11:58 am (Hawaii) Right now, Extorre Gold Mines is in a sweet spot. They're a young company, an offshoot, actually, of a larger mining corporation. They mine only in Argentina, but the lode is motherlicious. They have (seemingly) transparent leadership and communication, reporting the news of each new minute in a smooth, aesthetically pleasing stream of video that hits the internet every two weeks or so.
Not coincidentally, perhaps, a new XG video hit the air yesterday, and today, more news about the busy new mine (Cerro Moro) was released. (This vein was first reported last year.) On a day when Spot Gold was flat to lower, XG ranged higher to 12.00 before pulling back on a near-perfect 50% retrace. 50% is not an ideal retrace; the classic 38.2% retrace (Fibonacci) would be preferred, but in a sector that was somewhat flat, 50 is acceptable. I got out and I'll look for another entry point. 11.30 or so would've been sufficient, and XG closed at 11.42. If gold miners flatten out, I'll be waiting for another opportunity at a lower price. More than anything else, miners are about price. They don't fluctuate forever upward or lower. It's a matter of managing emotion and sticking hard to price points, much like buying physical.
Here's the man, Yale Simpson, talking about Extorre Gold Mines.
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