Chalk up Another Win for the Gold Bulls!
Those of us who have been expecting gold to break out above the $1125 level, and who have maintained our long positions despite warnings from the negative nabobs who are still calling for gold to drop below $1000.00, are now watching the gold bears frantically cover their short positions.
Thankfully we were able to convince our subscribers to pay no attention to the bears and to hold onto gold and silver bullion and mining stocks since the fundamentals are clearly in our favor.
Here are some charts that helped us to disregard the urgings of those who predicted lower gold prices. Charts courtesy Stockcharts.com
….read more of Peter DeGraaf’s comment plus Charts HERE
This brief comment below from the Legendary Trader Dennis Gartman. For subscription information for the 5 page plus Daily Gartman Letter L.C. contact – Tel: 757 238 9346 Fax: 757 238 9546 or E-mail: dennis@thegartmanletter.com or HERE to subscribe at his website
COMMODITY PRICES ARE AGAIN FIRMER, moving higher as the US dollar moves lower. Knees are jerking all around the world, apparently… and in tandem too we might reasonably add. Grains were and are strong; energy is and was strong; the precious metals were strong, but are giving back just a bit of that strength this morning… and all are celebrating the sudden shift in Greece toward fiscal probity! We’ve our doubts about the latter of course, but for the moment the market hasn’t.
We remain bullish of gold, and yet again we feel the need to note for the record that we are not gold bugs here at TGL. We do not believe that the world is going to virtual hell-in a-hand basket… although we are dismayed about what is taking place here in the US regarding the non-payment of mortgages and the loss of character that that engenders”
We do, however, believe that at the margin the central banks in the emerging world are becoming less and less supportive of the EUR particularly and the US dollar secondarily, and are at that margin buying gold”
Charts via MoneyTalks
