I have no "dry powder" that I would want to invest right now. I do have a profitable position in SLW that I picked up around $30. What would you think of selling some SLW at these prices to add to CDE position?
I own both, have sold some SLW in past as has done as now, but CDE is better Value,tho often disappoints, hence big price drop like this-seems waay overdone, tho all been underperforming, added to my EXK about $1 higher. PAAS is also very cheap val-all IMO
SirStarved, take a look at the Kitco website and all the articles on gold and silver today and recently. See my post today also.
Also the comments about currency wars escalating.
Good luck and best to you and your family !!!
Peace Prayers Agape ~
RockyRacoon might be able to comment on the financial aspects...Tryin' to git him to respond to this thread...
Touching new lows intraday...into 21.20's...needs to print a hammer...or to stabilize...
And don't fergit next earnings may be weak, tho that may already be priced in.
I should have overweighted SLW instead of CDE and then I could have done what you planned to do.
Silver and gold also need to stabilize and reverse.
Have not added to CDE and did NOT expect it to trade below 21.30's...recent low.
...now trading as low as 21.16...down 9.88%...
If silver reverses CDE may possibly be hugely undervalued, even here, but how much 'they' want to manipulate it...dunno.
'They' want to take out stops, and shake out anyone playing on margink, and perhaps mess with the options traders. 'They' meaning big time manipulators of the miners.
Even if I had dry powder (and I don't at the moment), would only trade it intraday with silver and gold still weak...
and also wait to see where/when it stabilizes...UNLESS there's a fabulous hammer print...then I might hold at least some added shares.
21.16 looks hugely oversold...watching 'minute' charts...and daiy...now 21.22...for today...21.16 might be the low...
JUST my opinion.
21.03....down 10.47%...low thus far 21.02
Considering selling something else for an intraday trade here, tho I SELL ALL TRADING SHARES IF TRADES MOVE AGAINST ME.
My profound apologies if you purchased PZG when it looked as tho it would run up. Seems to me I started buying small amounts when it was above the 50ma and the 200ma and the technicals did look potentially bullish to me, as did the possibility of eventual buyout. I know someone who has huge number of shares and is holding, He could be wrong.
I was most certainly wrong about imminent upmove.
I post over and over and over that one must either buy TINY AMOUNTS of stocks that may possibly have high potential but are speculative OR LEARN TO TRADE 'EM through additional shares or options/whatever...and even then...
if the technical configuration breaks down, one has a predetermined place to sell...usually only very SLIGHTLY below entry.
For PZG and GPL, I just held my small amount.
Seasonally, these months are ordinarily good for the miners. It did NOT WORK OUT THAT WAY this time, tho we may finally be close to bottoming. There is still no confirmation of bottoming, imo.
When I'm posting technicals, I'm posting to INTEREST OTHERS IN LEARNING that aspect of evaluating equities markets... and never to get others to follow what I'm doing. NEVER. In fact, I'm horrified you bought. I'm not trying to induce folks to buy specific stocks or entries, but to learn technical analysis for THEMSELVES and to find their own picks and entries and EXITS. In technical trading one ALWAYS" has an exit strategy if the trade moves the wrong way at any point.
I post in the context of a technical trader who has entry and exit strategies, as I mention over and over and OVER.
There are configurations that appear to be somewhat or even highly bullish (or bearish) for a variety of reasons...
but one must always have an exit strategy unless one wants to hold small amounts...as I do for a few small miners and for many biotechs...for the very long term.
Then I try to add strategically if the configuration looks good.
When I post regarding TECHNICALS, I'm posting in the context of others who understand the technique of cutting losses quickly if one has a large number of shares. This is true for every technical trader.
Have been posting this stuff for over 10 years, I believe...that one sells all quickly if a stock goes a certain percentage below entry IF one is buying based on technicals. Each person must decide his sell point (share price or tiny percentage loss, whatever one chooses).
The entire precious metals mining sector fell horribly...look at GDXJ.
In other words, the associated commodities, gold and silver, fell, so the major miners were crushed and the jr miners were crushed even more heavily.
I post repeatedly to watch currency movements and other factors that affect the miners...commodity prices in gold and silver...
and that my bullish opinion is only bullish IF GOLD AND SILVER COOPERATE...must have posted that dozens of times.
I'm sincerely traumatized and profoundly sorry.
I now realize I must put entire strategy in every post.
1) Technical buy ONLY FOR THOSE WHO UNDERSTAND WHY and happen to agree with my evaluation...
2) ONLY TO BE HELD if configuration and overall bullish technical outlook continues and is confirmed in the timeframe for that particular trade.
and ALWAYS in the context of
3) macro and micro economic factors
4) currency factors
5) movement of associated commodities.
6) all other reasonable factors, such as earnings expectations and knowing the manipulation that may occur before and after earnings....AND awareness of options movements,
7) always only buying based on one's OWN PERSONAL due diligence of all factors, including those not mentioned.
Prayers for recovery of all your losses.