Congratulations Gold Longs
150 HUI is ready to be taken out to the upside, quite contrary to all the bashers and naysayers proclamations to the opposite, including on this forum. Massive short positions in the miners coupled with negative sentiment that "gold just cannot stay up" as the dollar keeps threatening to take out multi year highs, is quite supportive and bullish. Oh and of course the very positive technical and fundamental pictures.... to longs who have remained steadfast on a long term buy signal and have not bailed on whim to save a few pennies and sacrifice dollars, kudos! Physical looking great, should look better going into the next Fed meeting. Miners beginning to gain back their performance virtue, shorts beginning to realize that they can't do a whole lot more here, with HUI banging at the door of new highs and what's more, underachieving to do so. Just imagine when the consolidation for the last 12 months in the miners resolves out of the massive symmetrical triangle with power and a sudden catch up among funds... sorry shorts, but hey, keep your losses small!
Of course bashers and daytraders who claim to never be wrong across the spectrum will cringe in disbelief and will wait some time before coming back and saying " I was right all along" and proclaim they have been long since HUI 90 or so, as new highs continue to be set...... that's a given! They will never, ever admit to making a bad tactical mistake in being completely non objective and selling short a bull market in PM's.
Congrats to gold longs! September and October should be the REAL fun! |
