New Trades: It is Now "Back Up the Truck" Time for Gold Stocks — So We're Adding More
With Federal Reserve officials telegraphing premature dovish signals on top of Janet Yellen's U.S. Treasury gamesmanship and signs of consumer slowdown looming large, it is officially "'back up the truck" time for gold stocks once again. So we are buying more.
Here are the details, with charts to follow:
Long: Agnico Eagle Mines Ltd. (AEM)
Buy at 54.70 or lower
Risk point: 47.94
Position size: 10.30%
Long: Gold Fields Ltd. (GFI)
Buy at 15.65 or lower
Risk point: 12.99
Position size: 7.14%
Long: Barrick Gold Corp. (GOLD)
Buy at 17.86 or lower
Risk point: 15.67
Position size: 10.33%
Long: Newmont Corp. (NEM)
Buy at 41.64 or lower
Risk point: 35.95
Position size: 9.41%
It only happens rarely, but there are times in markets when the macro environment, the price action, and valuations all come together in a dramatic and compelling way. For gold stocks that time is now. Below are the charts for today's names; look for more to come in this afternoon's portfolio update.
Until next time,
Justice Clark Litle Chief Research Officer, TradeSmith
TradeSmith is not registered as an investment adviser and operates under the publishers' exemption of the Investment Advisers Act of 1940. The investments and strategies discussed in TradeSmith's content do not constitute personalized investment advice. Any trading or investment decisions you take are in reliance on your own analysis and judgment and not in reliance on TradeSmith. There are risks inherent in investing and past investment performance is not indicative of future results.
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