Also if I may add, that's an inverse H&S including many individual metal charts... I also like SAND, NUGT, GDXJ
Just wondering, any idea how high GDX may go in, say, the next month or so?
I doubt gold would get to the 200 WMA. That is at about 1500. It might get to that level by the end of this intermediate cycle though early in the fall.
gary, Still remember that AGQ run ?? .. good old day..that was fun
What puzzles me is why the juniors are behind for the day, GDX is back to it s open while GDXJ is still struggling. The long downtrend resistance in gold, 1 month from now sits at ~1300$, if we get there GDX will probably revisit it s previous high of 27-28$. With silver running higher, I would like to see a new high past 30$ to confirm a long term reversal. But first 1277$, 1284 and 1300 for gold... just my opinion. GL
Do we hear "buy, buy. buy" from Gary?
If NUGT goes back to the high, I will quit.
NUGT won't be going back to the high because of decay issue during the bear market. But it could go up many hundreds of percent during the next phase of the bull market.
NUGT is a giant mistake, it doesn't put upward pressure on the miners themselves while all you hold is a derivative. This next turmoil will be derivative driven, and you will not want to own options, leveraged funds, or any other junk. It's possible gold and miners go up with NUGT, options, and possibly "physical" etfs get slammed. Buy llion %what you want to own, there is no need to shoot for a billion % returns because they don't exist.
I futures get smoked, so will things like NUGT that use futures. These vehicles are for trading only, not riding a bull market, one would be better off in physical or miners that own and produce it. Futures firm MF Global got looted, this round will see worse events.
Agree!! Would you say owning GDXJ GLD would be the better and alternative hold instead of NUGT??
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