Peter Spina
Peter Spina
case gold higher major market move past precious several tend vicious
As is so often the case in the precious metals, corrections tend to be vicious and quick. With the major move higher over the past several sessions, the gold market is working off some of the excesses.
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News that the German government has deserted plans to invest proceeds from gold sales into a special fund assigned for research and education has given a boost to a weak gold market.
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Silver is taking center stage ... with the news of Barclays' silver ETF a step closer to possible approval. We have some gold investors moving into the silver market.
add dollar gold leg matter time
It is just a matter of time before we have another leg down in the U.S. dollar and this will just add to the luster of gold and silver.
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Gold Fields had a stellar second-quarter earnings release Thursday, with a combination of a strong Rand gold price, slightly lower production costs and an increase in production to 1.04 million ounces (from 993,000).
appear calls continues correction despite due gold industry looking perform run
Gold continues to perform very well, despite calls from industry analysts that a correction is due at these levels. In fact, gold does not appear to want to correct just yet and is looking to run to $600.
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The typical investor has yet to discover the attractiveness of this asset -- the gold price is just starting to reflect this move as investment dollars flow in.
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All indications are that the geopolitical tensions will continue to support gold at this juncture, with the breakdown in the U.S. dollar adding even more ammo to the run.
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We are undergoing a healthy bull market consolidation, with the likelihood there may be more pain to the downside.
allow correction higher metals otherwise ready remain run
Equities remain ready to run even higher if the metals allow them to. Otherwise a correction is due.
bring expected willing
Pullbacks are expected to bring in willing buyers.
appears metal short term took weakness
Metal equities took a thrashing and it appears there may be more weakness in the short term here.
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Silver stocks are powering ahead ... taking the HUI above the 315-316 resistance to all-time record highs.
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Silver is taking center stage...with the news of Barclays' silver ETF a step closer to possible approval.