Some may think I am pleased with NGD today – and I have every reason to be – but I am not. I don’t do this to be right, but simply to make money. I expect to win and continue to do so. I suggest you adopt a similar attitude, for being pleased with good performance instead of expecting, no demanding, it of yourself will allow you to trade yourself into destitute with great haste. In summary I do not care about being right, only that the numbers in my accounts are greater at the end of the day than at the beginning.
SLW also preformed well post earnings, I expect it to hit 50 before the month is out. Some of you may think that is high, but consider that the company pays, on average, under $7 an ounce of silver, has increased its available supply, and negotiated the right of first refusal with several mining companies on future silver streams. Do the math.
If you were caught leaning long into today and took some damage you deserve it and more. Hopefully you will learn to pick your battles and not chase up days when the economy is shit and the market shows increasing signs of topping. If you are long going into this weekend in anything but energy or precious metals – perhaps some ag – I suggest you pray that another banana republic doesn’t explode because one more piece of bad news is about all the excuse this market looks to need to decapitate longs who entered late.
Gold continues to preform, and having bought more GLD when it plummeted earlier in the week I am not sitting on handsome profits going into the weekend. Come monday we will go up or down, but most assuredly I will buy more.