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Boy, FCX really getting hit = down 9% today.....
It's usually kind of a commodity bellweather.
If you think about it, commodities at these prices (almost all the commodities) are signalling a worldwide depression. I don't know what else you could make of it.
Right now, I don't think Russia invading the Baltics would move gold.
I know you meant $3.42.......
$2.42 may have some here jumping off a roof (like me.)
If you mean my average price here, it's 3.79.
If you mean my overall average on investments lately, NOT VERY GOOD.
In quite a few years of investing (some winners - and a lot of losers) I have never seen gold as 'out of favor' as it is today. World turmoil no longer rallies it, ISIS doesn't rally it, personal and worldwide countries outragous debt (that just keeps rising) doesn't affect it. The whole world is really more or less bankrupt. With all this going on, I can't think of another time in at least the last couple of decades that all this wouldn't have purhed gold thru the roof by now. In my way of thinking (which is, admittedly usually wrong) gold should be at AT LEAST $2500.
When the @hit finally hits the fan, gold probably will get to the magical $5000 an ounce. but it's sure not going to be anytime soon.
The poor German people, financing Greece's lifestyle. It's like the neighbors on each side of you wanting to stay home and not work and it's up to you to support them, buy their food, make their mortgage payment. RIDICULOUS!
Sorry. I know this is all probably 'off topic' but sometimes I have to get it off my chest.
Sorry, I'm in NO WAY qualified to give investment advice.
I have enough trouble advising myself. If I was on the ball and a real savvy invester/trader I WOULDN'T BE HERE IN THIS ONE.
I pretty much agree with you. But every time I think something is at the bottom and it CAN'T go any lower - - it does.
Gold itself is traded worldwide.
NUGT and our U.S. and Canadian based miners are mostly traded right here in the states. So when a big bank like Morgan Stanley comes out with a prediction of $800, U.S. investors fall all over themselves trying to sell out. The rest of the world doesn't pay that much attention to something like the Morgan Stanley call and isn't that concerned, thus the gold price, both spot and on the comex, is still holding up.
But tomorrow gold itself will almost surely be down.
Guess we can thank Morgan Stanley for this rout. Miners are really taking it in the @ss, too, big time.
Morgans $800 call is the lowest I've seen so far. Someone, of course, not to be outdone, will probably come out with a $600 or $700 call.
At $800 mine closures will become the norm, along with bankruptcys.
Huh? I wouldn't be posting if I wasn't a member of Ihub.
What are you being 'good' about? Your post didn't make a lot of sense. If you want to say something, say it.
Sold Aug 4 covered calls for 50 cents each which will guarantee me a profit as long as NUGT is above 3.29 on the expiration date.
You were right - and I owe you an apology. Direxion funds ARE under investigation, as you mentioned in a post. There are also SEVERAL class action lawsuits against them at the present time, but you can only hope to collect if your broker referred them to you. If you picked them on your own, tough luck.
I not only own NUGT, but also Direxion's TZA, a 3X Short Russell 2000, and these two investments are probably 50% of my total investments.
TZA and NUGT were this week investments, so near breakeven is probably worst case for me. I bought NUGT Monday and Wednesday and am only down 7 cents a share right now and I'll be getting out of it, probably Thursday or Friday. I might try to scratch a small profit out of it to cover commissions, If not, I'm out of here. I'll stick to the miners.
I also learned that ALL 3X funds eventually go to zero because of the daily readjustments and recalculations. 2Z's as well, but it takes them longer. I strongly recommend that everybody on this board check this out. Google it. If you look at a 5 year chart of NUGT it starts flatlining half way across. It's the same story with all the 2X & 3X EFT's.
ANYWAY, thanks for wising me up. I'm never too proud to admit when I'm wrong.
By the way, NUGT is the WORST performing 3X fund, and that is for all segments, not just PM's. Down over 90% for the year. Didn't do proper DD before I bought this one.
GOOD LUCK TO YOU.
NEM beat analysts expectations, but the year over year comparisons were dreadful. Don't know if this will help or hurt the miners tomorrow, but NEM was DOWN in after hours trading.
Can't figure out why you stick around. You don't have any use for this stock/etf. There are other 3X gold etf's.
Sometimes it does only go up 2.5 when gold is up and down 3/5 when gold is down, but I've seen days when the reverse was true also.
Hinting about trouble and years of lawsuits is kind of ridiculous.
Gold's in the tank, miners are in the tank, NUGT is in the tank. What proof do you have of Direxion manipulating the price of NUGT? I'd really be interested in seeing it. Post it and I'll get out of this one and look for another 3X gold ETF
Doesn't look bad. Pretty low debt and selling below book value.
