Haymaker Daily
Another Golden Opportunity?
Hello, Haymakers:
Today, we’re long on gold. Literally — this is a long Daily on gold. Despite the hefty word count by the standards of our usual format, the material below is actually an abbreviated re-posting of Kevin “The Macro Tourist” Muir’s August 8th edition, titled Sometimes Trading Is That Simple: Long Gold Again. As most Haymakeristas are aware, we hold Kevin in the highest regard for his exceptional economic and market insights.
We’ve cut this down considerably, but the major points are well represented. Even so, we recommend you subscribe to the ‘Tourist’s newsletter to absorb the piece in full and receive all the others to come. As you’ll soon read, Kevin is making a convincing case for gold, and the miners thereof, based on a very simple reading of the market. It’s one with which we agree strongly enough to broadcast the main thesis here with the caveat that both bullion and the miners have had a snappy rally of late. (We gave readers a timely AGI, Alamos Gold, Buy alert on July 27th, and it’s popped about 15% since then.)
Here’s a chart another great friend of Team Haymaker, Adam Taggart, sent us yesterday, which suggests that any pull-back on GDX, the leading gold miner ETF, should render it an accumulation candidate:
We’ve cut Kevin’s piece down considerably, but the major points are well represented. Even so, we recommend you subscribe to the ‘Tourist’s newsletter to absorb the material in full and receive all the posts to come. As you’ll soon read, Kevin is making a strong case for gold based on a very simple reading of the market. It’s one with which we agree strongly enough to broadcast the main thesis here. As always, do yourself the favor of additional research, but if a gold buy ends up serving you well, be sure to let us know.
The Haymaker Team
