Monday, December 8, 2014
And gold's still not doing anything despite what the miners ETFs say
Still rolling over, still looks brutal, still the kind of chart that convinces you GDXJ is going to $15 or something in the next couple days.
And yet? And yet?
And yet, ex-USD, gold is still calmly sitting above its recent breakout point, at support. I had wondered if this pullback would take GLD:UDN to its Bollinger mean like the last time, but it seems it just doesn't want to break down, no matter what the junior miners ETF is saying.
Really hard to figure what's going to happen next. It'd be awesome to buy a handful of crap like Argonaut or Sabina and see it pop 200% in a week as the gold price starts moving up, but it's still the old picking-up-falling-knives-in-front-of-a-steamroller problem.
So while it's nice to say "If we hit that bullseye, the rest of the dominoes should fall like a house of cards: checkmate!", it's also nice to stay solvent.