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August 7, 2018 | Is Gold Just a Little Too Quiet?

Rick Ackerman

Rick Ackerman is the editor of Rick’s Picks, an online service geared to traders of stocks, options, index futures and commodities. His detailed trading strategies have appeared since the early 1990s in Black Box Forecasts, a newsletter he founded that originally was geared to professional option traders. Barron’s once labeled him an “intrepid trader” in a headline that alluded to his key role in solving a notorious pill-tampering case. He received a $200,000 reward when a conviction resulted, and the story was retold on TV’s FBI: The Untold Story. His professional background includes 12 years as a market maker in the pits of the Pacific Coast Exchange, three as an investigator with renowned San Francisco private eye Hal Lipset, seven as a reporter and newspaper editor, three as a columnist for the Sunday San Francisco Examiner, and two decades as a contributor to publications ranging from Barron’s to The Antiquarian Bookman to Fleet Street Letter and Utne Reader.

I’ve been so down on gold lately that it could probably pop $100 before I’d even notice. That’s why I’ve set some bullish price alerts on a few gold and silver charts, adding buy-stop entries for two mining stocks tracked below.  We blew out a position in Majestic Silver [NYSE: Symbol AG] the other day with the goal of replacing it at a better price, but also knowing there are no guarantees our stingy new bid will be filled. Similarly, in New Gold [AMEX: Symbol NGD], I’ve added a buy-stop limit entry, to be work order-cancels-order with a niggardly bid that sits well below the market. All of this follows an email I received from a subscriber calling attention to the egregiously oversold condition of gold futures right now, and to the outsize short Comex position held by speculators who are usually wrong at important turning points.  So am I, at least instinctually, and that’s why I try to stay close to my charts, which are never wrong.

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August 7th, 2018

Posted In: Rick's Picks

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