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Options expiry week always makes for fun times in the already-volatile precious metal markets, and this week was no exception. In fact, I’m thinking of just posting pictures of Care Bears and soothing contra-alto laden Carpenter’s videos during these weeks in the future. I think that policy would be much better for our collective gastro-intestinal health.
I guess we should have been even more wary this week, as the POG and it’s idiot sister, the POS, were both due for cycle lows on top of their collective miners’ options’ expiry. That combination made for some sickening drops this week, and now, I contend, for some very attractive purchase prices.
When was the last time you were able to buy SLW under $30.00? Howabout ANV under $30?? Oh, sorry, that was yesterday. You snooze, you lose. SSRI looks like a nice pinch right now, if you’re looking for a cherry. EXK and AG in that order, remain the best of the silver surfers, however.
For those wading back in, the ETFs would be the order of the day… I like them in this order — GDXJ, SIL, GDX, and for the brave of heart — NUGT (real small now!).
I made mention earlier in the week that I want to see the price of gold ($GOLD) hold that 34-week EMA. It will be interesting to see if it does get back there today…as that’s $50 north of current prices at $1642.80. There is precedence for closing very briefly below there on a weekly basis — way back in April of 2009, when we were just crawling out of the muck. Could this be a similar situation? Let’s see how we close today.
Best to you all.
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the last hour today is gonna be interesting.
Thanks Jake. I believe you will be due a stand and a hand
Jake – what you make of Savage call for 7k-20k gold & $50 bread by 2014, besides lets hope not ?
http://www.minyanville.com/businessmarkets/articles/gold-gold-market-bull-market-gold/12/16/2011/id/38429
I answered you on the last post, but do reiterate… I should hope that the Fed has a better handle on inflation than that.
That said, I could definitely believe gold at $7k.
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“Gold Scents?”
LOL. I love “Toby Conor” too.
His dogs’ names.
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“Lesley” spells it “Leslie”, I think. But still pretty funny/weird the coincidence, no?
I already asked him/her about it earlier.
No response.
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Jake,
Is AVL Broken? This cant catch a bid.. Buy/hold/sell?
Looks pretty good off today’s retest.
I’m holding, may even add…
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Senator, Please stand for a hand!
Only a wave. We did not make it back to $1641.00 Could be good… could be bad…
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What an AWFUL Giants game today. UGH!
They are determined to kill me. I swear if they don’t get rid of Gilbride after this year, I’m done with them.
Absolutely retarded. You can’t have Eli do EVERYTHING.
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http://caldaro.wordpress.com/2011/12/18/gold-bull-or-bear/
Thank you for the link Teahouse.. do you have a preferred count from the four offered? I’ve never been able to consistently incorporate Elliot Wave, but I enjoy reading others who do it well.
I’d be on board with the 1st if we got QE from the ECB or the CLAM which would extend the wave count but otherwise you have to consider the 2nd especially since the POG is running contrary to normal seasonality, the fib numbers, the five clear waves, the up-trending $ and macro-economics of Europe.
As I noted before, I’m keeping my powder dry for PM’s until there is a clear catalyst to initiate a CIT. Then I’d be going with the basket approach of oversold micros/juniors.
Thank you again.. was nice a write-up. Imagine sentiment readings from here if #2 plays out? I prefer door number one for starters.. will be fun to see how it all shakes out.
Teahouse,
I’m very much interested in the juniors you have your eye on. Not so much the macros, as I have sworn off macros for the rest of my life. lol
GPL, PPP, BRD, USA, and Sandstorm Gold (my favorite) is what I have been buying as far as the juniors.
And XRA. Sold out of PZG entirely. Probably a huge mistake.
JAG (5.23 stop) – FSM (4.95 stop) – RBY (3.08 stop) – MVG (5.57 stop) – BAA (3.07 stop) – GPL (1.77 stop) – BRD (.95 stop) – CGR(1.15 stop)
Also like SWC & QRM/AVL in rare earths …
Specs = PLGTF, TPRFF, UURAF, GDLNF & MDM …
Note: Compare FSM to EXK like AVL to QRM … Almost identical yet more leverage with FSM and a new mine just started producing in Oct ramping up …
Thank you! I do like FSM, and was in it for quite awhile. I’ll look at getting back in.
Leggo my EGO !
Unbelieveable. The only reason I buy these smaller players is because they are supposed to become trade bait for the larger guys, not the other way ’round!
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Cereal.
something tells me the market don’t like the deal … doh!
Yeah, but it also looks like an opp for EGO as well. Market almost always overreacts on an acquisition like this.
Might even be worth looking at LEAPs.
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I’m sure you already mapped it out, but fwiw, no fib support till 12.26 & 11.63
which would be the 50% retraces of 2008 low to 2011 high & all time low to all time high.
Sell every Friday at 2;59 CST. Like a clock except I figure “This Friday will be different. Ha. What say you Sen.?
I say we are probably going to have a great buying opp tomorrow morning, bitchez!
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I got the memo, Senator! I’m going to just drop off the kids at school tomorrow morning, grab a latte and then position myself in front of the monitors. I’ll most probably add a bit to my NGD, SLW, EXK and RGLD positions.
LOL
I was waiting until after the end of the year because of people taking losses for tax purposes, but maybe the tax loss selling is about done?
AUQ is my new favorite gold company, especially with it’s purchases of Capital Gold Corp and Northgate. Remember they were Gammon Gold? What do you think of them, Jake, if anything.
Also, interested in PPP for a junior I want to start adding to.
Can you check that one out if you get the time?
Somebody dumped a boatload of that AUQ on Friday at the bell.
I’d be wary.
PPP is doing the bear flag here right now as well, but its oversold like a dog, so may be ok.
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Thanks a lot, Jake. I’ll hold off on AUQ a while longer to see what direction she takes.