Mr. Partridge on the Precious Rally

Would you kiss a raging bull on the lips?

I was considering being active with my trading position in precious metals when some certain price targets were met (Daily Gold), which fits well with gold forming a cup (Jesse) and possible tradeable handle (SLW).  Stock option expiration is next week.  But why mess with fundamentals which include The Fed will buy over half of all new agency MBS (Sober Look)?

Any time an investor would like to get cute, required reading should be Chapter 5 of Reminiscences of a Stock Operator.  Old Turkey Mr. Partridge is very wise.  I hesitate to give the money quote because investors ought to read the whole thing.

“After spending many years in Wall Street and after making and losing millions of dollars I want to tell you this: It never was my thinking that made the big money for me. It always was my sitting. Got that? My sitting tight! It is no trick at all to be right on the market…Men who can both be right and sit tight are uncommon. I found it one of the hardest things to learn. But it is only after a stock operator has firmly grasped this that he can make big money. It is literally true that millions come easier to a trader after he knows how to trade than hundreds did in the days of his ignorance.”

Peter Schiff’s take:  Video:

The Denver Gold Forum (Globe and Mail) was this week.  Three days worth of presentations:  Denver Gold Forum.  Royalty plays FNV and RGLD made new all-time highs this week, as Gold mining industry shooting itself in the foot at Mining.

“A big move in gold is coming…”  Daily WealthThere’s No Sensible Reason Not To Own Gold said Ray Dalio before the Fed’s Thursday bombshell at Business Insider.

Do fiat currency’s collapse?  In the streets Iran’s currency trades at 52% discount to the official exchange rate at Sober Look.