Thursday, June 26, 2008

These gold charts are worth a look at

The PMs have taken the back seat in the most recent rally in commodities. While corn, soy beans, oil, and other commodities were making either fresh contract or all time highs on a daily basis, the PMs simply consolidated. This was to be expected after the fantastic rally in gold from the low $600s to above $1000 /oz. Personally, I exited the last of my PM equities positions at $975 /oz and have been on the side lines ever since (I do still own physical metals). But I believe that we are currently encroaching a good entry point in the PMs. I'm normally not a big chart guy, but I would like to throw some charts at you and explain why I will be doing some discount shopping for my favorite mining stocks in the not so distant future.

The first chart I would like to discuss is the 3 year daily chart.

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