Golds on the move
12.05 pm It's taken a little longer than I thought but the gold sector has kicked on today. I've been long Resolute and Silver Lake for a week or so and added Saracen yesterday. They're all up over 3% and the sector is doing much the same. I haven't taken anything off yet because I think there is another consecutive day or two of strength likely. Meanwhile the broad index is down 8 points as currency markets had the jitters yesterday with a weak USD driving golds and resources higher. Much fear and loathing of Trump and faux outrage that he's playing the same game as the EU, Japan and China have played for years of talking free trade and blocking it where it suits them. Apparently there's no Santa.
In recent weeks a handful of small caps I follow have broken out only to fail suggesting that holders trying to ease out of stock are playing silly buggers. I've been caught a couple of times but Wattle Health is an exception and following through nicely with a rise of 10% to 217.
1.53 pm Nothing much has changed although the index is edging lower on Asian market weakness which was predicted based on the US dollar weakness.
I sold some more of the OSH at 802 and some of the SAR at 155.5, replacing it with RSG at 115.5 which I prefer slightly. I've also bought some Dacian Gold in the small cap book at 294. It looks to be resuming after a few weeks of consolidation following a nice run up from 262 to 318 in late December.
3.39 pm Spot gold has rallied intraday to give the golds another kick and I bought back the extra SAR I'd sold for a cent more, paying 156.5. It's 158 now so worth doing especially as I remember dreaming this morning that it finished the day at 161. I try to ignore that sort of thing because it's rarely accurate but it might turn out that way today. Here's the updated chart, good momentum and a move to 165-170 in the short term seems plausible.
I have a pretty full book but bought a couple of Sandfire at 731. It's running well and could be breaking bullishly out of a pennant.
4.43 pm The index closed the gap, finishing at 6050 which was a 5 point dip. The golds finished well with my longs up 5 or 6% while WHA gained 24.5 to 222 making a winner out the small cap book too.
Looking forward to the long weekend and hoping gold will continue to run while our market is closed.
In recent weeks a handful of small caps I follow have broken out only to fail suggesting that holders trying to ease out of stock are playing silly buggers. I've been caught a couple of times but Wattle Health is an exception and following through nicely with a rise of 10% to 217.
1.53 pm Nothing much has changed although the index is edging lower on Asian market weakness which was predicted based on the US dollar weakness.
I sold some more of the OSH at 802 and some of the SAR at 155.5, replacing it with RSG at 115.5 which I prefer slightly. I've also bought some Dacian Gold in the small cap book at 294. It looks to be resuming after a few weeks of consolidation following a nice run up from 262 to 318 in late December.
3.39 pm Spot gold has rallied intraday to give the golds another kick and I bought back the extra SAR I'd sold for a cent more, paying 156.5. It's 158 now so worth doing especially as I remember dreaming this morning that it finished the day at 161. I try to ignore that sort of thing because it's rarely accurate but it might turn out that way today. Here's the updated chart, good momentum and a move to 165-170 in the short term seems plausible.
4.43 pm The index closed the gap, finishing at 6050 which was a 5 point dip. The golds finished well with my longs up 5 or 6% while WHA gained 24.5 to 222 making a winner out the small cap book too.
Looking forward to the long weekend and hoping gold will continue to run while our market is closed.
Comments
Post a Comment