I was recently asked how I felt about the miners in terms of market sentiment. I hate the idea of the metals and miners here, because there are still so many people watching and asking about buying opportunities.
I have a monthly chart of Gold here. Many of you that followed me back in my blogging days know that we were publicly pounding the table on buying Gold back in early 06. At that time, NOBODY was talking Gold, which is exactly one of the reasons it was such an incredible buying opportunity. From that point on, you can see an obvious stage of returning confidence, and an enthusiastic high set by Mr. T and his spokesman role at Gold Promise.
In contrast, take a look at the sentiment chart below…
It is my humble opinion that Gold is still in disbelief mode. There are a lot of folks trapped at some horrendous prices above. I don’t think panic really sets in until the metal passes $1000, until I stop seeing Gold Rush re-runs on the Discovery channel, or until your local pawn shop no longer wants to buy your gold.
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cool ! thx 4 the update 😀
Great perspective! Thank you!
I’m watching several of the miners, and there are bear raids on stocks today long beyond the normal DUST moves, with huge buys underneath. ANV is the big one. When gold comes back, it won’t be the slow climb we saw last time, it’s going to like Thor grabbing Mjolnir.
I don’t doubt a fast bounce, but I think that’s all it’s good for.
OA is clueless. stick to front running penny stocks at alltime highs you clown
HAHA….At least I’m not poor, fucker.
classic,,,get ’em Jeff
I find it interesting that you have soo much faith in the western banking system. Maybe you should open your mind some and do some soul searching.. Technicals matter until they don’t.
Oh, sorry…did I say such things?
No, I didn’t. You must be one that owns lots of Gold at outlandish prices. It pays better to do your research ahead of the curve.
I am sorry for your loss.
DDD buy it when everyone hates it and wants to jump off a building…long
Gator,
just fade me in that name. It is uncanny how bass-ackwards I have been in that stock.
GOLD IS FOR PEOPLE NAMED ‘BEARLY’
Greatest trade the Bearly keeps taking, short the market, buy gold. Lie about other equity purchases, then reset the papertrade account.
Gotta love the little boys who want so bad to interact with people whom are good at this sport.
Commercials have really only been buying for a couple months now and hedging has been pretty non existent. That has to say something about moving toward a bottom.
OA,
I see it the other way. We’ve been heading down now for about two years so the trend is down and nobody wants to catch a falling knife. There is also a currency war going on, which is simultaneously devaluing all currencies. Not sure when, but at some point folks will wake up and want something that holds value and/or is real.
Like stocks?
Gold bugs tend to be very vocal about how great gold is as an investment. 100% of the time – at dinner parties, grabbing a coffee, everywhere. It’s like politics to them. Because of the die hard gold bugs, it can appear that there is more public interest in PMs than there actually is, so it’s difficult.
Very few are buying the miners for anything more than a trade. I agree with H50, now is the time to look at the PMs and PM miners for an investment. The plausible multi-year bottom is not too far away, so risk is quite limited.
Because of the die hard gold bugs, it can appear that there is more public interest in PMs than there actually is, so it’s more difficult to gauge sentiment. Buy & hold equity investors on the other hand, like the Warren Buffett cultists, do not loudly try to get people on the long term train 7 days a week. In my experience they are generally the quiet types in most social settings – very risk averse in their whole life.*
This is so true.
When these guys crawl out of their titanium underground bunkers to reply to any comment perceived as negative against their favorite investment, you know there is some insecurity there.
GRPN…howdy doo …sweeet
VMW buyback too.
FIO…puking,,sold all at 15.35 into the hype…proof that it is run by a pack of idiots…don’t touch that thing for sure
TSLA wish I had the guts or the smarts..Elon is the real deal
Gold bears getting MAULED. Great call OA
“Option Addict
August 7, 2013 at 2:36 pm
I don’t doubt a fast bounce, but I think that’s all it’s good for”
Call on what?
Any thoughts on rolling the VMW aug to sept? Theta is gonna be burnin next week.
“FLy and OA are probably buying TSLA here.”
Are you that psychologically damaged that you have to make up hypothetical positions that Fly and OA are taking so you can feel better about taking the other side?
dude….VMW!!!!!
OA,
I got a nice profit on Aug. VMW. Time to take it yet or let it run some more?
i was in $85 from .60. closed mine out at $1.80. I’d rather complain about missing huge then turning a triple into a double waiting.
Sold Aug VMW @ 1.8 from .7.
The flip was really obvious between the COMEX buying yesterday, and the DUST / NUGT flip. Jumped into miners and rolling in coin today. Scrooge McDuck would be proud.
Yeah, no position in anything shiny here. Just not interested til it gets lower.
I’m betting on 3 more month up from here.I’ll be more convinced above 1350. Currently holding modest positions in GDX, AGQ, UGL and 2015 GDX LEAPS.