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Thread: Gold

  1. #141

    Join Date
    Jan 2009
    Location
    Upstate NY
    Posts
    142

    Default Re: Gold

    GDXJ is a basket of juniors. I learned a good lesson with UNG as well. That fund wasn't designed for a contango environment.

    I need a pair of lucky shoes like the ones PTJ wore.
    "Don't let your highs get too high and don't let your lows get too low." Bullitt’s Market Blog

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  3. #142

    Join Date
    Jan 2009
    Location
    Upstate NY
    Posts
    142

    Default Re: Gold

    Sold out at the open today in GDX with a 70% gain at an average cost of $28; most of which qualifies for LT cap gains.

    The bullish commodity story is front page news now. China imported record amounts of oil in December and now claims gold is too expensive. I believe the dollar is done going down only because the consensus now believes that the US will hit hyperinflation with gold doubling from today's prices. Not to mention that nice bearish candle in GDX last night, the party is over. The keg is nearly kicked. I lost my mojo in 2007-2008 and I've finally feeling it coming back.

    I think there is some more upside to gold, maybe to 1180 or 1200 tops, but this rally is completely out of control. Absolutely, completely out of control. Don't ever fall in love with a stock or ETF, no matter what your gains may be. The gold story is a bunch of BS in my opinion. People become buy and holders when they get ruined or fall in love with a position and buy and hold doesn't work in the metals market since you don't collect a meaningful dividend.

    Good luck to any longs out there.
    "Don't let your highs get too high and don't let your lows get too low." Bullitt’s Market Blog

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  5. #143

    Join Date
    Dec 2007
    Posts
    906

    Default Re: Gold

    Wow, very nice. 70% gain at the LT cap gain rate - sweet!
    -- Tom | My Trades

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  7. #144

    Join Date
    Jan 2010
    Location
    Chicago, IL
    Posts
    19

    Default Re: Gold

    Quote Originally Posted by Bullitt View Post
    Sold out at the open today in GDX with a 70% gain at an average cost of $28; most of which qualifies for LT cap gains.

    The bullish commodity story is front page news now. China imported record amounts of oil in December and now claims gold is too expensive. I believe the dollar is done going down only because the consensus now believes that the US will hit hyperinflation with gold doubling from today's prices. Not to mention that nice bearish candle in GDX last night, the party is over. The keg is nearly kicked. I lost my mojo in 2007-2008 and I've finally feeling it coming back.

    I think there is some more upside to gold, maybe to 1180 or 1200 tops, but this rally is completely out of control. Absolutely, completely out of control. Don't ever fall in love with a stock or ETF, no matter what your gains may be. The gold story is a bunch of BS in my opinion. People become buy and holders when they get ruined or fall in love with a position and buy and hold doesn't work in the metals market since you don't collect a meaningful dividend.

    Good luck to any longs out there.
    I just need it to get back above 1150.00 and stay there by mid Feb so I can take profits on my debit spread(I got lucky with a 3 to 1 Reward-Risk Ratio).
    My Educational Commodities Blog
    There is a substantial risk of loss in trading futures.


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