soon thereafter. Note:
Which is why I believe we were seeing all these PM and PM miner dojis today. Howabout that? Get on, or dance the Hugh Hendry in chagrin.
Best to you all.
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Gold had underlying strength yesterday as the dollar was up more than gold was down. Over the past few weeks gold has been rising in all currencies which is the real test of a bull market in the metal. I think the support levels we saw yesterday will hold.
Agreud! Looks like you are correuct (sic), thus far.
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Does your UUP thesis change now that it gapped above the 50% line? According to my graph, it perfectly tagged the top of the channel that began in november. I’d be surprised if it didn’t at least consolidate here. Testing waters with PMs again.
Could be the buck goes all the way to the 61.8% line at least on UUP… ($25.06)
Jake,
Sorry if this has been answerd previously – What are you thoughts on a gold/silver/ags/other weighting?
Any rare earth thoughts?
We have talked about BHP and RIO in the past w. regard to rare earths, but the new Aussie tax rule may put a hurt on them for a while.
I like SQM in that space, for now.
My portfolio remains more than 50% silver, gold and platinum miners and ETF’s, in that order. I think this is a pause that refreshes, and gold is holding up well.
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Did you get my response to your e-mail?
I did not… did you send to Jgintmail?
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UUP is cooked up here
Here you go Jake…
http://www.coastalviewpoint.com:80/funnies.html
Did a reply to e mail you sent. Ghost in the machine possibly.
Did a reply to e mail you sent. Ghost in the machine possibly.
JG, may i suggest a post? You should post your inflation/deflation theory on gold here. Seems to be a good topic as of late.
Looking at adding some silver here.
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Silver seriously under-performing. Expecting a pickup?
Mos Def.
Silver is treated like an industrial metal on days like these, so gold is the only safe haven. That said, I’m buying AGQ today.
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Holy sheep lips, Batman… bargains galore!
Jumping some SPY calls to start.
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WTF happened to the whole market at around 2:45?? That was crazy.
Gotta be some kind of program trade gone hooey. I’m sure there’ll be a Congressional investigation momentarily, ensuring the need for Dodd to watch over the market with a stick, daily.
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Holy crapoli… you see the spreads on SPY calls?? Nuts!
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Just got some Jun 111 SPY calls at 5.70. Let’s see what we get….
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Actually it was $5.55, not $5.70.
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It’s been so long since I visited this site (Relocated and busy with a new office), that I forgot what name I used before. Anyway, I think you are better off in your PM’s than anything else til after July Jake. Don’t get caught holding the bag with too many calls. I fear this is the start of what is going to get a lot uglier, hopefully, just not all at once as today started to show for a bit. The previous lows last March are in jeopardy in my honest opinion, and the time is coming sooner rather than later. I was too busy to trade today and missed a huge day. Congrats to all those bears out there who have been waiting for so long………
Good Luck,
LTNS
Not convinced it’s all going to break down from here. Not with an election coming and goodies galore to distribute.
That said, a contagion can mean anything, which is why it’s good to have PM’s in place. Looks like silver is getting off the mat, here….
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Dollar went to $85.25 today! What a ball of bollox!
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and they said Prechter was crazy ……..
AGQ buy paid off today… a little under $57, but wish I’d waited a bit!
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Thoughts on your PAL?
I went in a little @ 4.00
bounced on 34 wk today, so should get some hops from that.
Watch for 200 day EMA at 3.65… this is like silver and will get treated “industrially” in down markets.
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Jake, Don’t know if you saw this in yesterday’s NY Times. 🙂
http://www.nytimes.com/2010/05/04/business/energy-environment/04weed.html
http://roomfordebate.blogs.nytimes.com/2010/05/06/invasion-of-the-superweeds/?hp
Explains some things… MON is so much more than Roundup these days, though.
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