I own 2 others in that price range that I think will have bigger percentage moves: $MUX & #GPL.
but thanks. Good luck to you, to. Hope you don't have much in RMRK. I don't see much going here.
Already own a ton of NUGT AND SIL AND COPX
God,silver and copper now all at 5+ year lows.
Now that I'm in them, and some other miners, I fully expect them to all retreat further because I almost ALWAYS get into stuff too soon. So I'm mentally prepared for some short term losses here, possibly some big ones with NUGT.
Hey, congrats.
People not exactly coming out of the woodwork to clue me in on what's going on here. But it looks and smells like a scam, so that's what it probably is. 85@ of pinkys are scams, and 99% of the rest are so poorly managed they disappear within two years. You can make money in scams as long as you are fully aware when buying that IT IS a scam, scalp a quick buck out of it, and run.
Spotted this searching around for gold mining investments. Never really touch anything selling for less than a couple of bucks a share but to pass boredom looked into this one a little.
Hey, I apologize. I don't know how I ended up here. I didn't even know I'd left the NUGT board.
Please accept my apology.
I went to their website and thought I read everything important to read, but never saw the corporate plan of how they intend to make any money. If you know "the WHOLE deal", share it with me.
Are they ever going to open a mine, or is 'scratching around' all they are ever going to do?
Their website has no mention of starting up a mine on any of their 'great' properties.
Looking for financing to start up a mine? Or just trying to sell their properties to someone who WILL start up a mine?
OR.....is this thing just another pinky scam?
Pictures in their websites of their properties just show hills and rocks, NO human activity, not even a tent and a campsite.
Last 5 years - -NO earnings, but the stock float has exploded. Is this just a dilution machine?
What was done with the proceeds of the 'toxic financing' another poster referred to. Was it only to pay the officers and directors of the company salaries? Was any of it used to someday benefit the stockholders in any way, and if so, how? Buying more property to scratch around on?
Convince me this is a great investment someone, please.
Hey, ClayTrader, this is the NUGT board. Not too much interested in your other hypes.
Excluding WW2, the world has never been in a worse mess than it is today (in my opinion). Russia invading Ukrain, Iran, Iraq, Syria, Libya, countless other African countries, etc., etc. I think at least some of the blame should be laid on the present disaster we have occupying the White House at the moment, but we don't want to get into that.
The point is, usually when things in the world are this bad, gold thrives - but not this time. And this could be a small part of the mini-crash here. People see the world more or less in almost total upheavel, an appeaser in the White House, and gold is not responding - AT ALL. I'm really surprised by that, too. I can't believe that a strong dollar and a coming interest rate hike of a measly 25 basis points could cause a rout like this. Got to be more to it than that.
Anyway, I have a good 'til cancelled order to buy more at 3.35. IF that fills, I'll put in another at 2.85 and so on and so on, adding more on every 50 cent drop. I'll eventually make a buy close to the bottom.
I think we'll probably see more margin call selling for probably the rest of the week, which could push us lower still. Every big down day for the miners generates additional margin calls, and we've had two in a row now. I would look for 'bottom feeders' (like me) to start appearing in the PM sector, especially here.
I just checked. Morningstar ranks NUGT among the top 25% of leveraged funds.
Thanks. I learn something everyday.
So if NUGT revere splits, our brokers will charge us the $20 'reorganization' fee?
I know publicly traded companys reverse split, most of the time to be able to keep their exchange listings, or in penny stocks, a way for the crooks to continue scamming.
I don't know that much about it, but why would a mutual fund reverse split? What would they gain from that?
I've never heard of a mutual fund reverse splitting, but it certainly may have happened.
Agreed. I think you pretty much nailed it.
Let's see. We're at 3.75. If it drops another buck and a half tomorrow we'd be at 2.25. Then another drop of a buck and a half Wednesday and we'd be at .75.
Anybody expect that to happen? Of course not. Horns and bells don't go off at bottoms, but VERY HIGH volume is always a pretty good indicator of bottoms AND tops, and volume has exploded in the miners and the 3X ETF's today.
Could we see 3.50? Maybe, but I doubt it. If we do, I'll be glad to buy some more. And more on any further 50 cent drops from there.
And Direxion Funds aren't run by incompetents or idiots, they are among the most respected in the industry. The reason this is getting hammered is strictly gold price related, not poor management. This is panic selling, another sure sign we are close to a bottom.
