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Stuff has gotten a bit frothmatic here, and that means I will likely be taking some more off the table. I sold 70% of my SLW calls on Thursday and Friday of last week, and more than 50% of my GDXJ calls as well. I didn’t touch my IAG calls or my WNR calls, and I will let those two ride a few more days. But all in all, I will be reducing leverage (options) here, rather than increasing.
Silver has gone ham in a way that makes all sane pigs quake with fear for their hocks. Will this parabolic pole-vaulting continue? Oh yes, it will, be assured.
But not without massive, gut-wrenching pullbacks that will have you alternatively cursing your mother and calling out for her like a stoat suckling, lost in the Deep Wood. The key here will be staying porcine without losing your belly to the Bacon Merchants of Chicago. Always remember, young chitlins — Oscar Meyer has no friends, despite his great wealth.
What’s still viable? It’s questionable this week, as the profits will have to be snatched and then held close like a small hamster family you found in a rain storm. I will be harvesting some AGQ here, for sure. I will take from my other various silver nest eggs, and convert some of them (but not so much) into hideous useless “green paper,” for a short period.
Some still harbor promise, however, and for the bold, I offer my EGO for your approval. Note on on this weekly chart, we’ve achieved the triangle break we’ve been seeking… however so slightly:
Not impressed with that seemingly slight break? Let’s look at it on the daily, then…
There, that’s better, no? Truthfully, I don’t know what this sucker is going to do. There are a lot of nice gold stocks that look like they are going to move this week, but I can’t help but feel like we are playing on borrowed time right now. Play if you like, but be ready to take some off so we have plenty of cash for the next round of C-wave highlights.
We are not done here, ladies and gents, but the road will be bumpy before it gets like it was last week again. Keep some crappy green lettuce ready for that event.
Slainte.
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i think for once.. I understood every word you typed. I love this blog Jake. And thank you so much for your guidance. Truly appreciated.
You’re most welcome.
Protect your belly.
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Bless you Senator
Well played
Indeud, well played.
Thank you Jake!
Thanks JG ! You’ve made me sooo much depreciating $USD$$$$, that I am gonna vote Repub no matter what looser they throw in the ring against The Prophet. 😉
exk,that puppy is bidding nicely this morn in pre.
Don Trump is doing a hilarious job playing the ruse.
Took off SLW call, half AAU, some SLW, some GDXJ. Took off 1/3 EXK last week
Didn’t touch ANV, RGLD, IAG or WNR
Thanks again Jake. I just cut the port in half down to 35%.
This way I can stomach this pull back and reload at somewhere near the right time.
Thanks for the timely advice. I sold half my EXK near the peak Friday. I just bought it all back over a $1.25/share cheaper.
How low does EXK go?
50 day.
Sorry…I meant AAU. I don’t think EXK will pull back to the 50 day ma.
Looks like a reversal AH. Anyone else seeing the same?
Yep, Snatch is an all-time classic. Lots of great lines in that one.
” Ya like dags?”