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Gold has been in its own private bear market for about eleven years now. It’s been a terrible investment, and recently, a terrible trading vehicle as well (except for metals bears). Just look at the breakdown with the continuous contract, where one major supporting trendline after another is violated.
Earlier on Wednesday, I was bemoaning my completely ham-handed screw-up of a super-clean trade, which was go to very long the GDXJ (junior miners). This trade had everything going for it, but I managed to mess it up anyway! But I’m going to get that sour taste out of my mouth – – as well as the sour taste of anything to do with gold disappointing me so many times – – and offer up the notion that maybe, just maybe, gold miners make sense now.
Let’s start off with the EUR/USD, which has the Euro grinding down to, incredibly, sub-par values! My view here is that we might be setting up for a bounce up to that trendline.
Curses! Shame on me! Feh!
I saw a golden opportunity to buy GDXJ at a very safe price: $30 with a stop at $29.80 (yeah, that is one tight stop). I bought it, wimped out, took a tiny loss, and saw it soar. My goodness, I suck! The point is that, as disappointing as gold has been at every turn, this seems like an opportune “cheap” price for miners. But I blew it, and I don’t have the stomach to go in at a worse price now. Shame. On.. Me.
