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Prometheus Unbound

Prometheus Rock Center

And Just the Right Colour (sic), Too!

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It certainly feels good to stretch one’s wings once again, especially after a period of soreness and chafing, when the gold and silver markets pulled back in feeble, milquetoast fashion, rendering my hedges dull and feckless, and largely a waste of my time.   Luckily, I exited the remainder of my precious metal hedges today, and for the most part in the plus column (while my short ETF hedges were not), and the whole unpleasantness was avoided save for a more optimum re-entry price on a few select names.

As I previously stated, the dollar and the Amex Gold Bug Index ($HUI) were my guide in re-entering this morning, and the $HUI preceded the dollar in breaking that “roof” at $535 that has been plaguing us for the best part of a week.  I think today’s strong candle — on volume not evident in this chart, but in the individual names — gives we longer term players the assurance we need to be back in for the final ramp into Spring:

Note that upon the strong break this morning, I piled into AGQ with the gusto of a small ravenous narwhale amongst the migratory squid, immediately purchasing my first allocation (about one half of my expected total) without a limit order.  When things are breaking out like this, you always want to make sure you at least wet your beak so that you are not left behind in a tidal surge.   I also put in limit orders at this morning’s gap — and they never came close to being filled all day.   Tomorrow I shall try again for my fills there.

As planned, apres this break,  I also added to my considerable hordes in EXK, SLW, SIL and NGD.   As early as tomorrow I expect something of a pullback, but I will be adding at each opportunity.   Next in line is PAAS, AG, MVG and perhaps even CDE and HL.   I shall be as a fat suckling pig in a candy shoppe.   And no, I will not forget Prometheus’s gold — EGO, ANV and IAG will be added to as well, perhaps with IVN and AAU.

Scratch that, I just looked at the charts.  I will definitely be adding some AAU tomorrow.

Cheerio! Wot?  Your friend, Happy Jake.

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Giants and Bears Packed Off

Grossman Screwed
And Yes, Rex Grossman Was Screwed, Too
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Didn’t take long for the first of my semi-facetious predictions to fail did it?  Well it did, and my Giants, despite winning today over a semi-revitalied Rex Grossman-led Redskin team, were drubbed out of the playoffs by the Green Bay Fudge Packers, who beat them this week and dah Bears (see above) today.

There’s nothing like just missing the playoffs to make for the worst of all possible worlds.   Despite a 10-6 record, my team will be on the sofa next weekend, and — adding insult to injury — will likely keep the Angry Leprechaun, Tom Coughlin and his offensive (in the literal sense) coordinator, Captain Kangaroo Kevin Gilbride in the driver’s seat for at least another year.   The final coup de grace — we’ll get a crappy “playoff level” draft pick because there will be playoff teams that have worse records picking behind us. 

I guess I will become a Jet fan for the few short weeks for it to take them to snuffed out by Eli’s older brother or some similar such ignonimy.  Gosh knows there’s no one in the NFC honorable enough to root for, and I am beginning to really despise the Packers, I’ll have you know.

But never as much as Dawg Killah and the Eagles, no fear.

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As for me, I ended the year up a gigantaload.  So much so, compared to year end 2009, that you’d probably not even believe me, so I won’t boast about it.  Suffice it to say that I was still piling on win in huge amounts even on the last day of the year, despite being about 40% hedged and having about 30% in cash.   Ironically, my largest single gain on December 31st was Monsieur’s FTK, which I do believe I shall keep for a while, ovah heah.

I also believe AVL — the old Avalon Metals now on the Amex Exchange — will continue to shine it’s bizarre functional-if-rare metallic lights on my precious laden portfolio.   I will have more to say on the rare earths as we move forward– I am digging diligently as you read this…

Without question silver will continue to shine, and SLW, PAAS, SSRI, MVG, SVM, CDE, HL, and yes EXK will continue to shine.   I will let you know when I will begin piling in on a leveraged basis soon enough.  I think the dollar remains on the edge of the knife (it is rallying as I type this), but until it breaks, I will remain positioned as I am.

We will also look into the ags, and I think it is time to re-recognize the farmer Jacksonians — ANDE and MON again, as strong picks going forward.  TC and TCK, the molybdenum brothers, should also perform here.

I haven’t posted the Jacksons as of late, but if you were to have held them since this blog’s inception (May 1st, 2009), you’d be up 125% right now, and that’s with a negative return on both MON and TBT, both of which I urge you to continue to accumulate this year.  

Stick with me kid, we are going places in 2011….

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The Turkey Gods Seek Your Dollars

Turkey Gods
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The Turkey Gods are here.  Tremble, all ye who remain Ursine in attitude.

How do I know? Simple.   I merely whip out my prodigious folding money clip and scan the Benjamins, Grants and Jacksons for signs of wear and tear.   Sure as shootin’, there’s been beak-damage done to all the eyes of my papery dead Presidents.

