There evidently at that PDAC were few that were bullish and everyone is "cautiously optimistic" - which is phrase that really means nothing.
Gold and Gold Stocks
Their price patterns suggests a classic consolidation pause within a bigger uptrend.
I just did an interview with Jordan Roy-Byrne of thedailygold.com about the current action in gold and gold stocks. Jordan applied an interesting analog analysis of gold prices to understand what they are doing now and likely to do over the next few weeks and months.
Just a few weeks ago a Wall Street company launched a slew of gold exchange traded funds that some are out promoting that I think will only hurt people.
Do you own any gold or silver? Do you own any physical assets at all or are your investments solely dependent upon what the US stock market does and the wisdom of the United States government?
There is much that you can learn from the market by listening to and following people who are doing things smart. Buffett's comments in this upcoming letter point the way.
In this interview Ike talked about the price of gold and what he projects is likely to occur with gold prices in the next few months.
Gold stocks have been on fire this year, blasting higher to 2014’s pole position of best-performing sector. And this powerful rally’s internals are looking as good as its headline gains.
What is interesting is that it isn't just gold and silver and the mining stocks that are breaking out, but lots of different commodities too.
Today gold stocks closed above their 200-day moving average after basing below it now for months.
Today gold stocks popped up so much that most of them are now sitting right below their long-term moving averages. They have been building a stage one base and once they clear their resistance at their long-term moving averages they will begin a full blown stage two bull market.
As you probably know I've been watching gold and mining stocks like a hawk since the start of the year, because I expect them to begin new bull markets this year...it looks like it can now begin at any moment
While the stock market has been falling gold and gold stocks have been doing well so far this year.
Today Steve Liesman - who acts as a spokesman and propagandist for the Federal Reserve on CNBC - announced that the Federal Reserve may stop its "tapering" of its QE money printing operation.
If you become a gold bug and sells stocks and buy physical gold it means that you are taking your money out of your brokerage account and the Wall Street money system.
I bought investments in Greece and Europe when CNBC told me not to do so in 2012 and will likely being buying more gold and commodity related investments this year too - and part of the reason is the crazy negativity towards them by the useless CNBC talking heads.
I did an interview with the Canadian talk radio show This Week in Money over the weekend.
He thinks the stock market will drop on worries next year on Fed "tapering." And in response the Fed will get scared too and PRINT MORE MONEY!
The NYSE and Nasdaq will close today for trading at 1PM and will be closed all day tomorrow for Christmas.
The media is always way too negative over a market at a major bottom. And today they are way too negative on gold.
The move must be put in context of the larger trend.
Yesterday we saw a sharp drop in gold prices and mining stocks as gold fell down towards 1300 an ounce after having been over 1400 an ounce just the other week. In my view gold and mining stocks are still in the process of forming a stage one consolidation base after making a bear market bottom in June, which should come to an end soon, probably this month after next Thursday's FOMC meeting.
Gold stocks slipped Tuesday as news came out that suggested that a diplomatic solution may be on hand to avert President Obama's drive for a new war in Syria. For a year elements in the United States have been pushing him to support the "rebels" in Syria for a "regime change" operation. Men such as John McCain and Lindsey Graham have hungered for US intervention in Syria while some members of Obama's administration have also sought to get involved there.
It takes a market going up for a year after a bottom for people to get interested in it again. But if in a year from now gold goes up as much as I think it will you'll start to see interest in gold and silver investments grow - interest that could become a mania in a few years.
What is going on with gold stocks? Yesterday gold went up, but gold stocks and the mining stock HUI gold bugs index all dropped.
Over the past few days we have seen gold stocks and the HUI miners index dip. The HUI actually went up over 34% from its June low. It now appears to be pausing and forming a base to launch a new rally off of.
The game is on for gold. Yesterday was a historic day, because it marks the beginning of a new bull market for metals and mining stocks that will likely last for several years.
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