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You probably think I’m being metaphorical and yet you’d only be partly right. Actually, I am drinking from the NCAA Golden Cup this very evening. You see, for the first time since I’ve been participating in the Big College Hoops Tournament pools, I’ve won my whole pool prior to the first Final Four game being played. Ridiculous, but true.
How, you ask? Well, it’s largely a consequence of this utterly fuktarded (excuse my bastardized French) 2011 Tournament, where not only did none of the #1 Seeds not make it to the Final Four, but none of the #2 Seeds did either! Sacre Bleu, if I weren’t crazy enough of a homer to recognize the latent maturation of the Kentucky Wildcats’ mostly-freshman team, I’d have had picked zero Final Four teams. As it is, I picked one, and that proved enough for me to win a large amount of money.
Sometimes life is not fair for the other guy, and I recognize that with humility. I will therefore buy the drinks for whomever is going to pitch a “Go Cats!” party this weekend, using my dirty winnings as salutory payment.
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On to the Golden Cup itself… Zombie asked for a “gold and silver update,” and while I scoff at such short term imprecations, I will humor him in appreciation of his long time one-liner hilarities on our collective blogs here. My analysis will be based on the chart of the stodgy gold ETF, GLD, which I’ve owned for years but speak little about. It’s part of my “core,” and therefore almost forgotten in any analysis of my day to day trading interests, as I’ve not interest in selling any for some time now.
That said, GLD’s chart can provide some insight onto the future movements in the precious metal environs, and particularly, the miners. Note, that despite the great success of the miners recently, GLD has had some trouble breaking free of the $139-140 levels as illustrated below?
Note that since November, the price of GLD has flirted with that Maginot Line of $139, and only recently– in early March– has it breached the promised land of $140 and higher? We know our friend Mr. CANSLIM, William O’Neil, will quickly tell you that a higher right side of the “cup” in a “cup and handle” formation, is exactly what we should be looking for to best take advantage of an accelerating price situation.
Well, it seems that’s what we are looking at above, and what’s more, it seems the “handle” Mr. O’Neil is so fond of has also appeared over this last month. Right now, the dollar is struggling to maintain it’s seemingly false Friday gains, and gold and silver seem to be shrugging off any attempts to sell them down.
That tells me, along with the chart above, that we haven’t long before we get a firm break of the $140 level. I believe that will “bring down the house” so to speak, in terms of actively traded gold stocks. While I continue to like silver, I think this week will belong to the gold flavor, like the rapper with the gold teeth and the big clock.
Oh right, that’s all of them.
Carry on, won’t you? I like NGD, AAU, IAG, IVN and of course ANV, here.
My best to you all.
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