Welcome To the Stock Synergy, Momentum & Breakout HUB On AGORACOM

Edit this title from the Fast Facts Section

Free
Message: Re: PM stocks - looking tired

Dec 22, 2010 11:22AM

I know what your saying, just rereading Peter's last update.

Please Note – There will be no new markets/companies -oriented posts until January 3, 2011.

Gold and Silver – Without question, gold and silver are the Rodney Dangerfield’s of all investments – they can’t get any respect. The vast majority of so-called experts continuously calling for a top, a sharp correction or we’re in a bubble. While the usual bunch of gold perma-bears has for the umpteen time said this is the top, what’s been surprising (and making me even more bullish) is how many former bulls continue to join the bearish camp. I received a “ton” of gold and silver warnings from numerous different people. Like others before them, the market shall not correct enough to get them back in and they must resort to hoping their followers/subscribers suffer amnesia and “forget” their erroneous call (many have done this more than once).

I said all aboard to those who have yet to get on board the mother of all bull markets. Technically, gold can decline back to around $1,310 and still be in a major uptrend. I don’t believe that’s the likely case but I do see a period of consolidation through the New Year.

One of the simplest technical patterns one can employ that removes all the noise and emotions is point & figure charts. Gold clearly shows it remains in uptrend and only a close below $1,310 could call that into question


Dec 22, 2010 03:46PM
Share
New Message
Please login to post a reply