As a result of a comment from a reader, and a little bit of thought. I believe it would be wise to add to the list of charts, and consider for future trading purposes, shares in the ETF having the symbol NUGT.
“Nugget,” as it is called, is a 3X leveraged ETF on gold. If gold moves during the day, NUGT will move in the same direction, but with 3 times the force, due to the leverage it employs.
It’s clearly not for the faint of heart.
BUT, when we finally do discern a true change in the mood of the market, and a real rally should kick off, which it will do at some point in time… a position in NUGT would be justified, and some serious trading money could be made in it.
If, and when, I do take such a position, I’ll post news of it right here. I won’t hold it too terribly long, and I’ll be very happy to snag of few thou here or there, as it might seem relatively prudent. Or, so I think I will!