Little Joe, I've been getting you worked up the last 2 days with my offhand comments, eh? <gg>
I was referring to a short, sharp drop in the gold indicies, one to get folks back on their heels before the real power-up move. I put some lunch money on ABX July 17.5 puts today, mostly because I was bored, but it's an indication of my gut feel.
But now that you mention it, I also like the odds that before the year is out, there will be another collapse in the general markets. I bought some puts, DJX Dec 80 at 1.7 and Dec 88 at 3.9, during the past 2 days. Also have some USPIX at about even, which I bought a while back at 33-something.
I suspect that the gradual roll preceding the downdraft will be the time that the gold shares shine. When the downdraft starts, I hope to be down to 50% miners, because they will be babies getting tossed with the bath water. There may be some deals in the gold producer shares (which I normally don't buy) if and when the wash-out comes, and I'll be placing some stupid-low GTC bids when we approach that possible scenario.
Regards,
crusty |
