i'm ok with this open......must be some people without positions the way the metals gapped up.

Quite frankly, I am a bit hesitant of following this breakout. I believe that over the coming 2 quarters, the slowdown will rear its head in the economic data. Real estate cycles over the past have caused extreme and uncontrollable swings in the economy; and with every boom and bust, the talking heads claim that 'it's different this time.'

When the broad equity market takes a hit, correlations converge, and despite the action in the gold spot market, the miners take a hit... At least for some time before correlations again diverge. Long-term à BULL. Intermediate term à I'd rather wait until Helicopter Benjamin reopens the floodgates = lightening up on calls in miners.

I personally would never initiate a position at this level and would suggest people that do to step aside. Wait, I'll take that back! Do what you want with your positions however, for me a pull back in a majority of markets and sectors is just waiting to happen and when it does we'll have a nice 300 point slide.

Things aren't priced to perfection - Things are priced on speculation especially, in the metals complex.

Most gold companies such as some names mentioned here, I won't go into detail are worth $3.50 and are trading at $10-11.

If you trade based on where it may go, what a new ETF may do for you, or what a take over of a junior may mean - then you are either extremely wealthy or extremely poor. Both these sides will end up with a huge slam very shortly and I'll be there to gladly observe the chaos while I sip a nice latte.

I ask you this, if this was your clients money would you even if allowed by the firm employ it as such?

I will pass you all the upside and all the downside as I want no part of these overbought conditions.

When I hear every stock is in a bull run, Oil is super high and increased rates still make the market hit new highs - I drink a coffee, I let you buy.

Does fairly valued mean anything to anyone?

I'm rolling with companies that can sustain growth over time, not overnight.

/d

when the metals are done going up i tend to think it will be with a spike which we have not seen yet and may not for sometime...imo

Thanks dinov and of course BILL!!
I've been out of breath the past several days in this market. I've been scaling back along with watching the winners found earlier and studied from this blog; then purchased, now on run.:) However, the most difficult lesson is patience and that is being practiced today from the calming comments found here. Now for that black Cajun coffee.

Not indicating to buy gold the nem, glg are extended.....but i think some of the other metals oar ok...ccj, ts, pkx and pcu....check out rti that is really extended

Here is another thought - I urge you to investigate this for your own benefit.

Go call up Wall Street or Bay Street and head to your top Financial Advisor of Choice and ask them what percentage return they aim for and how much money they need from you and you will find:

Firstly, they'd want close to a million if they truly are top advisors and they'll take a nice management fee

Reason: They need to spread you around into 15-30 asset classes / products and it isn't feasible if you gave them $50k to start

Secondly, they'd tell you the winning speech that goes as follows. "I'm not here to trade, I'm here to protect and grow capital over time". "You've come to me for a disciplined approach and I know higher returns can occur with others but I'm targeting 7-9%"

Reason: Over deliver, under promise and if they kept shooting at Quartile 1 (just as 75% of you on this blog seem to be doing, you will land up in Quartile 3) The goal of a salesman is to ensure service and have you come back. You do this by giving consistent returns.

I can find a deal in the market on a daily basis, I don't need to chase them.

I will also have a condo handed to me at a nice discount the very same way.

A wise man once told me, never buy a car when you need it.

/d

dinov-

Appreciate your views as I do all exchanges at this forum. The great majority of us are honest about our views, what we are doing , and even share trades and tips.

Yes we are in a bull gold market and yes this can be heady and fun. When I can get 5-6% in a couple of days I take it and thank the stars. I have also learned not to chase. So I do not have a full position here. I add the gains to my equities portfolio which, as people here know, is hedged out the wazoo and therefore hasn't been participating in this much. I can sleep at night though. This is a trader's market only. I am not a pro so I just sit back in amazement as stockman and others skin this thing. Makes me smile.

If I could get a steady 9% I'd take it and run with it all the way to retirement also.

Thank you C.Note & MarkM for your appreciation of my posts.

Where I stand out and have increased my skill set is something Bill calls "Capital Preservation".

I am so tired of analyst reports, I never take a target seriously. Remember 1999 and "STRONG BUY" and the very rare SELL?

Instead of giving you a story, I'm going to tell you what I would do in a situation.

When I used to write for newspapers, the editor always wanted me to end with - So what do you propose they do?

I will not give specific stock information as I don't want to go down that road but I will find value and gladly share.

I'm going to second Bill's comment - There will be no middle class (repeat this like there is no place like home)

The desperation in today's market to make money every single day indicates to me that most people are stretched and looking for constant ways to live a life they aren't capable of maintaining. (If your job is a Trader - you're excused).

People are no longer satisfied with a 9% annual return, it sounds like a really bad word.

I revert back to Physics and Science and leave you with every action is a reaction.

/D