THE MICIK MARKET LETTER
Gold & Goldies Update
Alan Micik snippet
Dec 15, 2011
There is a change in our gold stance - we are changing our view to “neutral,” from one of “extreme caution,” as detailed on the 321gold Post from 12/5/11 ($1751 gold / $58.25 GDX). The article can be found here.
Today, spot gold closed around $1576, and GDX closed at $52.38 (GDXJ made a 52 week low today). So, we’ve seen a $175 drop in gold, and a $5.87 drop in GDX from 12/5/11, in less than two weeks, when our “extreme caution” position was presented for all 321gold readers to consider. These drops “match” the expected range of decline based on prior signals of this type. Therefore, we are now neutral on AU and the goldies.
“Fear” is now growing in leaps and bounds for AU and the shares, in just two short weeks. “Technical” analysts are highlighting all the negatives now. That is to be expected. No need to list today’s negatives…you’ve seen them. Mr. Market is now creating the news, as Mr. Market has always done.
There is some potential unfinished business for Mr. Market - the break of the long-term uptrend around $1550 as we noted in the above Post. We shall see.
More follows for subscribers…
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Dec 14, 2011
Al Micik
email: atmmail@sbcglobal.net
The Micik Market Letter (MML) covers Gold, GDX & GDXJ when low-risk opportunities are identified for the investor, trader, or hedger. Individual gold shares are generally not covered, but nor are they excluded. By using a basket of gold stocks, such an ETF, we seek to decrease our risks and have improved liquidity when it’s time to exit a position. MML seeks opportunities in any sector that provides a low-risk contrarian entry, combined with technical analysis and our proprietary indicators that validate entering a position. This enables us to use reasonable Stops, and we use them on every single trade, at the time of entry, in order to limit our own emotions.
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