Loading ...Is this the point in the campaign where I throw up the white flag? I don’t think so. I bought more JNUG and GDXJ on Friday at great prices and while I am going to need a pretty strong rebound to call this trade a home-run, I think we will have seen the lows by Wednesday or Thursday. What about the triple-bottom at $1,180? In the immortal words of ol’ Jimmy Fanning “In gold, you take technical analysis and you throw it in the wastecan; you buy “breakdowns” and you sell “breakouts” because this is a RIGGED market and the big boys circle like vultures at every major chart point.” My thought is that the Junior Mining sector is generationally “cheap” right now so VALUE outweighs TECHNICALS (as I reach for my four-leaf clover, rabbit’s foot, and medicine chest….)
So I figure that since two million gold “experts” were calling for the “Gilded Armageddon” over the weekend, gold will probably reclaim $1,200 within a few weeks totally befuddling those experts and rewarding the idiots like me that think an RSI under 30 and the MACD and Histograms at historic extremes just might be better near-term indicators than some pre-defined “number”. Make no mistake – these are the most baffling markets I have ever attempted to navigate. In fact, it is easier running the rapids at Devil’s Gorge than trying to determine which algo-bot is going to dominate the day’s price action. I have heard from Senior Traders that have decided to “shut it down” until New Year’s having beaten their benchmark and content to glide into year-end a few points above their benches. It would seem that central banks intervention is taking its toll…
BUY THE “BREAKDOWN”….(and pray.)
MJB