"Physical" gold is for suckas....buy paper gold.... here's why.
GDX (paper gold) is getting ready to generate a nice "tradable" buy that will take it to and thru $23 it looks like. So I'll just show you why physical gold sux when I post my buy entry for GDX. Then we'll see which provides more bang for the buck during this coming dead cat bounce. yes goldbugs...you are deadcats. Sell gold...start a motorcycle club.
GDX trading "live!" at 21.82 asked
I will go farther out on GDX via the July 22nd expiry $22 calls which are cheap at .60. More than enough room for error as GDX "should" trade through at least $22 by then. Current price is .60 market so I will just log in the buy price. Targt is actaully 23.40...justbecuz that's what we have already been told by the clowns running the machines.They're just as skeeerd as you gold longs are tho...so relax...I'm here to help.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Fund&symb=gdx&x=60&y=20&time=18&startdate=1%2F4%2F1999&enddate=6%2F12%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
"Physical" gold at $1243..ish" according to 321gold.bomb
http://www.321gold.com
Correction to this spew. That is actually the 7/21/17 GDX expiry contract, not 7/22 as stated
6/22/17 update: GDX is already above the $22 strike price I targeted for this trade, and it is now moving away from $22 in premarket trading. If GDX moves quickly there is a very good chance the $22 calls for 7/21 expiry will double. I always shoot for slightly more than 100% plus all commish costs and if you get it very quickly then take at least half the trade away. The target is still 23.40 on GDX so it would be a HUGE mistake to go "all out" if it turns out I wuz right about this trade.
6/22/17 Afternoon update: This limit sell did not execute but GDX is still a hold so I will just cxl the limit and hold.
GDX will either breakout here or fail near 23.50..ish. Now at 23.40. A selloff should be bought...unless the goldbugs panic. And right now they are too skeeerd to buy still. A breakout would get most of them feeling good again. That's all I'm trying to do. :-)
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=gdx&x=57&y=10&time=18&startdate=1%2F4%2F1999&enddate=6%2F12%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
6/23/17 Update: I'd like to see GDX move thru 22.75, otherwise this will be a very short term sell signal coming in here. I'd continue to hold the long position via the $22 strike calls for July expiry. Last trade on the July $22 calls was 1.02 with the bid at .95. That's a 30%+ gain in 2 days so if this was a large $$$ trade I would certainly take 25% of it away.
6/26/17 GDX trade update: It was "smooth sailing" towards my 23.40 target coming into the trading week but the premarket massacre of the "paper" gold assets like GDX changed my short term outlook just a bit...especially if it continues higher before trading back below 22.15. That was the premarket low. No adjustment to this trade just yet tho.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=gdx&x=56&y=12&time=3&startdate=1%2F4%2F1999&enddate=6%2F12%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
1:25 PM update: GDX experiencing a slight piush higher and teh GDX July 21 expiry $22 calls are now back at 1.09 asked. I am now planning on going "all out" with a double if I can get it...instead of holding part of the trade as I mentioned last week.
6/28/17 update: GDX pulled back at teh end of the day and generated the first leg of a buy signal. If a new short term buy signal comes in and the Mon premarket low of 22.15 is taken out before it rallies higher then I would be back to a "hold for my 23.40" target stance. That Mon morning dump certainly changes sentiment. Mon morning is pretty much acting like a magnet for prices. :-)
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=gdx&x=21&y=16&time=18&startdate=1%2F4%2F1999&enddate=2%2F18%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
7/3/17 GDX update: Getting crushed on this GDX long trade but is it time to buy just yet? getting close. But always look at more than 1 indicator for clues. The "go to" indicator for the sector is actually HUI....and it isn't even close to being a short term confirmed bottom yet...let alone gettting close to a buy signal.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=hui&x=50&y=8&time=18&startdate=1%2F4%2F1999&enddate=2%2F18%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
GDX is actually close to a buy signal here at the 21.46 low for the day. Now at 21.48 "live!' on teh last trade. I say wait to either initiate or add to long positions.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=gdx&x=52&y=22&time=18&startdate=1%2F4%2F1999&enddate=2%2F18%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
7/5/17 GDX update: GDX already generated my short term buy signal this morning on the open. I didn't add to the position as I am waiting for the HUI to confirm. Looks like GDX "might" hit the next minor resistance area at $22. If that happens I will "likely" sell my July 21 expiry $22 calls at a "guesstimated" break even price of .60. GDX now at 21.75..."live!."
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=Fund&symb=gdx&x=60&y=19&time=18&startdate=1%2F4%2F1999&enddate=2%2F18%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
7/6/17 update: I was "hoping" GDX rallied on the open today since it is pretty clear that it will be coming back one more time to retest the recent low. The HUI still needs to trade below yesterday's low. This sector is setting up as a buy though. The short term buy signal should come today unless there turns out to be accelerated selling...which would delay things. The buy signal could come in quickly but I'm in "relax" mode since I really don't see any trades of an "urgent" nature setting up...either in the general market or in preicous metals...or bitcoin. I will be targeting a move to and thru GDX $22 as a reason to exit my GDX 7/21 expiry calls if it rallies thru $22 before seeong sub 22.50 again. Limit would be at .60...ish which was my entry price. Otherwise, hold and look to add to the long position.
7/6/17 End of the day update: As I said yesterday. I a buy in the sector more on what the HUI does than GDX. But GDX still hasn't generated a short term buy signal yet...so I wait. Limit order to sell current holdings did not get executed so it looks like this will be an "add to" before it is a sell.
7/7/17 GDX trade update: HUI breaking below 180.83 right now but my HUI chart is on a 15 minute delay so I am being patient,Dr. GDX once again signaling buy. But it is a selloff to a "guesstimated" 21.20 away from having it's great buy oppp ruint for today.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=gdx&x=52&y=12&time=18&startdate=1%2F4%2F1999&enddate=2%2F18%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
HUI now at 180.12 and I'll go out on a limbo and say it will prove to be a new n improved and "slightly" looower low that will need to get taken out. That would mean no new buy today in GDX either.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=hui&x=36&y=15&time=18&startdate=1%2F4%2F1999&enddate=2%2F18%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
Sho nuff sho nuff. GDX now o-fish-ally "ruint" for the day with the move sub 21.20. Now at 21.16..."live!" as I'm spekkin to ye.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=gdx&x=46&y=15&time=18&startdate=1%2F4%2F1999&enddate=2%2F18%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
7/17/17 Update: I wanted to update this first thing today but that's when I got "cut off" for not handing out zeroes. I was going to say that the technicals on GDX look much better than SLV so it could continue to rally. That would lead me to believe the compooterized trading wizards would fall into panic along with the rest of the market. And that's what you would 'expect" to happen during a deflation. I have a HUI upside target of 203.609...to be eggzact. The fact that it's getting closer as GDX isn't doing all that well meakes me >>> Suspicious.
http://bigcharts.marketwatch.com/advchart/frames/frames.asp?show=&insttype=&symb=hui&x=43&y=11&time=18&startdate=1%2F4%2F1999&enddate=2%2F18%2F2017&freq=7&compidx=aaaaa%3A0&comptemptext=&comp=none&ma=0&maval=9&uf=0&lf=1024&lf2=2&lf3=8&type=2&style=320&size=4&timeFrameToggle=false&compareToToggle=false&indicatorsToggle=false&chartStyleToggle=false&state=11
7/20/17 update: Exit my GDX trade with a 30% loss.