It's beer time! I lost the bet to this very smart dood but I raised a glass of Smuttynose IPA to him none the less last night. Gold hit 900 before 850 and I gladly paid up the beer munny. This was actually a good outcome for both of us given his bullishness and my holding of core positions.
In previous posts I had written that I would either buy a plunge to the mid-high 300's (HUI) as before, or buy a hold above 420. This week was a whipsaw but I did a good amount of adding to positions. I am mindful of that crazy COW I did theorizing about a potential major head & shoulders top, but for now that is getting way ahead of ourselves. The action is hyper bullish save the caveat of oil's continued rise. We should watch the gold-oil ratio from here on not to mention Dow-Gold and a whole host of other macro indicators.
Back to Otto; if you have any interest at all in Latin America or if you simply have an interest in how a professional equities analyst operates, I recommend you check out his blog. Here is the latest example of this man's insights: Venezuela, Free Markets, Freedom of Speech & Human Rights. Otto has me check out charts for him and when I find something that interests me, I run it by him for a fundamental take. An example is small gold producer Jaguar Mining (JAG), operating in Brazil. I had been watching it get hammered lower and lower for reasons I thought were not commensurate with the bloodbath. My pal confirmed this for me in detail and I bought and now as the stock rises, I am able to be a strong fundamental holder. Enjoy da beer Otto!
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