To The Moon

Gold has hit ATH over last few months and will look to target 2900 with several interesting drivers:  1. BRICS meeting end of Oct that will discuss new monetary unit, comprising up to 40% gold. 2. FED rate cut of at least 25bps , cementing the easing cycle continuing - all good for commodities, especially precious metals.  3. US elections uncertainty and support for economy boosted by liquidity injections.  I am Long ETF miners and GLD/SLV in anticipation of the strong moves over the next couple of weeks. 

$iShares Silver Trust(SLV)$  just watch out the breakout move has started

Run up to election will be plenty of liquidity 

$CNOOC(00883)$ Short, very encouraging momentum after ex dividend to raise to all-time high supported by central government. It has come off the high now and need to test at 21.7 which coincides with 38% Fib retracement from top. Strong tail winds from rising$WTI Crude Oil - main 2408(CLmain)$  prices to support up trend. 

$CNOOC(00883)$ yesterday reached all time high after bouncing off 50DMA, and with that tailwind of rising oil prices, it is poised to easily breach the $21 psychological resistance. This move is also definitely supported by brokers upgrade and recommendations for SOE reform beneficiaries. No doubt others on the list will also benefit but I'm holding on to $CNOOC(00883)$ for dividend next month. 

Look out for precious metals and base metals produces and ETF's is the price of gold continues all-time high records. $VanEck Gold Miners ETF(GDX)$ $VanEck Junior Gold Miners ETF(GDXJ)$ for unleveraged ETF; while $Direxion Daily Gold Miners Index Bull 2X Shares(NUGT)$ $Direxion Daily Junior Gold Miners Index Bull 2X Shares(JNUG)$ $MicroSectors Gold Miners 3x Leveraged ETN(GDXU)$ for leveraged plays. Keep watch for a pullback from ATH of $SPDR Gold Shares(GLD)$ before starting a position. This run could last awhile !

$CNOOC(00883)$ Have to love how the stock always closes with nice prices. After hitting all time high of 18.18 today it closes at 18.08. Looking forward to reporting of full year financials after 21/3/24 . As previously mentioned, the companies financial performance is closely tied to oil price and as oil prices continue to creep up in 2024, the revenue growth should only continue to march upwards. 

$SD GOLD(01787)$ Watch out for the rising gold price and profitability of gold miners. Although the cost base may rise because of energy price inflation, the price of gold is expected to outpace the cost pressures. 

$CNOOC(00883)$ all-time high again. How long can it last? When you look at the fundamentals stock still has many attractive qualities with a very decent price earnings price sales as well as dividend yield, and all these are backed by strong output production and a stable and rising global energy price environment. 

We have just seen Gold prices rise to all time highs, and continue to make ATH over the past few days. Very exciting to see gold breakout above US$2150 and hoping that this can be well sustained by the significant increase in demand from central banks since 2022. Presumably the key underpinning to the demand is that the position of gold in foreign exchange reserves has always been relatively small but perhaps more importantly it is a perceived need to have greater diversification away from USD in for exchange reserves. In any case when central bankers buy they are probably the least price sensitive kind of customer. Whilst Geo political tensions is a driver but realistically there is nothing new in this aspect. In the days and months ahead I expect the price of gold to continue climbi