Opinions

Larry Berman CFA, CMT, CTA BMO Junior Gold Index ETF ZJG-T HOLD Jul 11, 2016

Juniors are pricing in gold at $1500. They have had a tremendous run already. They may lose momentum for a week or two, relative to the price of gold, and when that happens you should tighten up your stop.

Larry Berman CFA, CMT, CTA

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SELL

When gold was testing $1050 he would say yes, but we have had the strongest rally in gold in several years. He thinks we will peak out at $1300 this cycle.

DON'T BUY

This is about the only one on the juniors. He is not a gold bug. If you like Junior golds, this is as good as it gets.

PARTIAL SELL

Gold could go up if we go into a difficult market. He would consider selling it, however. He would scale out of it rather than buying more.

WEAK BUY

Junior gold miners. It is not linked to gold. They go up and down relative to the price of gold, but many don’t have production. He thinks gold is going to break out and will pop to $1350. It should retest last year’s highs. Junior gold stocks should test highs also. He does not like the speculative names.

DON'T BUY

They did a reverse split because they got down to a very low level. This is pretty normal.

SELL

More volatile than standard gold indexes. Done well on the year. Opportunity to sell. He has a negative bias toward gold in general, even in good markets, based on his past experiences. There's been some technical selling. Big resistance at $54. Be very cautious.

DON'T BUY

Not too thrilled with the sector as long as the USD is strong. July through October, gold usually strengthens. Could do a sector play. Pretty high risk play and wouldn't personally do it.

COMMENT

Junior golds broke out. He thinks the US$ is doing a slow roll. There is going to be resistance around $73 that it will have to chew through.

DON'T BUY

Everyone talks about gold as being a hedge against inflation, but it's not, and hasn't been for quite some time. He doesn't own any gold. Doesn't earn interest. Performance has been lacklustre. Most gold bugs tend to be in the hysterical conspiracy realm. Not an investible asset.

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Larry Berman CFA, CMT, CTA BMO Junior Gold Index ETF ZJG-T HOLD Jul 11, 2016

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