We reported on silver ETF SLV being actionable on August 12. Now it's GLD's turn, as it is having a pocket pivot in today's trade. The pivot it a touch extended, however, so position size accordingly. The rise in precious metals over the last 2 weeks implies quantitative easing will continue, as it devalues currencies thus bullish for hard assets. The rise in precious metals could also be a fear play in that the market is long in the tooth and selling off, leading some to speculate on whether the market is putting in a top.
Know that both GLD and SLV are bottom fishing plays, but since they are commodities, they stand a better chance of working than bottom fishing for stocks unless the market has gone through a serious correction such as in late 2008 to early 2009.
This information is provided by MoKa Investors, LLC DBA Virtue of Selfish Investing (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2024 MoKa Investors, LLC DBA Virtue of Selfish Investing. All rights reserved.
