In today, six positions, CHN, BGL, DCN, ALK, SLR, REE on ASX. Have created a new algo, this one called SA3, Supalgo#3, it is basically a juiced up version of previous algo SA2, works on a similar principle but goes into deeper detail. Only took 2 days to write and it runs on 12 google sheets and cloud based. I have on a watchlist 130 asx gold stocks (there are more but manky dogs so not included), of those, SA3 has detected 20 contenders worthy of buying. I'll ease into them when gold begins to move off the bottom, just a tad too early to get too confident atm. My trading doesn't run off charts or indicators, today's buys - never even looked at the chart until after I had been filled.
Posting a little more frequently atm in this thread due to gold imo being at a critical turning point, so I'm just keeping ET informed on developments as I see it. US gold dropped 1.24% Friday but I remain bullish. I added another position, CST.AX, about 2 minutes prior to close on Friday. I grabbed this as it was a falling opportunity. REE on Thursday the day I bought looked like a dog on the charts. It ran up 18.2%.
My wife who also trades, reckoned yesterday the bottom wasn't quite in and she was right. (For once )
I suspect the bottom in numerous mining stocks is already in; I'm seeing a lot of bargains (eg BTO, K, YRI, FVI ) and more active traders like NGD/OGC/EQX/CXB were actually flat to slightly up on Friday. CXB is my favorite a fairly new one made 10 cents a share last quarter trading at around $2.20 ( topped at $2.80 after earnings ). No way it can stay that cheap unless Gold tanks. Expected earnings next year 0.52. On the more established miners, BTO looks promising at $7 area down from $9 and turning profitable this year. NGD is a great vehicle for trading up days and EQX looks similar in nature although I'm not very familiar with it yet. K/YRI/SVM might be a recovery trade for patient investors, but I prefer the more active ones for short term the blue chips are underperforming badly. I'm loaded up on energy still and two large copper mining positions, held most of my Silver positions, reduced my Gold exposure over the last two weeks holding only CXB and K. Kinross is my biggest loser but I can't see selling it at these crappy levels ( maybe on a pop I trade it for something like NGD ). Despite some heavy losses in K and SVM, my account hit a new high because the energy plays have been super strong. On Gold itself, very possible recent selling is a fake out below $1800 before a rally. Or not, who really knows.
Ok, see some of these on TSX. Ya, some stocks may look sad atm, but unless it's poor quality, should recover. I have a couple like these, bought once upon a time when my thinking was different to what it is now. One particular cot case is INR.AX, Ioneer, which is a lithium explorer in Nevada. They're doing a deal with Tesla, well I bought near the top and suffered a year or so of drawdown. It's recovering now. These days prior to buying a stock I look very carefully at how much bs marketing is in their spiel, most often there's lots, hehe.
Added another position MGV.AX at 0.39. If I see any in my list of favourites pulling back substantially, I will consider a buy, depending on how I determine the overall sector.
Switched some money into NGD at close to daily bottom on Monday. Seems well timed now, this kind of stock can move 10-20% on a strong sector day.
Very nice! Looks like a goodie, $1.25B cap, impressive, I didn't have that on my USA watchlist for gold stocks, now added. Thx. XGD index, another move up today, expecting a follow thru up your way on GCY00 today. Gold futures popping atm. Silver futures +4%.