The Turkey Gods love to eat dollars, but they especially love the vile jellies of moldering dead American War Heroes.   And yes, historical termagents, Ben Franklin was also a war hero.

Said heroes are not to be confused with “The Ben Bernank.” He is the hero only of the Currency Crusades, a tilter at windmills and the paper dragons of deflation. Soon, his unsmiling bearded mug will adorn the $10,000,000 dollar note, Zimbabwe-style.

Tonight, the dollar is below my “drain level” of $78.20 — currently trading at $78.13, after hitting lows tonight (Sunday evening) of $78.08.   I believe this is the “all clear” signal, and will be pushing the rest of my chips all in.

Not sure how many of you caught my large pickup in junior gold stock IAG, as announced in The PPT, the other day, but I grabbed a lot of December 17.50’s well below $17–.   I think that will continue to work.

However, I think the big silvers will be the one’s off the chart next week.  If you were contemplating the rulers — SLW, PAAS, SSRI or even the ETF, SIL, then this week is the time to grab hold before the end of the year.

The one I really like in the more speculative area, however, is EXK.   I also like SVM and MVG in the more speculative range.   CDE and HL — the garbage of the sector, should be handled with care.  No matter, they should all rise through to the end of the year.

RGLD, EGO, and of course ANV, gold juniors all, should also be at the top of your lists, as well.

Best to you all.

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Mithril Coats for All Loyal Plebs!

[youtube: http://www.youtube.com/watch?v=uE-1RPDqJAY 450 300]

The Techno Classic

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It’s late and I just got home.  Burning the candle on both ends is probably not the best idea for your trusty Jacksonian surveyor, but I think we are coming into a critical period that may require some re-enforcement for loyal plebs seeking to make sense of this dollar killing precious metal market.  Therefore I post…

Silver is beginning to make great stirrings in the market and in the loins of pit traders across the globe.  Interestingly, the metal is still lagging some of it’s more accurate pre-indicators, specifically, it’s publicly traded miners.   Among the finest is that of SLW, whose weekly chart reveals that it has broken to new highs:

It appears SLW is just now breaking out to new highs in the weekly, and may have some runway left, stochastically speaking, even as it approaches oversold conditions.

The underlying metal, however, illustrated here in the guise of the widely held ETF,  SLV, seems to have much more potential momentum in front of it.   Look at this weekly:

 

In short, I would not be short silver or the miners here, and I would be looking at those resistance lines as a key to my adding regimen.   If the above lines are broken, then I believe the remainder of the silver miners will begin to show the same kind of new high action we are seeing in the high quality SLW right now.

Again, to reiterate, I am talking about PAAS, EXK, MVG, SSRI and even CDE and HL here.  Watch these in conjunction with the chart above and with Papa SLW, who will continue to lead the way.

My best to you and your mithril mail shirt assembly’ing.

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An ANVil for the VeeKing

 TechnoViking

V.King Relative?

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Some people asked me about some stuff to buy on a pullback, and well, I still love Allied Nevada Gold Corp. [[ANV]] despite their pulling off the egregious “bought deal” $250mm + dilution yesterday night.

I think the buy is pretty obvious on the weekly:

If you can buy off that trend line in the high $17’s, low $18’s, you should be sitting in clover like a greedy leprechaun and his keg o’ gold.  Lookee here (sic) at the daily:

As you can see from the chart, I had an order in to buy in the lower $20’s region, which hit after I was out of the office today, and I’m perfectly fine with it.   That said, this thing could go to the 20-day EMA ($18.41) very easily an even a bit below that.   So I’m keeping powder dry.

I’m not going to post these charts, but I will also be looking to add silver on any weakeness.  I really like Silver Wheaton Corp. (USA) [[SLW]] as you know, but also [[PAAS]]   is showing great relative strength, as is [[EXK]] and [[CDE]] .   I might add to my Smaug’s horde on a pullback here.

Hecla Mining Company [[HL]] and [[MVG]] are the second string, but sometimes HL gets a real boost from the local alchy’s with a sentimental touch.  Watch them all, and think about Apex Silver Mines Limited [[SIL]] as a catch all in the realm of [[GDX]] , except for silvers.

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Best to you, Jake.

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PAAS Eggs for Easter

 

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Yeah, there are a lot of silver eggs breaking out, but why not play off the Easter theme and show how [[PAAS]]  is bouncing off both excellent (and reliable) trendline and moving average support lines?

Look at these here eggs!

paas_weekly

Silver is over $18.00 tonight and I expect more from [[SLV]] and [[AGQ]] tomorrow.  But in the long run, you are best off with the people that pull this beautiful, most useful metal out of the earth.

That’s Silver Wheaton Corp. (USA) [[SLW]] , [[SVM]] , [[EXK]] , [[CDE]] , Hecla Mining Company [[HL]] , Silver Standard Resources Inc. (USA) [[SSRI]]  and of course E8’s [[MVG]] — a most excellent call.

Gold will blow out in unison, but as always, Silver is the high beta T-Rex.  

Best to you all.

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