Looks like a bottoming formation has been completed in TRE similar to several other gold stocks such as GG and KGC....
A move into $7.15 area looks like it could take place in a short time frame....
Gold and many gold stocks have run into a wall(ABX,an alleged leader has corrected nearly $10 already)
How...ABX the "un-hedged" miner,needs some relief?.Midas yesterday.
Barrick floated the prospect of a bought deal financing for $3 billion today. Some of the proceeds look to be going to close down some part of the 9 million ozs of gold they have hedged. This should ahve been front page news huh? The fed recovering a whack of its deep storage gold. I mean the fed is barricks ultimate counterparty isn’t it? Who else would set up a contract that would allow barrick to keep extending hedge closure date indefinitely…. so why would the fed be wanting some of its deep storage gold returned… to anchor the new monetary system the G 20 is in the process of formulating right now. The days of competitive currency devaluations must end so the world economy can stabilize and restore the condition where economic growth becomes possible… what better way is there then using gold as some kind of anchor for the new currency order that must be created. hence the feds recall of their deep storage gold… Munk could have bought it back at prices closer to $700 an oz not too long ago. Instead he’s looking at a $6 billion close out fee… Say removing even half of the barrick hedged gold from the market would dramatically impact the gold demand and perhaps gold pricing too huh? so why did barrick float the trial balloon on closing down some part or all of its hedge book today… They rode right into the market on the tails of the gold price hit didn’t they? Now the gold community has been inoculated in regard to a barrick closure a lot of the stupid element of the gold bulls will not join the charge when barrick officially makes its move huh? Yup I’m guessing barrick will call for delivery on a heaping whack of gold futures that are already in place.
This has gotten a bit off topic...Nevertheless it looks like we are on the verge of a huge move in several gold stocks...
Noticed the similarity in the bottoming formations in several gold stocks...
RGLD also looks like it is on the verge of a VERY BIG move...It had a breakout to all time highs above $40 not too long ago and looks like it successfully retested the old high which coincided with the infamous barrons article....Went in and bought some RGLD today at $39.90...It looks like RGLD is about to REALLY move.
greglmoron, McHugh?? ha! i have never seen a technical trader get whipsawed more than McHugh.
i read his subscription daily. 'Wrong Way McHugh' is more appropriate nickname.
like How said, think for yourself but if you did, you wouldn't be a TRE devotee and rhino horn enthusiast.
sinclair depends on those who do not think for themselves. the AGM should be very entertaining. everyone kissing sinclair's ring and straining to every word of 'spin'.
every time a cultist here comes up with a rhino horn prediction, TRE takes the gas.
why isn't TRE trading at $1? good question.
TRE would still be valued at $85 mil, significantly more than anyone here can justify.
As you know I am a trader and as such I see a pull back here in the PM's. Logic dictates that gold will do well in a long run, however the one year channel in gold is not printing a bullish wedge, as it should.
Gold and many of gold stocks have run into a wall (ABX, an alleged leader has corrected nearly $10 already)
The herd and most all the so called "gurus"
- (Mark Hulbert of CBS Marketwatch makes a good living by betting against the bullish and bearish sentiment and collective opinion of these so called "experts") -
are always correct in the middle of a run and always wrong at the top (Too Bullish) and the bottom (Too Bearish).
And just as you've said: I've been wrong before!!!
Gold shares have not performed well ever since May 2006 when the HUI hit 401 and could not stay above 400. Ever since then the metal has outperformed the shares. Gold wasn't even close to $1000 back then and today the HUI is at 290 with gold at $960.
Now, the double top in gold may set the stage for a spectacular decline in both shares and metal.
I understand your point, and I do have some concern with my pm stock investments. However, the companies I'm in are solid producers, and I do think that they will be one of the few industries showing profits this year. addict believes that in the next few years companies like ABX, NEM and GG will be selling in the triple digits. I don't think that's unreasonable. I also own a lot of physical gold and silver, and I have no intention of selling any of it. I still do some daily trading in 3X ETF's, but I've gotten to the point where my pm stocks are probably going to be held for years. There's just too much going on out there to make me believe that gold is going to roll down for any length of time. Again - if you look at your charts you'll see that gold always backs off a century mark for a bit before it gets through, and last year it took quite a bit of time to finally get over $1k. I understand your charts, but long-term investments are carried by fundies, but right now I see too many problems world-wide that are driving investors into gold - and it would not surprise me at all to see what addict brought up the other day about central banks ADDING gold to their portfolios.
Gold stocks had their big fallout last year. I was on it then as you remember. Even if there is a pullback here, I do not see it lasting as long, nor being as sharp as it was last year.....but I too have been wrong before.