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  • stocktrader1407 stocktrader1407 Apr 1, 2012 8:17 PM Flag

    OT: Rob McEwen blasts gold miners

    Surprised that he came out so strong against the fellow industry people..

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    • McEwen makes a good point here, but I think the mining shares will follow the POG once we see earnings a year or two frrom now.

      What jumped out at me from the article was this generalization:

      " trade funds (ETFs) which allow investors to buy physical gold."

      Mineweb should be careful here IMO. ETFs allow you to buy pixels on a screen that represent a value in your account. Last time I checked that's not physical Gold. I wonder what it would be like actually exchanging GLD for physical Gold? The GLD prospectus says that in order to redeem shares, you have to be accepted as "accredited" and exchange in lots not less than 500oz Gold. :-0

      • 1 Reply to LongPicker
      • Wow, that's a major screw-up on the editors' part, longpicker. ETFs most definitely do not "allow investors to buy physical gold." In fact they do the opposite, they distort the market by allowing investors to gamble in the PM market without actually owning anything. It's like trading in pork bellies, only with hundreds of times more bellies traded than there actually exist pigs in the world. (Or, for that matter, on Wall Street.)

        As for McEwen, he is undoubtedly a pioneer in the industry, but as such he is also considered something of a renegade, and his outspokeness shouldn't be surprising. Like Sprott, he is only saying publicly what other insiders have no doubt been saying privately for months now, that the mining industry should stop rolling over for the market manipulators and start to take charge of its own destiny.


    • Support levels for potential "buys", depending on magnitude of the drop look like: $1.67, $1.50, $1.23-1.26 & $1.14. I'd be surprised if it goes way down there, but that's the worst-case SL I'm tracking right now. I plan on buying more in the $1.50s. Whenever SNDXF crosses over the MACD on the way back up, it explodes. That's when I bought this time around. It'll get in that position again, just not sure when.

    • Hi Boat, Nice to see you hear. I am definitely holding my SNDXF Long Term. Will continue to acquire and hold based on weakness. Same with STTYF. Taking my time building these positions.

      Certainly agree regarding NOG. But eventually it will rise to 25-30 and when that happens it will be glorious.

      All the best to you and JJ, ~ Shiny

    • DG, if it drops in the 1.23 - 1.14 range I will back up the truck for sure. Other wise I am looking at 1.50's as you are.

      ~ Shiny