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Gold and Gold Miners December 1 afternoon edition
Good afternoon: 01/12/2014 1:40 PM
Gold: $1,218.70 up $43.20 ($70 reversal off the lows)
Silver: $16.65 up $1.10 (17% the lows)
Zinc: $1.0059 – $.0001
GDX: $19.75 up $1.40
NUGT: $14.51 up $2.57
GDXJ: $27.58 up $2.38
JNUG: $4.31 up $.92
TK.V: $.215 down $.01
SRC.V: $.205 unch’d
Basking in the glory of “correctness” (and ducking)…
Before I go any further, please be advised that the headline posted above was written with my tongue firmly planted “in cheek” because the last thing I will ever do after the last four years in the dentist’s chair is invite another month or two of root canal surgery (ex-Novocain) by tempting the gold market gods. However, the action from last night until this morning was wildly bullish, the action from this morning when I sent out “$1,150 gold: Vortex-like magnet for physical demand…” at a little after 10:00 a.m. is now, in my book, the best technical and TAPE action (“tape” being far more important than mere “technical”) that I have seen in at least a decade.
Of course the bad guys could still throw a wrench into it going into the close of the access market but the wagers I have been making on paper through my emails has been 100% backed up by my wallet and while I’m not driving a Rolls Royce out of the parking lot yet, for the first time in many, many months if not years, I know that I won’t be driving a 1996 Chevy wagon to my next meeting, tattered mud flaps protecting uber-bald tires.
This is SUPERB action…
As for the miners, the GDXJ can still be bought because it has yet to fill the gap created on Friday, when it lost $3.42. Currently $27.47, it was $28.62 last Thursday. I like the GDXJ Feb $30 calls at $2.20 for a potential quadruple from here in the event that the bad guys are vanquished and took the hemlock chaser I alluded to this morning.