_______________________________
We remain precipitously oversold, but there seems to be no catalyst to snap the PM’s out of their torpor. What’s more, the dollar seems to be trying to find a bottom here as well.
Either that, or it’s just screwing with me.
Whatever, the case, we should be moving down into our 25%-40% core positions while hording our cash covetously for the inevitable return to glory. There may be a commodity wide move coming here if the dollar is truly done, so you may want to look at hedging with some puts or short commodity ETF’s. I have not done so yet, but will be looking at that prospect tomorrow.
Hang in there, we’re not through with this bull yet.
_________________________
If you enjoy the content at iBankCoin, please follow us on Twitter
Jake,
Are you more of a Mark Levin or a Michael Savage conservative?
Michael Savage’s real name is………….Weiner!
I hope you are joking with that question. If not, i suggest you change your name to checkersngrapejuice.
Levin, by far.
Weiner’s full o’ scheiss. Sometimes I think he’s entirely an act. He is quite amusing at times, though.
________
Thank you Jake… What a month!
I made it through the margin-raise blood bath ok and even added at the bottom – had made back 90% of my drawdown by June 1st and then gave it all back in a week. Learning with live ammo… that failed breakout May 31st murdered me.
Appreciate your time and thoughts sir, hope all is well with you and yours.
Why not just wait for the A-wave? And like Gary, why not just get out during the D-wave?” Just curious.
hi Hawaii — Were you asking me, or Jake?
If me, the answer is in theory sure, I would love to cash out at the top of the C wave and sit out the D wave stress free.. in real time I didn’t execute so well. All of the tools I’ve learned to use suggested to me last week that we had a reasonable chance at some upside when we broke above the downtrend line on the S&P.
Gold looked good, miners had underperformed and due to catch up.. Coulda woulda shoulda, but given the chance to do over I’m not sure I would have done too much differently. I remember about big money selling into breakouts, so I guess I could/should! have trimmed and waited for a retest and bounce to sell the rest… I can also interpret a few warning signs in the charts I missed.. like I said in real time it’s hard and I made a small, expensive mistake.
Felt like I was getting shaken out and didn’t want to puke up my shares so here I sit having missed my exit.
It’s ok, I’m not leveraged, I like the companies I own.. can stay cement fortified/patient and do better forward. Also, I wonder by the time you know it’s a D wave seems we would be closer to a trough and be buying.
Sorry for the long answer! Hope all is good for you, you got out of the way ok? What do you think, is this a D wave?
be well and luck to us-
You’re not alone, kohai. My expensive mistake was AAU. But that fucker will print $5 at some point so I’m just grabbing my ankles until then.
A paper loss isn’t the same as a real loss, until you sell right?…gulp…
@ 5-0
You have to remember, I’ve had much of this stock for a long long time. I find that its never wise to sell 100% completely down. The tax bite is one thing, but then there’s the reality that you will never time your entry completely right on the rebound.
________
Thanks guys. It looks like we all didn’t get out in quite the timely fashion that we should have, but as I’m out now, I’ll wait for the A-wave. And Jake, I can see what you mean. If you’ve build the position over a long time, you might as well just hold it instead of trying to time your entry.
Thanks #6.. and I’m with you in spirit on AAU – I bet it will print 5 and more!
I keep telling myself that too on the paper loss thing.. not sure though 😉
Million dollar question today is how long this respite lasts..
With your best guestimation based on your years of studying the lava flows how do you see the rest of this year panning out for PM’s / Miners?
This is tummy churning.
Steve
I think we will probably be on the way back up again by late summer (August-ish).
________
OK, you made me look up Torpor. I hope you’re happy Mr Smartypants.
LOL. Always be closing… .and learning.
_____
$AAU $SLW $RGLD watching
also $EXK man that one can be a lunch loser.
funny how GLD has just sat there, odd no?
Well, POG has not really done much here. Which could mean there’s much to go…
________
Dollar up, Gold up, Silver up.
#6 down. Seems about right.
Playing TNA after several down days is analagous to the 3am money maker at the roulette tables…Look for the unusually high number of repetitive red/black results and start betting on the opposite. I’ve been adding to my losing position on TNA since monday afternoon at ~ $73.
– Of course, i’ve lost my entire bank roll (and maxed out ATM withdrawls) trying that trick as well so…
I think i was there for a few of those.
Is TNA your new GSS? Sonova…
Ha ha…GSS will make me rich beyond my wildest dreams…some day .
Is there any difference in buying a silver round versus buying a government issue coin like the silver eagle for investment purposes? I can get 1 oz of round for $4 cheaper than the gov’t coin. Silver is silver right?
I buy all my silver in ingots — 100 oz bars.
Unless you are a coin collector, it doesn’t make a lot of sense to pay for the coining part of it w. silver.
Gold is different, because it’s so much more per ounce. Go w. Maple Leafs or Pandas there.
________
Yea, I’d only be able to buy a 10 oz bar at this point. Looks like I could save $4-5 bucks with the bar versus the same with coins. Not as sexy though. I feel like I need to get moving with physical. Figured I could buy a few ounces each month and average in until the apocalypse.
What do you think of 1/4 and 1/2 ounce gold coins? I mean if that is all you can afford at the time is that a viable option? It’s still a respected amount right? They come in Pandas and Maple Leafs as well.
Sure, as long as the spread is not too crazy.
_____
Cramer ditches NG in his charitable trust. Says they’ll be doing a financing shortly.
Eff Cramer
“Second thought, don’t eff cramer… Why should HE be happy?” – Dead Lenny Bruce
Many of the silver miners are negative or almost zero return for 2011 so far.
Are you waiting for a some kind of a bottom to hammer out on the miners before buying back in or are you looking for a specific level?
SLV on the other hand has held up well considering.
added to QRM @ $6 as I indicated earlier … last tranche @ $5.40 if we see it.
Congrats with Magma! (Lava=embedded message to non-PPT readers?)
Saving my powder for July when everyone will be squirming in their seats panicking and selling right at the bottom…
I go all in coming Monday.
🙂
I couldn’t resist. I just picked up some more AG at 17.70.
Btw, that lava shot above is pretty incredible. It’s probably retouched but still pretty amazing. (Now if we could just get a steady green lava flow one of these days, that would really be amazing.)
Who you like in the Belmont? Still Animal Kingdom?
Probably box AK and Nehro again, but you can’t just throw Shackleford out.
It’s a much longer race, so you need to take that into account.
I’ll look closer at the sheets tomorrow.
_____