11h ago The Hottest Debate on Wall Street, Buying Bitcoin Over Gold Eddie Spence and Yvonne Yue Li, Bloomberg News (Bloomberg) -- Bitcoin has shot to a record just as billions of institutional dollars have fled gold. Whether that’s a simple coincidence or the start of a rotation that would have a profound impact on crypto and the precious-metals market is impossible to know for sure. But the debate is now heating up on whether the world’s largest digital currency can one day rival bullion as an inflation hedge and portfolio diversifier. Bitcoin’s tumble last week, the biggest since March, after a 150% run-up this year underscores the famous volatility of the asset class that has kept mainstream investors at bay. Yet if they start moving just a small portion of their gold holdings into the $350 billion Bitcoin industry, it would be a game-changer for diversification strategies on Wall Street. Bitcoin Fights Back With Power, Speed and Millions of Users “Gold was really the safe asset of the past world and baby boomer generation,” said Jean-Marc Bonnefous, a former commodities hedge fund manager turned crypto investor. “Now it’s being replaced by automated assets like Bitcoin.” The digital currency is a trading ground for a motley crew of retail players, speculative pros and exotic quants, while traditional investors have hitherto stayed on the sidelines. That seems to be changing with Guggenheim Partners LLC just the latest manager to join the bandwagon, alongside Paul Tudor Jones and Stan Druckenmiller. Funds like family offices are selling their gold exchange-traded funds holdings for the digital currency, according to analysts at JPMorgan Chase & Co. Bullion-backed funds have dropped 93 tons of metal, worth some $5 billion since Nov. 6. Grayscale Bitcoin Trust, the preferred vehicle for institutional investors, has doubled in dollar terms since the start of August. Bitcoin Revival Unleashes Animal Spirits and $300,000 Forecast Bitcoin’s market capitalization is currently only 3.1% the size of gold, according to James Butterfill, investment strategist at CoinShares, which sells investments in digital currencies. If that increased to 5%, it would imply a price of $31,300 compared to around $19,000 currently, he estimated. “Bitcoin is establishing itself as a credible store of value,” Butterfill said. “This is particularly appealing during this time of unprecedented loose monetary policy. For these reasons investors are naturally comparing it to gold.” Still, there are good reasons for bullion’s poor performance recently, like progress toward a coronavirus vaccine that has reduced demand for havens. With market-derived inflation expectations relatively stable, one conclusion might be that gold is simply moving along with animal spirits, while Bitcoin has been in a speculative fervor. The latter has also found a fan at the world’s largest asset manager -- evidence of its growing appeal on Wall Street. The currency is “here to stay” backed by demand among millennials and its strength as a medium of exchange, BlackRock Inc. Chief Investment Officer for Fixed Income Rick Rieder told CNBC in a recent interview. Trading Bitcoin “is so much more functional than passing a bar of gold around,” he added. One of the differences between the two is that all transactions can be viewed on the blockchain, while a large part of gold trade takes place on London’s over-the-counter market, where less data is available. “The transparency in Bitcoin is helping drive a lot of interest,” said Lyle Pratt, an independent investor who owns Bitcoin. “Gold is kind of like a blackbox, you have to trust the custodians to tell you about any flows in the market.” For Plurimi Wealth LLP’s Chief Investment Officer Patrick Armstrong, who allocates 6.5% of his discretionary funds into gold, even if Bitcoin has potentially bigger upside in an inflationary spiral, the risks are just too big. Gold also has a long history as a store of value that Bitcoin can’t match. There’s always the nagging suspicion that another, potentially central-bank backed, digital currency could supplant it. “If the debasement trade works, it is very possible Bitcoin works better,” he said. “But it is also possible Bitcoin has no value in years to come, while I do not think the same can be said of gold.” One thing that’s clear is Wall Street is taking Bitcoin seriously in a way that it didn’t in 2017. “I have changed my mind!” wrote Sanford C. Bernstein strategist Inigo Fraser-Jenkins in a report Monday. Bitcoin won’t replace gold, but there’s room for both, he said, especially if the future is one of inflation and extreme debt levels. “I see it as being complementary,” he said in an interview. “Whatever one’s starting position was before the pandemic in terms of what your gold and crypto allocation should be, I think it should be materially larger now.” ©2020 Bloomberg L.P. https://www.bloomberg.com/news/arti...is-buying-bitcoin-over-gold?srnd=premium-asia
Added to MKR.AX, Manuka Resources, currently a gold producer but will be one of very few pure play silver mines, switching out of gold into silver. In NSW. Going into silver production mid 2021.