Wednesday morning Aug. 18, 2021

Since didn’t write a recap yesterday after the close, and since I have made a few trades this morning, I wanted to put up a quick post explaining what I’m doing. I added to both SILJ etf and MUX (McEwen Mining) this morning as the beating continues. I waited until stochastics on the half-hour bar chart got oversold intraday before making my buys. I won’t lie, this is a VERY trying time for precious metals miners bulls. All we can do is maintain focus and keep errors to a minimum. It’s not all bad, for example we were fortunate with our sales of NOVRF, which announced a secondary offering and was halted all day yesterday, not opening until this morning and down 15%!

Let’s take a quick look at the longer term SILJ charts, since we have a large position in it, and we added again today. Let’s start with the WEEKLY chart…

Now let’s take a peek at the MONTHLY chart…

I haven’t been very active the last few days in light of the breakdown, but today we have now broken below James Flanagan’s trigger level at around 247 on the HUI Gold bugs index. We don’t know where the will stop and reverse, but I want to add in this zone and lower if we go there. As I type the HUI is down below 243 already, so we are getting there. Stay tuned!