Anyone thinking of getting in and trying to time a bottom here will probably end up chasing, because when it starts back up it may move up as quickly as its moved down.
Got to feel sorry for the poor souls getting shook out here, selling at or very near the bottom.
ALL TIME low for NUGT today....
Even if it drifts a little lower, I had two great buys here today.
Bought more at 3.85. This is great!!
Selling climax. I think the bottom will occur this week, if not today. Also margin call selling that will probably continue tomorrow.
But this is the time to load up, right here, right now!
Manipulation or nervous nellies and ignorant fund managers throwing in the towel.
Screw 'em. I'm still buying and will keep buying as long as it keeps sinking, both this one, SIL, and the miners. These prices are as close to a dream coming true as it gets.
Official 5 year lows for gold, silver, palladium, copper. Got to grit your teeth and jump in here or you'll be kicking yourself in your own ass a couple months down the road.
I'm in, too, 4.01. I almost feel like I stole it. I ALWAYS get into stuff too soon, so a drift lower still won't shock me. I'll buy more.
This is a once in a decade chance to get into PM's, both the miners and the 3X ETF's, at NEAR BOTTOM prices. Anyone afraid to buy at these prices will miss out on a great investment opportunity.
If you're in at higher prices, average down. You'll thank yourself later.
I got in at 4.01 this morning. I almost feel like I stole it. I know it's a bit lower now, but I'm still too happy for words.
Selling climax in the works. This will be a BAD week, but once the dust settles, and the blood is cleaned up in the streets, next week or early August I think we'll see a sharp run-up. I'm buying several miners today knowing full well I'm not going to catch the bottom, and there's probably still some downside. But these prices are too good to pass up.
I predict that very soon George Soros, the guy who started the gold crash originally, will be the one to leak out he's buying gold. If you don't buy here - when everybody else AND their brother is throwing in the towl - you're missing a once in a decade opportunity.
Buying 3x Bull ETF's and mining stocks RIGHT NOW looks like more of a 'no brainer' than shorting $60.00 oil futures a while back when it became apparent that Obama would ink an Iran deal no matter how bad it was.
I think margin calls will have a lot to do with PM trading lower tomorrow and possibly most of next week, especially among the miners. We'll probably see Goldman Sachs 1050 before weeks end. They've been predicting 1050 for 3 years, not just the last few months. If it freight trains thru that, lookout for 950 which would have to be the absolute bottom.
The bottom is close at hand. I'm buying early tomorrow morning. Screw 'em.
Can't wait to catch the falling knife.......
Friday was also options expiration, which also could have had something to do with it. NUGT came pretty close to closing at 5.00, which would have made the JUL 5 calls AND puts worthless.
ALL TDEY press releases are BS, and always have been from day one.
Of course this is a scam, but now, thankfully, it's about over. Nothing left here buy EMPTY BAGHOLDERS, who will soon have their brokers charge them a $20.00 'reorganization' fee for either a 1 for 100 reverse split OR "Fast Eddy" Vatsik using the TDEY shell to start another scam.
Tomorrow I'm going to make an initial plunge into NUGT, SIL, and several PM miners. Oh, I forgot COPX. Gold, silver AND copper all at or very near 5 year lows. Anyone buying in here and holding on thru the probable drop to 950 - 1050 level will be well rewarded, but you CAN'T GET SCARED OUT. I'm going in 50% now, the rest if it does keep dropping, or if it's bottomed here, on the way back up.
Friday had some of the definate earmards of a selling panic, which is the GREATEST time to be buying. I hope the selling continues, at least tomorrow, so I can catch even slightly lower prices.
NUGT was down over 14% Friday. I would think all the weak hands got washed out, or most of them anyway. Monday could see some margin call selling in the PM miners, giving me a chance to maybe pick up NUGT just under 5, which isn't affected by margin calls because you have to put up 100% of the purchase price, at least I do at Scottrade.
Soros started this gold crash about 3 years ago. I have a hunch he'll also be the one that will rocket it back up.
Anyway, good luck to all here, including me tomorrow......
Smart move. Gold is only down about 3% this year, but the miners are down about 17%.
Looks to me like another 10% down in the metals should establish a true bottom, that's why I only put 50% in so far. I think I got in my 10 miners and etf's at bargain prices yesterday, even tho I expect a little more downside in all of them. Like I said in my last post, I always get into stuff a little too early.
I still remember the Baron Rothschild quote of about 200 years ago:
"BUY WHEN THERE'S BLOOD IN THE STREETS." There's plenty of blood with the miners.