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Post by novie08 on Jul 19, 2015 16:10:00 GMT -5
Still not oversold in miners: www.armstrongeconomics.com/archives/35128China's reserves being heralded on the gold sites, but his perspective is different as it amounts to only 1.6% of their total reserves. Hedged my positions with JDST, GLL and ZSL. Disclosure: No ABX, AU or Newmont in my portfolio.
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Post by novie08 on Jul 19, 2015 20:39:18 GMT -5
Wow! Did that just happened? Never seen anything like it...gold -$48 (over 4%)...
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Post by walnut on Jul 19, 2015 22:32:05 GMT -5
Good god! gold is a horrific chart right now.
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Post by jacksrbtr on Jul 20, 2015 12:52:29 GMT -5
Hell! If I didn't know any better I'd have to think they are forcing us into paper fiat or worse just bitcoin!!!
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Post by jacksrbtr on Jul 20, 2015 15:21:52 GMT -5
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Post by novie08 on Jul 20, 2015 16:47:05 GMT -5
Love the video Jack...Goodness I hope he's right. I'm sure we're not at a l-t low. (The good news here remains the same: I'm usually wrong!) Not sure whether the miners will follow. Luckily, I was gone most of the day or probably would have sold all of mine at the 5 yr. lows.
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Post by huh on Jul 20, 2015 17:38:49 GMT -5
In the bigger picture, gold resistance now 1150, support 960's. Probably get a decent bounce from 1050.
Although GDX has a near term downside target ~13.10-13.25, the long term target is 4.75. That being said, I wouldn't be at all surprised to see GDX between 16.50-17.70 again before the long term target is hit.
I know those downside targets may sound crazy, but I was calling for much lower when GDX was ~40 and gold was >1550. Gold just confirmed an almost identical bearish pattern to the one it confirmed when it lost 1530 back in late Mar/early Apr '13.
If going to try for a bounce in gold miners, I'd suggest trying it when GDX is ~13.25 or lower, and ideally when gold is ~1050.
JMHO
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Post by novie08 on Jul 24, 2015 8:31:40 GMT -5
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Post by novie08 on Jul 27, 2015 9:19:15 GMT -5
Nice squeeze on CDE +9%...9% short of float as well. This may be my chance to escape the miners.
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Post by huh on Jul 27, 2015 9:20:47 GMT -5
If gold can hold 1086 they should go higher yet Problem is I don't know if it'll hold I do expect it'll likely test a little under 1087, but this bounce in gold was an exact & final FIB retracement from overnight high to morning low, so it's got to hold (if it even does test it that is)
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Post by huh on Jul 27, 2015 9:44:09 GMT -5
I expect GDX will see 13.74 today. Hard to say what after that though. Depends on if the market squeezes this move or not.
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Post by huh on Jul 27, 2015 13:30:03 GMT -5
Such ugly action in miners still. Had gold only hit 1086-1087 this morning instead of popping to 1100 first, miners would likely be on a tear.
I'll be watching for this same set-up tomorrow though, especially if the indices fail to close over resistances.
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