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Lejun James Shao is the founder of www.myIRAs.net (http://www.myIRAs.net/), WhitePine Investment Inc of USA, and CEO of WhitePine Software Inc, Beijing, China. He was the top finisher in MSN's 1st US One Million Dollar Investment Contest, "Strategy Open Tournament," with a +45.88%... More
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  • GLD And Gold Miners Had A Great Day  5 comments
    Mar 6, 2013 8:50 PM | about stocks: GLD, NUGT, AUMN

    GLD, as I expected, successfully tested its double bottom today. May see 156.00+ again in coming days:

    Once again, buying at open gap down at strong support proved to be a valid short term trading strategy.

    NUGT - It gaped down at $4.77, which proved to be a very good entry price and it had a great day, up 15.30% and more to come:

    AUMN - Finally it closed with good run after five big down days. Shorts tried very hard to bring it down as much as possible. It successfully tested a double bottom and then a break-out today. Up 13% from its bottom today. $2.16 should be served as its near term lows.

    See 5-minute chart:

    Disclosure: I am long NUGT, AUMN.

    Themes: gold miner sector Stocks: GLD, NUGT, AUMN
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Comments (5)
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  • sundate36
    , contributor
    Comments (289) | Send Message
     
    James, thanks for the update. Much appreciated!
    6 Mar 2013, 09:26 PM Reply Like
  • sundate36
    , contributor
    Comments (289) | Send Message
     
    James, what do you think of today's sell-off in gold and gold miners?
    3 Apr 2013, 04:06 PM Reply Like
  • jsIRA
    , contributor
    Comments (2427) | Send Message
     
    Author’s reply » Bought many today: AUMN 2.19; HL 3.51; HMY 5.73; EXK 5.61.

     

    Gold and silver short term bottomed today, my view.
    3 Apr 2013, 04:38 PM Reply Like
  • sundate36
    , contributor
    Comments (289) | Send Message
     
    James, to me, it's beginning to look more and more like $GDX is going to retest 2008 lows... what are your thoughts? Congratulations on $ACI, by the way.
    11 Apr 2013, 10:40 PM Reply Like
  • jsIRA
    , contributor
    Comments (2427) | Send Message
     
    Author’s reply » My view:

     

    Gold/silver miners are never long term investment tools. Only short term trade.

     

    Check out gold/silver(GLD and SLV) and miner prices (GDX, GDXJ) since 2008:

     

    GLD - 80->151 up 88.75%;
    GDX - $45 ->$34.18 down 24%.

     

    The reason: cost to produce gold keeps raising in very rapid pace over the years and buy-and-hold investors will lose big over the years.

     

    Therefore I only use my short term oversold/overbought tech indicators to do short term trading and can gain 10% or more in short period of time:

     

    HL - 3.51 -> 4.10 (+16%);
    HMY - 5.73 -> 6.30 (+10%);
    EXK - 5.61 -> 6.30 (+123%)
    AUMN is the lager.

     

    I will buy them back when next buy signal comes.
    12 Apr 2013, 02:47 AM Reply Like
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