Opposite of the question I asked yesterday is the question today, does gold lead the miners? It seems that today we saw that kind of action with the gold score breaking into the positive for the first time in awhile. This may be worth a short term play on the miners like GDX, NUGT, or JNUG depending on your risk tolerance. But I might wait one moreday with late selling everywhere. I do this as only a short term play as I do expect lower lows ahead. So please keep stops and don’t lose profit if you make this kind of trade.
We saw gold move up in Asia overnight as I reported yesterday and Europe as well as New York didn’t let us down. The miners jumped higher but then fell back which could be a good play at market open on a further dip and gold stability. I do believe risk versus reward is there. But again, possibly wait anotherday.
One other reason I kind of like miners here is I believe the stock market is due for a rally. Remember, part of the decline in miners was overall stock market selling. Buying SPY, I’M or for the more aggressive, TNA might be good with stops. Lastly, look for nice dip to buy and/or wait a day. More tomorrow.
Disclosure:
Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with capital you can’t afford to lose. This is neither a solicitation nor an offer to Purchase/Sell futures or options. No representation is being made that any account will or is likely to achieve gains or losses similar to those discussed in this outlook. The past track record of any trading system or methodology is not necessarily indicative of future results.
All trades, patterns, charts, systems, etc. discussed in this outlook and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author.
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About Doug EberhardtDoug Eberhardt is a 28 year financial services veteran and precious metals broker selling gold and silver at 1% over wholesale cost. Doug has written a book to help investors understand how gold and silver fit into a diversified portfolio, how to buy gold and silver, and what metals to buy. The book; “Buy Gold and Silver Safely” is available by clicking here Contact phone number for Buy Gold and Silver Safely is 888-604-6534
Disclosure:
Commodity Futures Trading Commission Futures and Options trading has large potential rewards, but also large potential risk. You must be aware of the risks and be willing to accept them in order to invest in the futures and options markets. Don’t trade with capital you can’t afford to lose. This is neither a solicitation nor an offer to Purchase/Sell futures or options. No representation is being made that any account will or is likely to achieve gains or losses similar to those discussed in this outlook. The past track record of any trading system or methodology is not necessarily indicative of future results.
All trades, patterns, charts, systems, etc. discussed in this outlook and the product materials are for illustrative purposes only and not to be construed as specific advisory recommendations. All ideas and material presented are entirely those of the author.