Let me be clear though, I am very bullish on gold and gold miners in the medium and long-term however pull-backs will occur and they can be taken advantage of both in the decline and the opportunity to buy more. This is strictly a near-term play.
Sunday, March 13, 2016
Gold Miners (GDX): Still too hot to handle
I called a fall in gold miners (GDX) way too early as I did not properly factor in the change the gold market is making at the moment by transitioning from "bear" into "bull." I was in a hellish trade which cost me dearly but I'm back in as the signs of a transition are beginning to mount. GDX is still severely over-bought and the COT report show the largest number of short positions by institutional investors in about 6 years. On the internet the number of calls by respected commentators and chartists are starting to grow louder and more numerous: