Tag: precious metalsSort
I noted silver had a quite substantial move the past week, and now gold is making a nice series of higher highs and higher lows. Based on chart alone one would think SPDR (NYSE: GLD) has a chance for $95 before any serious roadblocks. I added to my Powershares DB Gold Double Long (NYSE: DBP) on this strength.
Is Good News Bad For Gold Investors? HAI Podcast for Week of May 11-15, 2009
Technically Speaking, Gold Bears Have Near-Term Edge
There's a continuous - no, let me rephrase that - there's an unending battle over the merits of technical analysis among traders. Those who forecast price trends using market fundamentals often think chartists are using the equivalent of chicken entrails to predict a commodity's future.
I'm not going to step into the line of fire in this battle...
This past Tuesday, the flagship S&P 500 stock index (SPX) surged 6.4% in its biggest daily rally since rocketing out of its panic low in late November. Gold, which was flat that morning, suffered increasing selling pressure as the day marched on. As the SPX strengthened, gold weakened in an inverse linear fashion.
Monday, March 9, 2009
by Jim Stanton, Technical & Quantitative Analyst, Smart Profits Report
When I last wrote to you two weeks ago, the Dow Jones Industrial Average (^DJI) and Dow Jones Transportation Index (^DJT) were the only two indexes that had traded below their November 2008 lows.
Just over a week ago, I wrote about the Central GoldTrust (NYSE: GTU) and how its premium suggested a little too much bullishness toward precious metals.
It's short-term stuff, but gold did keep pulling back from $940 at the time to $900 before its latest bounce attempt. What happened on that bounce? Even more bullishness, according to an all-time high GTU premium of 33% last Thursday...
During late 2008's unprecedented financial-market panic, gold got something of a bum rap. Since this metal didn't soar during the stock chaos like most of its investors expected, many assume something must be wrong in gold-land. But gold ultimately did hold its own, up 2.1% in Q4 while the S&P 500 plunged 22.4%.
During the very heart of the stock panic...