It’s been an interesting few days for me when it comes to financial markets. First, I dipped my toes back into the metals and mining world after “exiting” there as my primary livelihood over three years ago. I then did something I had only done two or three other times in my 33 years in and around Wall Street – I shorted the stock market. Finally, after “briefly falling off the wagon”, I thankfully conclude my days as a prognosticator are indeed over (Thank You Jesus).
However, I did note I would tell why I felt a need to personally short the U.S. stock market. Many of the “musings” below played a role into my decision.
Dow 30,000 — this is what could rocket stocks to the moon
The only two times this excellent long-term, S & P Price to Earnings Ratio has been higher, was 1929 and 1999. Hello?
- Besides cash, my personal holdings are in gold and two mining stocks. I said in my February 26th post:
“Gold – Look for some consolidation and backing and filling as the $1,250 to $1,300 area isn’t going to be a cakewalk. One of the usual gold raids would come as no surprise, taking us down to $1,225 or even $1200.”
We had a mini-raid earlier today (Silver was a full raid) and another few days or weeks of gold consolidation is okay in my book. Given a screaming bullish stock market, a rising dollar and the usual near universal hatred for gold as an investment, I’m quite please with gold’s performance so far in 2017.
While I will never, ever, ever, ever, ever, speak about another individual stock, I will honor my past commentaries by seeing both Nevsun Resources (NSU $2.48) and Teranga Gold (TGCDF $.62) through until I sold out my positions.
Both as of tonight, are very attractive for speculative buyers (Remember, Wall Street doesn’t say gambling and uses speculating instead – but both are the same thing)
Rick Rule spoke about NSU earlier today.
At a conference on Tuesday, the CEO of Teranga Gold stated he was never more bullish on his company.
And finally – Here’s an article someone sent me of an interview of me 28 years ago. I was actually bullish.