RE:RE:RE:RE:RE:Back on the short sideprouditalian wrote: FYI Im not a shortoholic as been in gold since 1000 CAD ( its now 50% of my net worth ) and was long a big position in ABX from 13.50 to 27.60. Also CDE from 3.30 to 6.60.
I am a big believer that gold will continue to do well but its overstretched and miners more so. In history of the HUI this ranks as the fastest move ever. 3 weeks 90% move. You can try and chase and make money or you can short with stops. ( 2 strategies )
As an anecdote: A friend of mine who got killed this year in TSLA and others is now buying GDX ( yday ). This is a heard investor and when I see this I sell or short.
Earnings for all miners will be severely impacted with Covid. the argument that the gold is still theer does not stand with me....but I have been wrong before and will be again for sure...its simply my opinion.
I understand the principle - when your Uber driver tells you he is buying then it is time to sell. But main street has been and continues to be absent from gold mining shares. The TSLA investor is an outlier, he is not main street.