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Here I am off on a pleasant fishing trip, and some of you are already gnawing your neighbors’ fingers to the third knuckle in white-eyed panic.
Please, sirrah, leave aside your neighbor’s foreleg and listen here. Have a shrimp cocktail. Read a pleasant romance novel. Present your spouse or beloved with a surrepetitous boss upon the lips and pronounce yourself arduous. But for pity’s sake, let’s not loose our bowels here over a nasty couple of days draw down.
Noted, this speech is not for ye varicose vets who have been with me since we began back in May of ’09. Most of you wise folke have stacked piles of coin in your garage and pantry to the point of bringing alarm to your neighbors. Such would be true had you been moderately disciplined, and kept your core close whilst raising cash at opportune times when the rivers were high and the bloodlust roiling.
For those of you new to the scene (and it appears there are new folke popping up all the time on my site), I implore you to take care here. Do not self immolate. I would rather you slice, stack and eat 17 bologna sandwiches while you wait for this pullback (one in a long line now) to quiet rather than seeing you sell in a convulsive panic.
In the meantime, my own patience grows thin, and I was even audacious enough to begin adding to my AGQ horde again today. What of it? It was only some 20% of my peak shares and it was at $261.80 a share — a good $120.00 off the recent highs! Might I get some more even lower tomorrow? I sure hope so.
I’d better be nimble though, as this thing has come so very far, so very fast. Remember my silver commodity chart from last night? Where I’d hoped for a tag of the 50-day EMA? What haste we’ve made toward that goal just today:
What’s more this fast tracking has given silver’s double ETF — AGQ — a premature visit to the 50-day EMA already. As a result, I’m not sure AGQ has much left to give here:
Will we hammer that 50-day one more time tomorrow? Odds on, I’d say it’s likely. But then again, I was never quick, so I’m just going to take this slowly, and with aplomb.
I also bought back some more EXK today, at $9.89. I’m back to a 75% position in that stock from my core of 50%. You see how this works? It’s a little sloppy, a little messy, but in the end, it makes for great gains. I also grabbed more AG today, at my early price of $18.01 (again, on a GTC order in place for two weeks now) and later a little more below that in the upper $17’s. I’m near to a full position in that stock a well, but have one more “lunker bait” order in there in the lower $16’s.
One gold stock I love, despite it’s recent oxygen robbing action, is ANV. I’ll let you guess where my orders lie for this one, tomorrow:
Cast your nets upon the waters, friends. Captain Bernanke has promised many fish, via multiple dynamite stick detonation. Sure it’s not fair, but should we turn up our noses at free cod?
All the best.
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