Why Not Write About A Gold Miner? New Gold (NGD)

Founder & Editor @ NFTRH.com
September 12, 2024

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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Gary Tanashian is founder and editor of the popular Notes from the Rabbit Hole (NFTRH). Gary successfully owned and operated a progressive medical component manufacturing company for 21 years, keeping the company’s fundamentals in alignment with global economic realities through various economic cycles. The natural progression from this experience is an understanding of and appreciation for global macro-economics as it relates to individual markets and sectors.


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