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There's only one problem with this "iron ore down, copper down so therefore gold will go down" theory...
...that certain corners of the metaloblogosphere are currently attempting to promote:
People, the sooner you realize that we're at the start of a bull market for gold stocks, and the sooner you stop listening to the market experts who are snaffling up the best prices while telling the greenhorns to be cautious (they'll get you in later when they're fully positioned), the better it will be for your back pocket. Or as stated to subbers this weekend (end of intro section piece):
"So yes, of course there’s still a lot of nerves about and people telling you to be cautious; thing is that’s what happens at the beginning of a bull market. In fact it can’t possibly be any other way, because a fully confident sector would have already pushed stocks and valuations higher and be in the mature phase of the cycle.
"In the end, to follow and be interested in this most volatile of market sectors you have to be a speculator at heart, it’s necessary to take risks. For well over a year it’s been tough going for juniors and a lot of share prices have been crushed. As a result, it’s been a heads-down, no-peeking-over-parapets markets for a long time and in my personal case, no commitment of larger cash (while keeping interest via the shorting of some stocks and some smaller, nearer-term trading ideas in punctual situations). That time is now past at The IKN Weekly, it’s time to get bullish and longer, take more risk on board and hold for longer periods. Big gains await those who can see out the first rougher periods of a bull market, that’s where we are today."
PS: Now on the road for a couple of days. Posting light til Friday.
...uranium, from here:
It beggars belief that the U-pump crowd are assuming the Japan policy news hasn't been baked in already, too. This whole spec is based on wishful thinking about a metal that's not going anywhere, folks. Beware the crowdspeak.
The key is in the volume.
UPDATE: Oh dear. Via reader D your author learns that the same chart was included in the March 7th "Haywood Weekly Dig" pdf as well (page four). And again, no correct credit given. Would you like me to bill you for the data compilation services, Mr Tognetti?
*why it occurs to me to do it on a Monday morning then completely forget the rest of the week is a bit of a mystery to me, but that's how it seems to happen.
...the relative performance of gold (GCJ4), silver (SIK4) and copper (HGK4), 2014 year to date, via their futures contracts:
Silver can't decide whether it's precioussssssssssss or industrial again. That's a warning sign.