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RE: "Physical" gold is for suckas....buy paper gold.... here's why.

in #gdx7 years ago

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.

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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.

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