52 thoughts on “Quest Update

  1. Gary Post author

    Gold just broke above the Oct. high at 1191. There is no longer any argument. The bear market is over.

  2. CaliJoe

    Congratulations on your call Gary!
    Glad I didn’t sell my position in AUY in January. This thrust in miners is unbelievable.. I think it has further to go.

  3. Chris

    I could be a moron. But i have decided to take profit on my great gold longs, and great stock shorts. Lets see.

  4. Walt

    Final flush down capitulation this week in dow/s&p . In progress now. We’ll see what the gold market does next week when markets snap back hard

    1. Gary Post author

      Yes stocks are about to generate another dead cat bounce and gold should correct into a DCL.

      The bounce in stocks should be sold and the dip in gold bought.

  5. Ralph Wiederzane

    Congratulations Gary, great job staying long for this move in miners, and thanks for keeping us out of the SPX as well.

    I assume that now you think the bear is over in gold that you will not take profits on miners and instead only look to add into weakness? This has been a phenomenal run!

  6. Chris

    Moron, reversed. I really dont know how high and how low each could go. Anyway, decided to sit on hands. Better dont look for a while. and ride all these positions. Like what gary says, hide in a mountain!!! lol

  7. Jorgy

    It’s been a tough 4 (+/-) years trading in and out of the gold miner complex at every ICL. Despite the fact that I have a full position, I can’t help from being saddened that the challenge of the bear is over. It’s sad to think that I have nothing to do but twiddle my thumbs. Alas, all bear markets must come to an end… ?

  8. Chris

    I keep feeling that a deep pullback will happen. But I think the best way is to hold some, not to trade. And who cares how high gold goes. On the next deep pullback, maybe from 1300, to 1250, then I buy more at 1250. Better than if i sell all, and it rallies to the sky, and i got nothing!!!

  9. Gary Post author

    Gold tagged the 100 WMA as I suggested. This is the most likely spot for the correction to begin IMO.

    Prepare to buy the dip but wait until you are scared to pull the trigger. DCL’s don’t bottom until they generate real fear.

  10. mike trike

    volume finally coming into my juniors. Many have now doubled in last few days. Haven’t seen gains like this since end of 2008 and fall of 2010. Still many undervalued and I have my bids in.

    So many bears out there still waiting for a pullback that it may not be as severe as one might think.

  11. Chris

    Exactly. Too many have missed this run, and waiting for a deep pullback. I am not going to fall into that. Decided to hold half and not trading it. Hopefully, by the time gold corrects, and it will, maybe after going to 1300, my profits from shorting index will be yummy. And I could buy more gold using those profits.

  12. Chris

    Too bad i am not John paulson. If not, I could whack gold big, whack short index big. Neither am i warren buffet. Hence, could only half gold, 100% short index.

  13. mike trike

    I am so tempted to buy GDX puts and DUST. Got burned buying DUST on Friday so I haven’t pulled the trigger. If this is the real deal then the run could last longer than most of us think possible. Smaller junior miners are the place to be now for the huge gains!
    I would name a few but I have bids in still and don’t want competition! I am up massively in the last couple of days on my small miners and most are still severely undervalued.

  14. ChrisG

    One thing I can guarantee about gold. If this is bull run, it will eventually consolidate it’s first leg rally. Pullback to 50 MA. Buy then.

  15. Utopia

    Good call Gary! You get a feather in your hat today and congratulations from your peers in the business is now due. I seriously did NOT think we would see these highs this fast. Still need to crack 1200 though to turn me serious but I will be buying the dip in any event because three right translated peaks is pretty damned convincing.

    But the next question is what is gold move telling us about equity markets and bonds? And what does it portend for the dollar?

    1. Bud fox

      He had a hell of a run shorting gold and miners for years and got out near the bottom.

      Great job.

  16. over and over again

    oh gary you are so so smart………..

    problem is not to get to 900% but to know when to take profit.

    Just show us your real portfolio and be done with it.

  17. CaliJoe

    What do you think initiating a position with DUST? With a big uptick in miners like this today, it should consolidate within a few days. Or, should one wait?

    1. Gary Post author

      DUST should only be a small hedge if you feel like you need to hedge to get through the DCL.

  18. Galen

    Best part of this site is you don’t have an axe to grind, no ego to trip over. You just call it like you see it and give us a chance to make money. Thanks Gary.

