I'm so sorry to hear bro, been there many times, but at this point I'd suggest to cut "at least" 1/2 of losses and put your money into other things you hopefully can make up for your losses. If not all but maybe some...
too late to short now, it is in no mans land right now, my opinion... Waiting for a rally to find its new lower top and short there... Gold will be in 900s or less in 2015
I hope all is well... I just want to apologize from all of you, I wish someone remembers my July topic of Gold going down and NUGT will be around 25 as FED tapers and finally ends the QE when NUGT was around 50 at that level and Duy thought I was just clueless person... I apologize because I thought NUGT was gonna cut in half and will go to 25 and evidently I was dead wrong since it has already broke 17.
At this point I'm not sure if the price is already built in for the QE being stopped and there will be a quick reaction upwards, but it is very possible that we will see triple digits on the gold ounce in 2015.
That is my 2 cents on the subject, I wish I've listened to my own vision instead of others and that's another story. :)
I hope all is well... And I hope I won't hear this inflation horse #$%$ one more time... I took myself out on the shorting NUGT, made me cloud my judgement... Now it looks like it is going to 29, hopefully will get some and not let go on the way up... I beat myself up that I gave up on those positions, it is painful... sometimes reckless comments cost people a lot of money though
I remember you liked this one back in spring... It's been abused YTD big time, earnings ahead this week, the insider transactions got my attention, with 30+% short float, you think we are ready for a squeeze?
There is a balance to everything, for an economy to grow they need inflation, what is worse than inflation is deflation. The current level of interest rates were abnormally low, it means weak dollar in a recession economy... As the economy gets healthier, it is only inevitable to interest rates go higher, that is the first show of economy growth...
As the economy grows, equity market gets better and dollar gets stronger, as this happens people leave safe heaven gold and put money into stock markets....
Let's check back and see if you said had happened,
in year 2000 30 Year mortgage annual avg 8.05%
in year 2012 30 Year mortgage annual avg 3.66%
so based on what you said the gold should have been collapsed in those years, correct?
Let's check what happened to gold
in year 2000 avg gold price per ounce $300
in year 2012 avg gold price per ounce $1800
hmmm something doesn't add up... don't you think?
from 2012 to 2014 interest rates started climbing let's see how...
30 Year mortgage annual avg 3.66 to 4.20 and,
gold dropped from $1800 to $1300
and also if you go back and check in which months gold rallied, you will find those are the months that interest rates dropped...
As the interest rates go up, gold will drop... my guess we will see gold at $800
interest rates are going high, dollar is gaining value, economy is doing better... we will see gold at 1250 before anything else
I'm beating myself up on closing my short positions on EGO and CDE... As expected hitting the resistance followed with GS downgrading the gold today...
I should have listened the technical signals along with my gut feelings but chickened out.
After what happened today, I'm not sure if I did the right thing on getting out on my puts on both CDE and EGO, looks like I could have made good money on shorting them...
I feel like we have had this in January... Earning season again and market is down 100 and next day 40+ then 100 down again... MMs gives you hope every other day to keep you in the market with small bounces instead of a complete sell off
In the meantime gold and silver rallies... Only difference on Nat Gas instead of rallying it is this time falling like a rock...
It looks like January all over again to me... You guys think we will see another 5% correction from this levels?
it probably will but the question is when?
I play options, I've already had too many options expired worthless on laggards YTD... I'd wait and see a bounce and a confirmation on a trend change, before I get myself into. That's my 2 cents on it.
if 200 day support breaks down, it is a falling rock... but I'm usually on the wrong side on these :)
coal, steel and shippers, basically the laggards were the reason I lost tons YTD, I'd stay away, but your call.
right now my strategy is on laggards only short them when they are overbought. That's why I shorted X have bunch of puts.
hopefully I'll be right on that call
Great call! Like I said before, I played at the resistance level with minimum risk in my opinion. It blow off the resistance so I took the small loss and get out. I think it was worth a try, risk/reward ratio was to my favor and at the end I was wrong. It is not the first time I was wrong and wont be the last time.
I have EGO and AEM puts, I'll sell them when market opens.
Will look for other plays.
I trade options Duy... It's quite possible and happens all the time,
it all depends on the expiration date and strike price...
I already sold CDE puts yesterday with 25% gain. I'd love to make mistakes like that everyday.
And I bought AEM puts today and still have EGO puts