Monday, January 13, 2014
See, this is why I find junior miners interesting
Here's 3 charts:
Dundee, the unsexy rag-trade beer bottle collector that we love to hate, has built a nice solid uptrend that successfully retested EMA(16) support and now challenges the SMA(50).
Flying Spaghetti Monster Mines, the silver producer with the civil war going on in Oaxaca, has built a nice solid uptrend that successfully retested EMA(16) support and now challenges the SMA(50).
Rio Alto has already broken above their SMA(50).
A stock crossing above its SMA(50) means you generally want to own it.
I'd be scared of either of these positions if I was worried gold would drop. But when Felix Salmon and Barry Ritholtz of all people are providing the internet's chatter on how much gold sucks? When every single investment company has lower price targets on gold?
When Modi's about to form the next Indian government, China's failing to collapse, Goldcorp's buying Osisko, and we might soon see deadly terrorist attacks in Sochi*?
I'm no longer concerned about gold.
I only wonder why B2Clive's chart continues to suck.
* - Sure, I'm expecting terrorist attacks in Sochi. I expect large numbers of people will be injured and killed. And then I expect Russia to respond with overwhelming force.