  19. barney

    Gary, just wanted to say thanks for sharing the $BPGDM chart. I never knew it existed until I saw your explanation video you posted. Big jump in it today to 48ish.


  20. Ty64

    Decided to lighten up a little bit on GDX.
    10% position sold @ $17.851
    10% position sold @ 17.8401

    Thanks very much for all the free info Gary!!! G-man is being very generous here IMO. Lot of good info on the Premium side guys.

    Be back on the other side shortly…it has been a nice needed break to get everything back into perspective…The Putty Oracle is ready to get back in with the forum gang again. 🙂

  21. bc

    Very sharply rally, bottom in place is not a problem, but it is also a possible gold will be going to form a double bottom because suddenly sharply rally is often unstable.

  22. Utopia

    Holy shit! We are breaking 1200 today too? Now posting a right translated double top on the 5 minute chart. It’s very auspicious. I am getting my ass kicked on my short position but my core miners are doing very nicely so the day is not a dead loss.

    I sure did not expect this to turn out as it has. But who can blame me after almost five years of crashing gold and miners. We all harbour doubts anymore. Hey Gary! Did you actually have some of your posts over at Ker deleted today? Wow, I have never seen that done before. Never seen them delete anything from a host contributor I mean.

    Kind of weird. Did you piss in their Cornflakes or something?

  23. Walt

    I covered my short position at 1830 this afternoon . I covered there at the moment gold touched $1200, / GDX 17.8 because i think that’s the temporary top in gold for a bit , and that will correspond with the stock markets rallying for a while .
    Nice job on the gold gains here on this site.
    More to come I’m sure soon .

  24. Walt

    Hedge funds might rotate a bit out of gold into some beaten down sectors now , anticipating the stock rally to come . Those guys were long gold this past month .

  25. Jacob 2

    Told myself to buy and hold but ended up selling some miners and buying some DUST…. too far too fast. (Energy services stocks look interesting) .

  26. Anthonyo

    ” Now out of real desperation, they claim gold will be reset at $5,000 to $100,000 and silver $400-$500. I really do not understand where they come up with this stuff, as if government will surrender all power and bow before them after laying down their weapons. Government would NEVER do such a thing, and in case they have not noticed, we are moving to electronic money; not bullion. Even if this wild theory were correct, government would confiscate the gold and make it a criminal act to even own it so they make the profit – not you. That’s what Roosevelt did; confiscated first and revalued second.
    This must be analysis inspired by peyote. There is just no other explanation. If there is a reset, it will not be a return to the past, it will be more like back to the future — electronic.”

    Martin Armstrong Blog, Feb 2nd, 2016.

  27. KLO

    Really nice call Gary on the bottom and now maybe on the pullback too?

    Very conflicted but I did sell 1/3rd of my NUGTs today as it just seems too much too fast. NUGT put in a bearish shooting star on the daily if that means anything in this market. The talk has turned significantly more gold bullish so a retracement from here might be in order. My profit taking is less than 5% of my overall positions. Keeping 95% on the bull!

  28. Anthonyo

    Dow 16,000 is a Crucial fort for PPT, they defended it again today.

    They are just f… with us shorts.
    It is just variations on both sides of Dow 16,000.
    PPT will not give up this HUGE fort easily, if at all.

    Only a weekly closing under 15,000 will give a hint of a sustained correction in stocks.

    It is obvious PPT has marching orders to prevent and delay a break in the Dow until Fed’s March meeting.

  29. Walt

    There’s no bear market happening in the dow/s&p for a while, like, late next year 2017 . I’d be careful going short in a bull market . I just booked profits at 1820 s&p .
    Pretty close to the bottom today . We’ll close the year around 2050 s&p I think .
    I know most here at this site think not .

  30. Anthonyo

    I am starting to think the same; fake correction in US stocks winding down; it is obvious how they take it down hard and then recover to close above Dow 16,000 in teh afternoon session. They did the same back in August correction. Dow 16,000 is the center they revolve on and they dont get too far from it on either side.
    Until…the next melt-up comes of course.

    March Fed should be interesting; if they back off 4 more hikes in 2016 like they said in December… Dow 19,000 by June is not inconceivable.

      1. MuffinTop

        Oh shush you dingbat!! I’ve been a big supporter of Gary for the past couple of years now and am only kidding around, so go away before I start throwing Gold bars and Silver coins at you, haha 🙂

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