Welcome new reader!

Financial news I consider important, with my opinion, which is worth as much as you paid for it.
Please click HERE to read a synopsis of my view of the financial situation.

Thursday, June 19, 2014

The Golden Bull


Wow, Gold is really picking up the pace, take a look at the first chart and after years of downside it is exploding up.  If you think you missed the entry, keep in mind its a long way to gold over 1900 an ounce as second chart shows.  The advancement in GDX, GDXJ, and GLDX has been nothing short of stellar.
On Sunday night I revised my New Reader entry to highlight my concerns and positioning on gold.
Wednesday of last week my post Gold miners, Stock Market what next? all of the stocks below where even lower than Tuesday AM, so gains are even greater in 7 days.

Assuming GDX breaks above 27, the long term stock indicator will indicate a probable multi-month rally.  since gold has been very suppressed for so long, I suspect the pent up demand and heavy short covering will make this scream higher.
                   
                    Tuesday AM             EOD Thursday         Percent gain
GLD            122                             127                            4.1%
GDX            23.75                          26                              9.5%
GDXJ           38                               43.07                         13.3%
GLDX          14.25                           15.90                        11.5%
  

Gold, 10 year view

No comments:

Post a Comment