Buying NEM (Newmont Mining)

Last update, we offered this chart which suggests gold is at or near possible long-term trend support:

Here's a look at NEM, Newmont Mining:

The possible trend support in Newmont, shown in red in the chart above, is currently circa $26.

We're going long Newmont, with a stop below $21 which is just beneath the 2008 lows.  That stop is 23% lower than Wednesday's close, so there is considerable risk as always when speculating in mining stocks. 

Those with a more conservative approach will place stops below $26.50 which is only 2.6% lower.    


Precious metals have enjoyed one of the greatest and most popular bull markets in history over the past decade.  As you can see by the chart above, the vast majority of people during that span bought at higher prices, some far higher.  In other words, the majority took a loss or are still holding on at a loss. 

Don't become one of them.  Stay away from risk or at least use prudent stops if you participate. 

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