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Monday, June 21, 2010

This Week in Charts

Well, what can I say? I am into gold miners once again. As my previous S&P 500 graph showed, a close above SPX 1105, it is time to buy gold miners.

I must warn, there is always risk. One of my greatest concerns with gold miners is what Australia did a month or so back. They added heavy taxes on precious metal miners there. so even if gold goes way up, the government burden will keep those stock prices lower. I expect at some point the rest of the world to follow.

Governments hate gold going up, as it is a sign of the "no confidence vote" for fiat currencies. I do NOT subscribe to the mantra "gold is money". No, gold is gold, and money is money. Governments state what is money in legally binding contracts honored by court systems. Gold is money the same as oil is money. Its a commodity that has value and has regard in society.

Anyway, for now, I am in, and may cover more shorts to go more "in" to gold/miners.
Of special note is recent weakness in USD. I am not concerned until it breaks below 82, and I may start to panic below 74.


Now, for the charts:
From WebSufinMurfs FinancialBlog2

From WebSufinMurfs FinancialBlog2

From WebSufinMurfs FinancialBlog2

From WebSufinMurfs FinancialBlog2

From WebSufinMurfs FinancialBlog2

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