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  • Gold Target for Week of October 5th

    Posted on October 4th, 2009 Chris P. No comments

    Buy: $1001 | Stop: $996 | Target: $1012 | Quick Target: $1019

    It’s been a four week fight with gold around the $1000 mark. We haven’t broken the all time high, but we are less then $30 away. At the same time, gold is having real trouble staying under $1000 which has me leaning towards another bull run by months end. At this moment we could go sideways for a few weeks, but if not, the trend is up and our first target will be $1019.

    If you are unsure what to play, stick to the ETF’s. Either Horizon Beta Pro’s HGU (2x gold miner ETF), HBU (gold bullion ETF), or the standard and rock solid GLD.

  • Gold Target for Week of September 14th

    Posted on September 14th, 2009 Chris P. No comments

    Buy: $991 | Stop: $984 | Target: $1015 | Quick Target: $1005

    Barrick Gold Logo

    Barrick Gold Logo

    Before I get into the report a little, I want to speak about a very significant development in the gold mining industry. Just last week, the worlds largest gold miner Barrick Gold Corporation (ABX) announced they will be buying all their hedges at cost of almost 6 billion dollars. This is an incredible development in the gold mining industry. Simply put, Barrick Gold is betting 6 billion dollars that gold will move upwards. The hedge contracts that Barrick had in place created great security for the company, allowing them to make money even if the price of gold went lower. Removing these hedges effectively removes the security blanket and allows them to reap rewards only if the price goes upwards. If they are betting 6 billion dollars that gold is going to go up from here, that sure means a lot to me.

    As for the report, Barrick thinks gold is going up and so do I. I’ve been 100% right in the past month in terms of the gold patterns and I anticipate I will continue to be right going forward. Right now, my signal is buy buy buy. Buy on all pull backs in the 990′s and high 980′s. I see lots of support at 996 and lots of resistence at 1001. If we can break 1001 by Tuesday, we could see a big jump to 1015-20. Enjoy trading everyone!

  • I’m Buying on Pullbacks

    Posted on February 24th, 2009 Chris P. No comments

    Yesterday we saw some more modest pull back in the metals, creating a nice setup for buying. I’ve taken advantage of the situation and I’ll hold out the next few days to see if things continue to break upwards. Anything below $968 in gold will test this bull trend. Until then, I’m still loading up.

    Silver is looking still looking far more bullish then gold, any pullback below $13.90 can reverse that trend. Until that point I will be loading up on various silver miners and the silver etf, SLV.

    The Plays

    • Yamanna (AUY) long position, still holding and buying on pullbacks.
    • HMS Holdings (HMSY), exited my short position after a $2.00 drop yesterday.
    • GLD and SLV, buying on all pullbacks with a stop loss set around $940 and $13.30 respectively.
    • Watching General Electric (GE) for another major pullback, if so, I will enter long.

    Happy trading everyone!