Not sure why this happened unless the dollar strengthened off the news!!! Gold dropped 8 to 10 bucks after the initial lift off. Went to 45 and is now at 41. I guess they sold the news!!!! Lets see if we get a rally back into green territory at end of day. If not our rally could be history!!
Normally I would agree with you to take profits but as this inches up the shorts are shaking and for every small move up they will cover even more shorts. This will cause a substantial squeeze which will force NUGT up further. This time it feels different. I would hang on to some of it and ride what may be NUGT's, GLD, gold & gold miners time to shine.
Nugt has been making higher highs which is good news for the gold bugs. Up 5% in premarket. I think the shorts are covering cause they are nervous over the response to the job numbers on Friday. NUGT up 23, 13 and 11% respectively in the last 3 days. Now we need gold to rise above 1157 range to break out a bit. We'll find out more today!!
True, I know what wreckage being a gold bull meant in the last 3 years but I think that jobs report was a game changer cause I don't see selloffs at the end of the day, They are going higher at the end of day meaning I think the shorts are a little nervous this time. Time will tell if I'm wrong but getting different vibe.
Bears have been so comfortable that the miners would eventually tank after a rally. Now they are shaking in their boots!!! This rally is different!! When was the last time we had a 23%, 13% and presently a 10% rally in NUGT in 3 days? Bears are calling a board meeting trying to figure out what is going on!!
This is doing something different. I think the shorts are finally getting nervous and are covering short positions. The same formula isn't working and the shorts don't know what to do!!! Looks like NUGT is up 5-6% in pre market activity with gold up slightly.
It was up 20 something dollars 2 days ago. Miners have been lagging the metal so I can see the miners rallying on a flat to slightly down day. Gold bears are not happy with that lousy jobs report!! They have been making money for the last 3 years and that ship might be turning around.
True but Friday was encouraging closing out 23-24% up. Hopefully we can get a nice close up 15% for the day. 2 days like this might stoke some fear in the shorts.
Hopefully we close with the same vigor as Friday. Only pause for concern is JNUG is not performing as well as the NUGT!!
First time that gold bears aren't so bullish that gold will drop further. Fridays Job report put a damper on this!! Up 11% after Fridays runup is impressive. "May be gold in them thar hill"
I think we need NUGT up 25-30% today to really feel like this has turned the corner. Just have a feeling that if this sits at 17-18% and closes at 15 that the conviction is not there yet. Your thoughts?
I'm not sure that one 140,000 jobs report will finally move gold back into being a bull. Probably need next months jobs report to be similar or worse. If that happens then you could see substantial upside in all things gold and the dollar will finally reverse course.
This is a trading vehicle. You shouldn't be holding this long term!! If you believe in the gold story than the miners or gdx are a good place to hold.