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Raging Bull podcast: Bishop says gold is building a base

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Jeff Bishop sees gold setting up a base and looking good for a leg up, so he is buying call options in the Van Eck Vectors Gold Miners ETF (GDX) and taking on shares of the Direxion Daily Gold Miners Bulls 3X ETF expecting to see a 10 percent move in gold in the next month. Bishop noted that he prefers to get commodity producers — thus, gold miners in this case — than in the commodity itself, even in a technical trade like this one. Bishop expects GDX to hold the $23 level, but noted that there is upside potential of a dollar or more by the end of the year; he will set his stop-loss below $22.50, to get the right mix of risk and reward.


Jeff Bishop is lead trader at TopStockPicks.com, running short-term trading strategies primarily using ETFs and stock options. At the time this conversation was taped on Oct. 24, he had 1,000 shares of NUGT purchased on Oct. 23 at $31.84, as well as 300 $69 Nov. 17 put contracts, and was looking to trade them as he described in this interview. The Raging Bull podcast features experts from the site talking with Raging Bull editor Chuck Jaffe on his show, “Money Life with Chuck Jaffe.” You can learn more about Chuck’s daily hour of market and personal-finance chat at MoneyLifeShow.com; you can subscribe to the Raging Bull podcast via iTunes and other podcast providers.

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