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Just looked at a 1 year chart of the DJIA. Interesting.
In the last 10 weeks or so it's made 2 lower highs and 4 lower lows. Maybe the pretty much over priced market is about to take a hit. Or is in the process of taking it.
Agree.
For every person long on PM's now, there are probably 10 people on the short side.
We may have a little more pain here, but the near term big losers will probably be the shorts 'cause the market loves to make most of the people wrong most of the time.
Wrong. If it reverse splits number of shares will change, total value of new shares will be same as the value of pre-split shares, medium tough guy.
It closed at 3.25 Thursday. That post of mine you refer to was posted early Friday morning.
How can it drop to less than zero? I don't think you can explain your reasoning, but I'll be interested in your response.
Gold may go much lower, NUGT can't.
Gold could drop another 100 bucks an ounce - or more.
NUGT can only drop another $3.25. It's probably dropped more than that in the last couple of weeks.
Down about a half a buck a share here. I'll ride it out and add more at $2.82.
Yeah. If gold gets down to 1050, NUGT will probably be under a dollar a share, a penny stock.
Oh, I know that. I also own 7 miners.
I don't see any end to this anytime soon. It could take gold another year or two to finally bottom out at 800 - 1000, or wherever. PM cycles - up and down = can last up to 10 years. We're only in year six here.
Several of the miners, like HL, MUX, BTG, etc., could be considered penny stocks now. Unbelievable
Mine closures and bankruptcy are right around the corner if this keeps up much longer. I'm going to hold everything to the bitter end, hoping the bitter end isn't going to be as bitter as I now fear.
Continuing to add to my PM positions on each 10 - 20 % drop. Next buy here will be at 2.82.
Another wonderful day in NUGT land.........
I'm really looking forward to the weekend. Saturday and Sunday seem to be the only two days I don't lose any money......
Gold down right around .50% today. NUGT down over 9%.
I'm beginning to think there is realy something wrong here with this ETF. Remember, we had a couple of 30% drops just last week. Yeah, gold is down - but this turd is down MUCH more than 3X the recent drop in gold.
Another downbeat article on the outlook for gold.
http://www.bloomberg.com/news/articles/2015-07-28/gold-out-of-style-like-bell-bottom-trousers-signals-lower-prices
If it's going to get to 1000, or even a little lower than that, I for one hope gold crashes here, gets down there, and gets it over with.
I'd rather see a one week gold crash here than another year or two of this crap.
Gold up cycles AND down cycles usually are 8 - 10 years long. Look at a 50 year chart.
I think this down cycle will be a bit shorter because the miners have never been this low historically in comparison to the price of gold, either spot or futures.
A couple under a dollar miners (MUX & GPL) both fell about 5% ON THE LAST TRADE OF THE DAY. I don't know how the Wall Street crooks get away with that, but they do, over and over.
Amen to that.
Posters here who like to post their 'not in real time' daily trades, which somehow are almost always money makers, are really kind of boring reading for most of us here. The phrase "WHO CARES!" comes to mind.
If I were to post my trades, hours after the market closed, I think you'd find it boring reading, too, whether they be money makers or losers.
Unlike some here, I do have losing trades.
I suppose its possible, though I don't see what difference it would make.
The amount of my investment would remain the same with the only change being the number of shares I would own.
I guess my broker would charge $20.00 for a 'reorganization fee.'
Brokers get off all over themselves when they get a chance to do that.
You were right. I was DEAD wrong (as usual).
I added more to that post. Go back and read the addition.
You may have the same luck I do when I bail......which I won't do here.
I'm getting murdered today - and not only here.
Did have a (small) gain here, now it's a (not so small) loss.
Miners getting killed again. Guess there's no end to it.....
I know what would turn this around in an instant: if I were to sell all my PM investments, gold would start skyrocketing two minutes later. Sorry, guys, I'm not going to do it.
Futures gold is up, but the last time I looked, spot gold was down. That may be why.
I blocked him. Tired of BS.....
Yeah, admittedly, you gold shorts have done well. I just got into NUGT last week, buying three timkes, and I presently have a (small) profit. I like buying stuff when everybody else is going the other way.
Gold and the PM miners suffered thru what MAY have been pretty much a selling climax last week. 5% - 30% drops in ETF's and miners every day last week except Friday. Totally over done. Way oversold here.
I usually always get into stuff a tad early, so a bit more downside here wouldn't shock me. I like my side better than your side right now, though, 'cause there's a lot less of us.
Gold could go maybe a 100 bucks lower, but it's near the bottom. And then again, everybody and his brother (including you) are short gold in one way or another right now, INCLUDING hedge funds for the first time ever. What's that old saying? "Most people are mostly wrong most of the time." A gold rally wouldn't surprise me right now, forcing you and a boatload of others to cover.
'The dollar' is one of the most over valued currencies in the world at the moment considering our 18 trillion dollar debt and another 75 trillion or so in UNFUNDED liabilities. About 3% of our currency is backed by precious metals now (MAYBE LESS). Piper always has to be paid eventually, and the dollar is due to tank. Europe is settling down, and the Euro will start moving up on the dollar. To say the dollar will rise another 10 - 12 % is ridiculous.
As far as the 25 bases rate hike, that's already factored in. Gold will probably rally a little when it's announced.
