Tuesday, October 10, 7:58 am EST. Folks, they’re moving. They’re moving UP! The precious metals had a good weekend, they had a good Monday. They’ve done just fine overnight, and they are on the move!!! This commenced during the day Friday, but it hasn’t stopped.
I’m going to check all the Monday charts… And, ARGH! Volume absolutely STINKS! The average volume for all 16 symbols is off by 34% from its own 50-day average. I’d seen where this was North Korea related. I said that’s not a good reason for a trade. The second any sense of relief enters into this picture, the prices will fall back. I am NOT a trader of the type that sits and watches his positions. When the less bad news comes, I won’t be there to see it and to act upon it.
For the more nimble among you, you can trade this move. I really should not. I didn’t load up when I last got a signal in July, and I lamented the volume for that move from the beginning, you may recall. It was a tradable move, and I could have easily traded NUGT for something in the double-digits, up to even as much as 40%. I’ll go ahead and put something more on this, other than what I always hold, but just so that I’ll have reason to stick closer to the action, and write about it… But, I’ll have to get out of it before the close, Wednesday the 18th, as I must be away the 19th thru the 30th, and I am told that internet access will be either very poor or non-existent. I apologize for the inconvenience, but it cannot be helped. I’ll get right back up to speed as soon as I am able, when I return.
I have JUST learned of a truly fundamental reason for gold’s turn upward. Import and acquisition of gold in India rose some 31% over that amount recorded last year. That’s a real good reason to make a trade in the metals! I’m going to step up and take a new position in NUGT. There, I just bought a position at $35.52. I cannot hold it for more than the next week, but I’ll place my stop at about 10%, or so under my purchase price. And, if I have any profit, I’ll take it before the close next Wednesday, as I have to leave the country, and will likely have no internet access to my accounts.