Seeking Alpha

jsIRA's  Instablog

jsIRA
919 Followers
2 Following
Send Message
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
My company:
www.myIRAs.net
My blog:
James Shao's Blog
  • 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
Back To jsIRA's Instablog HomePage »

Instablogs are blogs which are instantly set up and networked within the Seeking Alpha community. Instablog posts are not selected, edited or screened by Seeking Alpha editors, in contrast to contributors' articles.

This post has 5 comments:

Track new comments on this article
  •  
    James, thanks for the update. Much appreciated!
    6 Mar, 09:26 PM Reply Like
  •  
    James, what do you think of today's sell-off in gold and gold miners?
    3 Apr, 04:06 PM Reply Like
  •  
    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, 04:38 PM Reply Like
  •  
    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, 10:40 PM Reply Like
  •  
    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, 02:47 AM Reply Like
Full index of posts »
Latest Followers

StockTalks

  • YRCW - 19.22. Can we see the end of run. Bought at $10.00 nine days ago.
    May 16, 2013
  • bought NBG - 0.75 and SD - 4.82. looking for double for both of them.
    Apr 25, 2013
  • ZAGG - bought it yesterday at 6.47. Undervalued for sure. fake break down.
    Apr 23, 2013
More »

Latest Comments


Most Commented
Posts by Themes
$spy, agricultural chemical, airline oil, airline sector, alt-energy, alter energy, alternative energy, bank, basic material, biotech, china ADR, China ADR, china adr , clean air, coal, commodity, dang, dont-tag-as-pro, earnings, energy, energy sector and natural gas, etf, ethanol fuel, fertilizer, financial sector, fsii, gold, gold miner, gold miner sector, gold prices, gold sector, insurance, jblu, long ideas, long-ideas, market direction, market-outlook, mni, mu, nasdaq, natural gas, newspaper, newspaper sector, oil, oil service, paper, peix, ras, REIT, REIT sector,
Instablogs are Seeking Alpha's free blogging platform customized for finance, with instant set up and exposure to millions of readers interested in the financial markets. Publish your own instablog in minutes.