Wednesday, December 15, 2010

Stewart Thompson on recent Gold action

It's that time of year where we all get a bit busy, so expect the posts to be a bit less frequent. It's been a great year for Gold and Silver, would like to see them finsih the year with new highs and to continue climbing in price early next year, but one step at a time...

Stewart Thompson is a weekly commentator on the precious metal markets and is well worth the read. I like the way he writes his articles with bullet points, clear, concise, to the point, a very easy read. Here are a couple of excerpts from his latest:
1. Gold war update from the front lines: The Gold Community retook $1400 last night. Silver is close to retaking $30. I won the battle as to whether gold would take out $1424 on the upside or $1315 on the downside. Most thought $1315 would fall.It didn`t. Gold soared to $1430 basis dec futures and many gold stocks continue to exhibit violent upsurges.
2. I don`t like losing. So I don`t. Don`t you throw your gold away either because of all the correction talk going around. Click here now to view this morning`s Gold Chart with the new range highlighted: Gold`s New Range Chart.
3. Gold is now trading between 1370 and 1430, and doing so after breaking out, upside, from the 1315-1424 range. The fact is…. gold is marching higher. An army of gold top callers are about to meet their maker. The Gold Punisher is in the technical analysis house, and he`s not taking prisoners.
4. There is no head and shoulders now, any more than there was one in the last 1315-1424 range.
5. There is no double top either. What there is, fellow gold fiends, is an upside superblast going on right now, climbing a classic wall of worry. I`ve bought US dollars into weakness in some size, from other paper currencies, not from gold sales, and if there is a significant gold correction, later, I`ll use those dollars to increase my gold stock position total size.

And finishes the article on a note about junior stocks:

24. Like bullion, the juniors are trending higher. The difference is that bullion is on the verge of a possible upside pop, while juniors are on the verge of an upside parabolic move! If gold gets taken down hard today, the question is, are you going top out, or top up? Let's do it!

You can read the rest of the article here. Like Thompson I am loaded up with  quality Gold/Silver juniors (although mine are ASX listed) and looking forward to the ride ahead!


Disclosure: Positions held in Gold & Silver. Not investment advice. Do your own research.

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