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Gold
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Thursday’s tout for June Gold is packed with subtle signs to watch for, but the bottom line is that lower prices appear likely. Although we hold long positions in GDXJ and QQQ that are comfortably in-the-black, we won’t let ourselves get caught napping if this week’s selling should start to snowball.
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Gold has been testing the limits of our endurance lately. A week ago, when we tried to buy shares of GDXJ, a proxy for junior mining stocks, it ran away from us, seemingly headed into the wild blue yonder. At nearly $24 a share, it was difficult to justify jumping aboard, since, just a couple of days earlier, we’d blown an opportunity to do so at a bargain-basement price of 21.52. We sat tight nonetheless until yesterday, when GDXJ dove into our lap, then trampolined off a 19.66 correction target that had been spotlighted in the “trading touts” section of Rick’s Picks a month ago. Here’s the recommendation exactly as it went out to subscribers the night before, with GDXJ settled at 21.09: “An important [Hidden Pivot] target at 19.66, last mentioned here on April 5, appears to be this vehicle’s immediate destination. I’ll recommend bidding for 400 shares at 19.75, no stop-loss, day order. Camouflageurs can start looking for the turn now, seizing the advantage if it should present itself.” » Read the full article
I’ve proffered some ugly targets for the bullion vehicles we track and trade, although, taking the sleaze factor into account, I read the pounding that gold and silver are taking Tuesday night as mildly bullish — a shakedown, although, alas, perhaps not the washout of answered prayers.
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In today’s touts, I am recommending the purchase of ten-thousand shares of a gold mining stock featured here a while back when it was trading for more than three times its current price. The rationale for buying the stock is technical, since I’m suggesting that you bid slightly above a precise midpoint Hidden Pivot support that is very close to being achieved. Please note that my initial interest in the stock was based on a visit to its mine site in Idaho. Like so many other promising mining stocks, it has been sold to death for perhaps all of the wrong reasons. If you don’t subscribe but are eager for further details, click here for a free seven-day trial to Rick’s Picks.
What We Really Think About Gold
by Rick Ackerman on May 11, 2012 4:50 am GMT · 49 comments
Paying subscribers get to see quite a bit more of Rick’s Picks than lurkers might infer from reading the free commentaries that go out each day to many thousands of readers. A headline that will have caught the eye of the latter was this one, from the May 2 edition: Gold’s Nastiness Hints of a Major Bottom. Comex June Gold subsequently fell $76, and we were therefore unsurprised to receive e-mails from lurkers who evidently had been caught flat-footed by this supposedly unforeseen (by us, anyway) bout of weakness. In fact, the daily “trading touts” that lie behind the Rick’s Picks subscriber wall have been far more cautious than outsiders would likely know. Just yesterday, in fact, we offered a projection for GDXJ, a proxy for junior mining stocks, that may have caused some subscribers’ scalps to crawl. (Click here for a free trial subscription if you want to see just how low we think this favorite of gold bulls could conceivably go.) » Read the full article