Ely Gold Royalties Inc ELYGF

Good thoughts everyone!

[feenewbie]

While I'm hoping not to see a drop to the $1.20's on Monday, a close at $1.36 could be the welcome double bottom/oversold conditions we need to see a bounce up :)  If ELY does drop a bit further, this could be a great entry opportunity for those wanting in &/or average down.

IMO, it was perhaps the highly anticipated USD oversold bounce/overbought gold combo (hence profit taking)  that appears to have been the major forces in effect on price on Friday.  We shall see if the USD can retain the gain - I'm still pondering (hmm...snickering at) the positive global sentiment despite the massive $ printing/covid resurgence potential & political conflicts scenarios.

IMO (and chart gazing of course lol)  I think gold may be stretching up toward topping the high wave 3 shortly, before a short term wave 4 pullback (if following the historical parabolic gold 10 year pattern)  before continuing a longer wave 5 up??   A guess as history does not always repeat itself - with no shortage of opinions and projections in this space lol!  It has already stretched higher this past week that my initial targets.

As for a holding strategy, I  must admit that I have changed my investing strategies in recent years - I use to be a strict buy and hold long investor = sometimes holding longer than I should have!.  That said (i.e., admitted!) there is nothing wrong with holding shares, as long  (pun intended) as they are the investment grade ones lol!  I have since divided my account into 3 different categories.   For favourite spec shares (like Ely) I like to work towards holding my shares "on the house", which I do - then holding long with less stress as initial capital has been recouped and then available to deploy elsewhere. So, spec trader with L/T investor sentiment, long term high quality investments, and TA price target momo trader taking frequest pops and profit.  Definitely not for all as it takes time/discipline to keep the % in balance and not overload in one category.

I find Eric Sprott to be a good teacher, supporter of the industry and all around person of integrity.  He does however have more pennies to risk than most of us lol!  Happy weekend all!