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Gold -$1,400/oz (FINALLY)!

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Being a contrarian isn’t easy at all… but these are the moment’s that you hope and pray for…

 

Gold just broke through $1,400/oz… FINALLY!!!

 

Hold above that level, and it’s game on…

 

BRIM NATION let’s go!!!

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{ 3 comments… add one }
  • AlNo Gravatar June 21, 2019, 4:40 am

    Good stuff Jay, always enjoy your writing and following your story.

    I bought GDX and GDXJ in late 2017, only now in a small profit, most of my time of holding has been horribly in the red. Why are the ETFs lagging the gold price, they were significantly higher during the last gold peak in the summer of ’16?

    • FI FighterNo Gravatar June 21, 2019, 3:18 pm

      Al,

      Thanks for the comment and for following along. For now, yes, I would agree that ETF gold products are lagging behind the spot price… It’s interesting to observe since there is a belief that mining stocks are “leading indicators” which will “predict” the future direction of the gold price… In 2016, after January, it kind of always felt to me the mining stocks were 3 steps ahead of gold, which explains in a way the severe decimation that ensued afterwards, after gold reached its peak.

      But also interestingly enough, in early 2016, on January 19, gold stocks bombed completely, many down double digits that day, and the gold price barely budged… So, many people thought the worst was yet to come, but as it turns out, that bomb out event indeed marked the bottom of the market… After that, many gold stocks ripped higher, up 3-5x (or more) by summer 2016.

      Who knows how things will play out this time around, but I wouldn’t put too much weight on the miners’ current price action yet… Remember, “bull markets take along for the ride as few people as possible.” It’s exceptionally tricky trying to figure out the next moves of the market.

      In any case, I firmly believe the time to be paying close attention to the gold sector is now. Doesn’t mean anyone has to buy, but watch and observe.

      Best wishes!

      • AlNo Gravatar June 25, 2019, 5:36 am

        Cheers Jay for your detailed reply.

        Have to admit now i’m 10% up after being in the red so long, it’s tempting to bale. I’m keeping the faith though, let’s see where this takes us.

        Pulling the cord at work is still looking good for me for Christmas. Final 6 months will be a struggle, hoping this rally will shorten that.

        Keep up the good work Jay, your writing is a big help for morale / inspiration / ideas for us early FI seekers.

        Cheers, Al

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