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So you believe the new, freshly mined gold supply effects the price? I always thought that freshly mined gold was such a small percentage of available gold that its supply didn't effect the price.. But if miners cut off supply (significantly), and demand remains the same, the price should go up, and this would explain the recent increase in price.. Very interesting.
I bought because I study mean reversion and the "value" effect, and this sector had been incredibly beaten down as of one month ago (and still is), and technical indicators showed that a bottom could possibly be in (in both gold and the miners). Additionally, it felt like bearish sentiment was unanimous. All of these reasons told my gut to go long, and I would still go long today for the same reasons (although with less conviction than a month ago, because sentiment has grown more bullish).
Lol the more vocal the opposition the better I feel about my trade (usually). Also, there are still plenty of people on seeking alpha banging the table about $1000 gold.. Good news for the longs.
Gold is creeping up in Asia..
Yes but that's the beauty of diversification. It brings down your reward, yes, but it lowers your risk even more. All in all I'd rather have exposure to an index than to an individual name
And thank you! :) best of luck in your trades
I'm starting to think that holding NUGT until GDX hits it's 200 MA might not be a bad trading strategy.. Buy low, sell high, play the mean reversion!
I have been long for over a month, haven't sold a share, waiting patiently for the fireworks when gold breaks $1350!
I think one or 2 more days of consolidation right above the 50 MA.. Then onward to tackle 1350
Looks like the third crack at 1350 will have to be the charm..
My brokerage account thanks you so much!!
We're you long at some point? Why the change in outlook?
I'm holding for the 1350 break.. That's when things will get really interesting! Hope it comes!
I disagree. Volume doesn't have to occur for prices to change, meaning there is no disagreement among market participants with the price change. An increase in the price of gold along with a subsequent increase in the price of gold miners isn't an event that is likely to debated amongst investors..
Will break 8, 9, 10, etc very soon if gold starts trading above 1350..
Very nice, I've been long since 5.68 (bought about a month ago)
Once again, "dust" off your statistics text book and review the meaning of correlation. Gold prices can go up or down 1% and miner prices can go up or down 3%, as long as they go up or down together they are correlated..
Big money aka mutual fund managers, hedge fund managers, etc move the stocks that are the underlying for NUGT. And I promise you they are not reading message board posts to determine their strategies ;) Posting arguments here should be purely for entertainment, not in hopes of actually affecting the price..
You might be right, but I hope the resistance that we saw at 1350 before was due to the 50 MA resistance, not due to the 1350 number. Now with the 50 MA break through tonight, we could see gold move through 1350 like a hot knife through butter. We will soon find out!
Yes, sounds like you don't understand the meaning of correlation.
I agree with you somewhat.. However as I write this gold is at 1329 and its 50 DMA is at 1313!
Look up the formula for correlation, and calculate the correlation coefficient between GDX and gold for the past 6 months. If you can't do this and you can't see that GDX and gold have a correlation very close to 1 (in other words, perfectly correlated) then you have no business trading in the markets.
If it can hold this level 1400 will be here very soon. It's that pesky 50 MA that keeps knocking the price down
Reminds me of the Sunday trading a few weeks back when gold blew through 1300 resistance, kept going the rest of the week. This time it's the 50 MA. I would exit your short gold position at market open if you don't want your ass handed to you.
if gold-eagle.com says it, it must be true! ;)
Might see another pullback before the real breakout. I'll wait it out. Whenever the trade has been obvious (shorting gold since 1900) it is time to go the other way (long)
GDX is again above it's 50 day SMA
GLD is once again up against it's 50 day SMA. If it can break through.. Boom
No gap but it is running!
Anyone who knows anything knows that the split is a non event
I bought NUGT 4 weeks ago based on the WEEKLY charts of GDX and GLD, and I would still buy NUGT today based off these charts. A gap and retrace would be bad, but so would an inside day, a doji star, etc. And even then these candlesticks dont say for certain what will happen.. a lot of respected people thought gold was doomed when it crossed below $1285 yesterday.. obviously they were proved wrong just one day later
As this is the NUGT board, a gap up would be a great scenario
I hope you are a troll and not as big of a moron as you seem
gold is up 5.13% over the past 30 days..
gold is up 1.99% today..
I could post charts for you, but that takes time
This is the definition of a terrible post. No facts, no reasoning, no examples. Just a blanket, incorrect, statement.
LOL looks like he needs to look more at yellow's hills
Very nice chart, thanks. Loving the higher lows on the force
Very hard to pin a direction by looking at the daily chart.. However, the weekly chart still looks very oversold..
Hopefully the sellers are all sold out
Might not happen today but in the next few days, if 1300 holds, we will see a massive move UP