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I was genuinely surprised how quickly that PM mini run fizzled out then reversed yesterday. CCP giving Chinese banks a greenlight to start importing serious gold volume should have provided a more sustained push. There's no way anyone was selling physical yesterday or even profit-taking (not at these current premiums), it was just the spivs dumping paper on LBMA and COMEX again.
I didn't sell any FRES yesterday as I'm looking for chunkier profits than a little run from 853. Couldn't believe what I was seeing when it was taken down to 915 though yesterday. Bizarrely strong start this morning as well (which will probably reverse later, I think you'll get your 910 carvegyber), but that's the FRES we know, love and (often) hate!
Even with 10-year yields as they are, real returns are still negative thus a tailwind for gold.
Hmmm, Fres price not quite what I expect this morning so no trade. Volume is also up a tad so I think there is a buyer in the market. I think miners have bottomed now as well so it all looks good.
Another charge up then down later in the day again? Akin to the Grand Old Duke of York, LOL!
Well done. Commission and stamps are incidental if you complete both sides of the trade.
I think tomorrow might be good to reenter at 910p after clearing out my 898 tranche today. Thank you very much.
If you trade Fres during a gold bull, it is tremendously rewarding and I suspect we are in the start of one now....
perma-bear
dollar index 91.12
10year back to 158
gold 1775.5
silver 25.87
FRES crashes back down and HOC is 3% ... crazy!! they should all be moving up. HOC and FRES are right where they were when Gold was 1690 and silver below 25 ! How mad is this... Hopefully be better in the next few days but I won't hold breadth.
Who knows, but daft as I brush just added back the ones sold over 960.
For a moment I was wondering whether another Archegos blowing up, triggering this PM sell-off...But he 10-year yield is climbing above 1.6% again and today's major dollar weakness is starting to unwind a tad.
got that T-shirt when I stopped out last year to watch it rise past what I sold it. £7 £8 £9 £10 and whoosh. Still it happens and we all move on.
This time I will hold my core and trade the 2nd tranche. No more step of core until much higher.
Typically that is true, low volume during quiet periods in the middle of sessions is an easy hunting ground for MMs to walk it down. But FRES volume today hasn't been that low in the last few hours though, 890k-1.1m, it's in the top half of FTSE 100 above the likes of Unilever, British Land, Royal Mail, SSE, Rio Tinto .etc...
the problem is one day some of us will sell the dam share and then it will keep going up all the way to 13 while we are waiting to get back in hoping it drops on it's way up lol it's 10 it will drop... dam it is 1050 now it will drop... dam I should have bout in at 10 now it is 11 and dam I should have bought in at 11 now it is 12 and so on ... yeah i can see it.
the funny thing is when PMs go up by a few % and or even if Gold goes up by 10$ then fres hardly moves, but then if gold drops even 3$ then fres comes crashing down like the world is about to end.
Very much the gold and silver price pattern. steady rises punctuated by big sudden falls...
On Fres though, the key indicator to use is volume. Buy/sell when there is a spike on volume 30m chart. when the volume is back to low again, the MMs will walk it down savagely. Bit onerous though I I can't seem to set a volume alert so I have to be around when this happens....
This will go to 920s again I bet.
If you underwent a premonition last night, knowing in advance that PMs and FRES would nosedive after touching 1790, 26.2 & 965 respectively then yes I suppose one would be cashing in every day with this name :)
FRES loathe it or love it - it does provide great trading ranges.
*last entry price 853!
Absolutely shocking. After that mini PM sell-off in the last few hours, FRES is now back below 940 at just +1.5% (slaps forehead). My last entry price was 953 but I have some positions between 1000-1050 still as well so I will just sit tight but it's getting somewhat ridiculous now haha. It's not like USD rebounded later in the session today either as it's still hugely down, GBP/USD up 0.66% now isn't going to help FRES or the other UK-listed miners.
Carvey,
898 was only dodgy if you are looking for a quick buck and who isn't.
FRES is the only share that gives me FOMO - this can move so rapidly, like in2016.
PMs dropped slighly and now back up. Fres back down from 4% to under 3%.. crazy cheap... does baron still hold fres ?
Jmax, my buy at 898 from 3 weeks ago was looking quite dodgy for big part of the last 3 weeks despite looking at the charts and trends, it occurred to me that gold had turned a corner. Got to admit, it was squeaky bum time couple of time and at time very frustrating. Luckily, I trusted my judgement and it came good.
Phew. This should be a very good trading share now if gold remains in an uptrend. It can get taken down savagely but when it pops up, it pops up strongly.
Jmax, my trade at 898 3 weeks ago has now come good. Just taken profit. I must admit, it was squeaky bum for quite a part of the trade when it fell. I study the trend and chart and it appeared clear that gold has turned the bottom but with these things..... you can never be sure.
Phew. I can celebrate now. This trend now looks strong enough to break 1000p
I’ve been building a position here from 880s. The balance sheet much stronger than when I last built a position. Juanicipio will boost production but even as we are and with precious metals in the 1700s and 25s, dividends of 20c produced. Positioned for silver to break through $29 properly, which I think will happen this year. Chinese news re allowing citizens to accumulate gold is great also for the space.
Carvey,
I'm not much better off, as I didn't trade this enough. But we will come good.
I am a little surprised that there is not more interest / excitement for Juanicipio coming online.
There is some serious anti Fres out there. I should have stuck to Rio Tinto. I doubled my money betting on that from 2000p to 4000p thinking I have done well then moved it all into here. Instead Rio is now 6000p and I am right back where I started with Fres. Full 50% down compared to if I had just stuck with Rio.
>> perma bear - Yes I agree, not responding like other PM stocks; Glaxo finally got released from long term suppression Thurs, although pharma same sort of shake down. Only positive about Fres is that you can sell off other positions and add more knowing eventually it will come home to roost.