It will be the old "Buy on the rumor - sell on the news" in reverse.
You make make a little more money on your futures short, but probably not much more.
Any reason in particular why not?
Or maybe you are short?
Wow! I wouldn't think it would get THAT low, but who knows for sure.
Maybe I'll hold my buy for 10 - 10.50
Thank you so much.
I'm going to sell my SIL and put it into this one. I don't see silver going much lower that 13's (famous last words.)
THANKS A MILLION!!!
Gotta have some of this one.
Do you know of any 3X silver ETF's? I looked around for over an hour the other day and never spotted one, or even a 2X.
SIL, the silver ETF I have, is 0X, or straight up, or however you would call it. Just follows the silver miners rise/fall dollar for dollar.
Standard & Poors downgrade Friday will take it lower....
I don't own any yet, but looking to buy in at 11 - 11.50, and buy more it it goes lower, as this looks like a fantastic long term play when commodities turns around.
Price even here is almost a gimme.
NUGT holders, don't forget about golds little sister, silver, which percentage wise is down much more than gold.
Gold has historically be priced at 40 - 1 over silver for as far back as you want to look, but now is selling at almost 75 - 1.
The 40 - 1 gold to silver usually always works its way back when PM rallies from bottom to top, so more money (percentage wise) will probably be made in silver and the silver miners.
My PM holdings are presently tilted to gold, although I do have about 35% in SIL.
Almost everybody on the short side - not an upbeat article to be found about gold - everyone calling for lower PM prices, some predictions another 20% to the downside.
Kind of bodes well for the handful of PM bulls that are left, as the market almost always does whatever it has to do to make the majority of the people wrong.
I think we'll see a small spike up, a short covering rally that may take us to 1150 or so, and then the bottom to fall out again and a drift to maybe 1000, which may OR MAY NOT be the bottom. I think those calling for 800 will be proved wrong, but I'm usually more wrong than I am right, so we'll see. I think this coming week will at least start out good for gold.
The miners (and NUGT) rallied nicely for a couple of hours Friday, into the close, although gold futures were down for the day. Possibly gold hasn't seen a bottom yet, but it may be a different story for the miners, with many selling at historic lows. It may have gotten as bad as its going to get for them. I've recently bought several historically good top tier miners for 3 bucks a share or less, a handful even under a buck (MUX for one.)
Anyway, good luck to all.
Junk goes up first, junk comes down first.
(Juniors aren't really 'junk', but they are inferior in investment grade to the major miners)
I tried that quick in and out stuff for a while and in the end found my broker was making more money than I was......
And instead of making a right decision on 4 or 5 or 10 stocks to hold for a while, you have to make right decisions 15 or 2o times a day.
Tough game to beat. But your broker loves it, for sure.
Quite possible you may miss a monster move at Mondays opening. Gold seems to be turning here possibly, hopefully, maybe. A decent gold rally going into the close could start a stampede of short covering at the open Monday.
I wish the Fed would raise the rate the 25 basis points and be done with it.
When they do, I think we'll see the reverse of the old saying, "Buy on the rumor, sell on the news."
I think up to now it's been selling on the rumor of the hike and we'll see buying once it's finally announced and behind us.
Of course, I could be wrong - I am quite often.
There was a poster on the HL board about 3 years ago (I've never forgot this) that posted that our countrys gold and silver reserves would only back up less than 10% of our currancy. When I asked him about it, he posted a link written by an ex Federal Reserve member(or someone who held a pretty high position, not sure now.)
With the present appeaser we have in the White House now, and all the massive deficit spending he's done, the percentage would be far less now than then.
I think the selling is drying up a little, although we will still be plagued with margin call selling 'till the bleeding stops - but it will help wash out the remaining weak hands.
Looked at a hundred year chart and a fifty year chart of physical gold. The hundred year chart showed swings from top to bottom (prices) and bottom to top took an AVERAGE of 8 years.
The fifty year chart averaged top to bottom and bottom to top were almost 10 year swings.
If gold should bottom here soon (AND I HOPE IT DOES) it would be the shortest top to bottom swing in the last 50 years.
Does all that mean anything? Only that once gold starts on a path, either up or down, it takes it almost a decade to get there.
I believe this is around the fifth year of this march downward.
If there is one thing that might make this time different, and shorter, is that panic selling (as we've seen for the past week, including today) may speed up descent to a final bottom much more quickly than the historical mean.
Kind of boring stuff, but hope it might put some perspective in there. Good luck to everybody.
Thank you so much for your concern for us.
Please let us know when you think it will be a good time to get back in - beforehand, please.
Uh....never mind.
I've noticed that, too, that they walk it up a bit after hours. Doesn't make much sense, tho, 'cause then they throw if off the roof when the market opens.
If NUGT was a company I'd think it had one foot in the grave and the other foot on a banana peeling.
Three days of panic selling already behind us this week (counting today.)
We may get a shock tomorrow = it may be up. I said 'MAY BE'.
A scan of the commodity indexes seems to be signalling the world is coming to an end. Wonder how many poor souls LOST IT ALL this week.
A commodity index fund looks like it might be a good place to be nibbling right now.
Nice how everybody catches bottoms - - except me...I'm jealous.