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I have lots of money in UGLD. It's also a 3x ETF but since gold is not as volatile as stocks, UGLD doesn't suffer from decay. For me it's a good idea to own UGLD along with GDX(J). I only unload funds from it when it's overbought on daily RSI, but no more than 50%.
Check the chart:
https://www.investing.com/etfs/velocityshares-3x-long-gold-chart
I'm not from USA so probably I can't help you. In my country, there are many gold retailers and I buy at those who have the cheapest 1oz coins at the moment available right away. I never order on the internet and I pay with cash.
One thing is sure: I'm buying more physical gold soon. They just can't print money at this pace and keep gold this low forever. Next crisis is going to crush the current monetary system.
Losers: people with currency and debt.
Winners: people with tangible goods.
I'm still waiting. Strong moves, like today's, usually have a continuation. I'll definitely buy GDX(J) around $1300. IMO there's a huge chance we're buying the beginning of the next major bull trend in gold and miners. I honestly can't see miners lower in a year from now.
Given the size of the move in gold miners are holding strong. This should be easily 15% down day for NUGT. It seems miners are back to BTFD mode and will regain losses quickly. Of course, not with gold going down but that won't last long.
Gold $14 down and NUGT just 4% down?!
No, that was Rogue9999. Gold has still ~$20 to last year's top. It's now evident that there's strength behind it and that breakout was real. It's anyone's guess if it pulls back from here or just goes higher. I'm not in NUGT right now so I'll wait for some consolidation or correction before jumping in.
I agree. I can't add anything more to what you already did. Gold passed $1300 and $1337.6 nicely, which normally would be very bullish but all of this is happening during NK tensions, which makes you wonder how real that move is...
Anyway, I think gold is going to roar in 2018.
NEW: On military action in North Korea, President Trump tells me it's not a first choice, but "we'll see what happens."
NEW: On military action in North Korea, President Trump tells me it's not a first choice, but "we'll see what happens."
— Trey Yingst (@TreyYingst) September 6, 2017
So far it doesn't seem so bad PM. We got a chance to bail without another 10% down. I expected much bigger move. Normally I would wait but with Kim planning to conduct one more rocket test I just don't know...
$1336 gives some resistance so far but who knows for how long. No signs of de-escalation on the horizon.
KJU has practically bought himself complete immunity from foreign intervention. China is not a target and wants Korea divided. US won't want to take the blame for millions of casualties. KJU just wants to keep his head on his shoulders.
False flag operation is the only way US can start the war.
Shit gettin' serious. Tomorrow will tell.
I'm looking at the news in a search for something that would back this move in gold and I see nothing. Maybe someone knows something about NK we don't?
Trump talking about a tax reform:
My oh my! I took a 2-weeks long break from trading this and it's still the same story. Laughable action today. If I didn't know better I'd say it looks like it's going for a breakout. Except it's going nowhere right now. What a joke this has become.
Haha, "glued" is a good expression for what I see now in miners. Is it going to snap? And which way will it go?
Yeah, as most folks, I've grown to expect bigger swings in miners on such moves in gold. I wanted another 5% from yesterday's top in JDST and I would sell happily. I didn't mean to hold this much longer. My avg. is 65.81, so now I'm back to square one after 2 weeks. Pathetic. I'm torn as it doesn't look good, or easy, from either side.
Can't say miners are on fire today.
I'd like to disagree... but I can't. I'll probably sell today and think what to do next. Trump ruined it for me.
I'm not from the US so I don't know him well but from what I've read and seen this is just his way of doing "business". A lot of big words to convince the other side that he's capable of doing something unthinkable just to get something that's really reasonable. Even Kim is probably not crazy enough to launch nukes, let alone Trump. I bet Kim is shitting himself from anxiety.
WHAT. A. DICK.
My first order as President was to renovate and modernize our nuclear arsenal. It is now far stronger and more powerful than ever before....
— Donald J. Trump (@realDonaldTrump) August 9, 2017
'In two welcome signs of de-escalation after yesterday's sudden spike in bellicose rhetoric, moments ago North Korea released a Canadian man from prison on humanitarian grounds, while Rex Tillerson said he doesn't believe there is "any imminent threat" from North Korea, and says that they should "have no concerns about this particular rhetoric of the last few days."'
'Also attempting to push the world back from the edge of nuclear armageddon was China, which urged calm on Wednesday after North Korea said it was considering plans for a missile strike on the U.S. Pacific territory of Guam. China called on all parties to "avoid any words or actions that might escalate the situation and make even greater efforts to resolve the issue via talks," the ministry said in a statement sent to Reuters.'
As I said, no one wants escalation. Wanna guess the direction of the next $10 move in gold?
That's why I was reluctant to sell yesterday. I could've scalped 3% and bet back in today but you just can't foresee Trump's declarations. I should probably get back to flipping.
This is a serious risk. If there's a military conflict on the Korean peninsula then we'll see a spike in gold with magnitude resembling that of Brexit.
For now, Trump tries to get everyone on his side to resolve this conflict without dropping one bomb. China and Russia joined new UN sanctions on NK just a few days ago. It shows that they agree on the problem and are determined to contain the threat before it gets out of hand.
In April I thought that Trump's just gonna bomb NK to the stone age but then I learned that an eventual conflict would result in very heavy losses in South Korea. And no one, even POTUS, wants to be responsible for deaths of tens/houndreds of thousands of civilians. We may look at it from the gold perspective but for the sake of the people, I really hope there's no military conflict out there.
(against my better judgement I held my shares)
F*ckin' Trump messing with my trade. Sigh. When I'm back to NUGT Trump will be like "North Korea, never heard of it!".
Gold back near $1256. If it closes above that level today I may want to reconsider my position. Otherwise, it's probably more pain for miners.
What's "crack up"? I'm not native English.
LOL, told ya. It's a "reverse pop" ;)
Sure, long-term GDX won't diverge from GDM but in a span of a day it may overperform it by, let's say, 0.2pp and NUGT underperform by another 0.2pp and you have quite a big difference between GDX & NUGT.
EDIT: What a nice drop in gold, I'm greener and greener :)
That's daily. You'd have to check what's the discrepancy during one day.
Miners obviously trend with gold mid-term and long-term. Short-term the correlation can be weak as we could see in March.
Maybe I was too pedantic but what I was trying to say was that maybe GDX overperforms the index and NUGT does the job well? Maybe the opposite is true but we won't know until we check. I don't have GDM in real-time, only this:
https://www.nyse.com/quote/index/GDM
So far I haven't checked which one underperforms. Have you?
Well, to be honest, you sure didn't read the prospectus. Prospectus says NUGT tries to "magnify the daily performance of NYSE Arca Gold Miners Index" (GDM), which... is the same index that GDX follows. This is why we may see a discrepancy between GDX and NUGT. NUGT doesn't magnify GDX performance directly.
http://www.zerohedge.com/news/2017-08-08/north-korea-may-be-possession-miniature-nuclear-warhead-japan-warns
They always publish such bullshit when I'm shorting miners but never when I'm long. Sigh...