pcolajoe, against all odds and all of the naysayers gold continues to impress. Everyone continues to talk about the BIG pullback but it seems Gold isn't listening. It seems overnight has been a positive for gold as the global issues create volatility.
The timing is great as SG will be receiving their 4Q gold shipment when spot prices are up. I think there will be some surprises in the 1q of 2012 as well with the announcement of a new streaming contract. Things are looking great and SG is just getting started.JB
The IMF wants to raise $ 500 billion in lending resources...
Which will put huge pressure on the gold price if they would do that in the open market....The author of the above article is talking about prices towards $ 1,200..... A number we have seen in more recent articles....
I would welcome an opportunity to purchase SLW at $15 again along with some others. The link below is the IMF link to "Gold in the IMF"
Unlike the article by the wordly blogger John Lindauer whose gold prediction is: "The basic answer is that in the long run the price of gold can only go down. And it will keep going down until mining virtually stops."
This was discovered by Shiny to give everyone a chuckle.
"The IMF announced in February 2010 the beginning of sales of gold on the market. At that time, a total of 191.3 tons of gold remained to be sold. In accordance with the priority of avoiding disruption of the gold market, the on‑market sales were to be conducted in a phased manner over time. This followed the approach adopted successfully by the central banks participating in the Central Bank Gold Agreement. The initiation of on‑market sales did not preclude further off-market gold sales directly to interested central banks or other official holders. On September 7, 2010, the Fund sold 10 metric tons to the Bangladesh Bank. Such sales reduced the amount of gold to be placed on the market.
In December 2010 the IMF concluded the gold sales program with total sales of 403.3 metric tons of gold (12.97 million ounces), as authorized by the Executive Board. Total proceeds amounted to SDR 9.5 billion (about $15 billion)."
The five year Gold chart show a pretty good climb during this time.
SNDXF is the only PM stock I own as of today. Sold the rest of them. Most PM price action in 2012 isn't acting right, except for Sandstorm Gold, Great Panther, and EXK somewhat. But I'm not buying PMs right now. Content to wait for the next big drop to buy more PMs.
Stock market's been going up on low volume. Who knows what's going to come out of the Davos mtg this week w. the financial & economic bigwigs, and who knows what the IMF will do? I'm equally weighted between longs & shorts right now.
KOG is technically a strong buy. It has pretty much support at $ 9.30. You thus might want to wait for a short reversal and then jump in. But as you say you don't want to miss out the present opportunity, think about selling a put June 10. The premium is $ 1,55 allowing you to collect 15% on the underlying investment of $ 1,000 per 100 shares in just 4 months. In case the shares won't hold the $ 9,30 support level, you start loosing below $ 8,55, which is your breakeven....
Don't sell more puts than your desired position...
Shiny is more of an expert on the oil stocks than I am. But if I didn't already own KOG, I'd do 1 of either 2 things. There's good support around 9.20-9.21. I'd do my best to wait for that. BUT if I were concerned about KOG running away from me, I would buy only 1/3rd position on the first down day.
TPLM ran so far so fast, the most recent support is 6.90. BUT the next one is way behind at 6.02 - 5.97 range. I'd rather get TPLM around 6. BUT if it keeps running, then 6.90s would have to do. If I had to pick 1, it would be KOG. KOG has a LOT more land & assets than TPLM. They should not be this close together in price, unless KOG's new assets are not priced in yet.
Forgot to mention that TPLM is way overbought. KOG is not overbought anymore.
SMNPF came way off its 5%+ gain, but still made a positive divergence, finishing up. But if SMNPF closes @ $1.92 without a quick bounce back, it violates its chart pattern & will go to $1.81 or below.
SNDXF does not look as good now as when I bought it last week. Looks headed back down to $1.22-1.20 range again. For those holding long-term, $1s will be nothing but a memory in the rear-view mirror in 2 years (or less).
JB and DG,
Very busy at new job now. Miss everyone but very heads down. Leave for work before market and home mid evening. Yikes.
Look for good entry on OAS and GEOI. TPLM on pullback. KOG well .... still so much momentum.
BTW: Check out ERF and do your D&D. I believe it has little risk left at 22-23 as they are ramping business.
I think OAS will be bought next.
My bids for today: erf @22.75, sndxf @1.21 & 1.14, sttyf @.34
Holding AXU, it will drop to 5.75 or lower soon (possible buyout if keeps droping).
ERF is 30% Oil/ 70% NG. They will expand oil base with new $ and when NG rise they will explode back to 30-32. Mean while 8% divi is nice.
gotta run ~ SHiny