Gold miner New Gold (NGD) is recovering nicely.
Why not? Why not write some fun to write posts on individual positions (miners or otherwise) once in a while, instead of force feeding macro down the nice readers’ throats all the time? Eh, Gaahh?
Reasons why I like NGD? “Rainy River turnaround”… blah blah blah, “North American (lower risk) mining locales”, blah blah blah and “improving performance”, blah blah blah. ” Bottom feeder chart (not blah blah blah). It was my main reason for originally taking a shot with this established miner.
So yes, I first added NGD (Roth IRA, as noted in NFTRH) as a “bottom feed” early in the year around the 1.10 area support, dumped it for a large profit, and then bought it back in June (IRA and taxable account, also noted in NFTRH) on the pullback to the up-trending SMA 50. It is currently sporting another 40% paper profit and the daily chart is ticking a new high for the bull cycle.
The weekly chart shows a channel buster, long-since left behind and a break to earth shattering new highs!!!
Okay, calm down. The monthly chart says it’s still just a bottoming situation. Albeit one that is breaking out of its base. I am not recommending anything here because I hold it from lower levels and it is overbought. But taken at face value, and assuming improving fundamentals/operations (always a big assumption with miners), this chart shows much more potential relative to the past.
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