I’ve been so down on gold lately that it could probably pop $100 before I’d even notice. That’s why I’ve set some bullish price alerts on a few gold and silver charts, adding buy-stop entries for two mining stocks tracked below. We blew out a position in Majestic Silver [NYSE: Symbol AG] the other day with the goal of replacing it at a better price, but also knowing there are no guarantees our stingy new bid will be filled. Similarly, in New Gold [AMEX: Symbol NGD], I’ve added a buy-stop limit entry, to be worked order-cancels-order with a niggardly bid that sits well below the market. All of this follows an email I received from a subscriber calling attention to the egregiously oversold condition of gold futures right now, and to the outsize short Comex position held by speculators who are usually wrong at important turning points. So am I, at least instinctually, and that’s why I try to stay close to my charts, which are never wrong.
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