Superdramatic moves in the Miners today

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  • Wed, May 29, 2013 - 08:23pm


    Jim H

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    Joined: Jun 08 2009

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    Superdramatic moves in the Miners today

With Gold and Silver moving up modestly today, and the stock market moving down, the mining equities were on fire for some reason today.  Seabridge Gold, a bellweather Gold-in-the-ground play that I watch, was up 10.9 %.  GDXJ,. the junior miners ETF up 5.2%, GDX up 4.7%.  IAG, with its 4.9% dividend, was up 6.8%.  Lots of action.  What does this portend?  If it's anything like the last few weeks, you will be whipsawed right back down soon and further lose your taste for investing in miners.  I am personally sitting in cash waiting for a more clear signal, like a strong and lasting break above 1400 for Gold, before I play in the casino again.  Even then, I will be doing it with tight stops, or my finger hovering over the sell button   : )  

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