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Weekly Market Update Excerpt
posted Jan 14, 2011
Gold and Precious Metals Markets
UUP-nyse Chart (US Dollar Proxy)
US Dollar Analysis:
The Dollar rally has stalled and started a slight pull back on soft volume. That soft volume is a short term positive for the dollar. My Target for UUP is the $24.00 area. I would expect that as price moves into that $24 area, Gold will continue to correct in price and may even accelerate its rate of decline.
The longer term issues with the Dollar are rooted in debt and incompetent government. As it pertains to the economy, the administration believes spending equals growth. Follow that with the current Chairman of the Fed who believes money from a Helicopter will get the job done, and you have a combination of policies so dangerous that they are potentially fatal for the nation.
Those looking at history to calculate the moves of the US dollar and Gold should be careful. The dollar is rallying as I predicted. But the accumulated debt, unfunded liabilities, and interest, has created an America with a 200 trillion dollar long term debt weight on the back of a 14 trillion dollar economy!
The levels of debt and money printing are at such dangerous levels that the next leg down in the dollar, once last year’s lows are broken, and I’m sure they will be, could bring major panic selling of the dollar. That would devastate the national economy. Our economy could actually be demolished.
SGOL 6 Mth Chart (Gold Bullion Proxy)
Gold Market Summary: Long term trends are in place. Accumulate short term weakness. My Super Force targets are an excellent place to purchase and you should buy all the way down to my targets, as well as in greater size at the targets. There is a tug of war between the technical need for Gold to correct and the extremely bullish fundamentals. Fundamentals could see gold shoot dramatically higher when none of us expect it to happen, and your buying strategy must take this possibility into account.
SGOL 14 Mth Chart
Analysis: The market had a short term countertrend up move. My SF60 Trading Service booked profits on five winners this week.
The real gift is the correction we are having in Gold and related sectors. It is normal to see low volume counter up moves in a market that is in correction, and that looks like what is happening here.
Gold Juniors Analysis:
My SFS Gold Stock Ratio projects a $75.00 one year price target for GDXJ. How does GDXJ get to $75.00 or even possibly $250.00? One dollar at a time. At current prices, the sector is best termed a “gift buy” for you, even though we may go a bit lower.
GDX 6 Month Chart
GDX has a more powerful buy signal than anything else in the metals sector, currently. I currently have more money in Senior Gold Stocks than any other holding, except bullion itself. GDX right here is a superb long term acquisition, absolutely suberb!
On a shorter term note, a look at the volume action this week shows the up move in price was accompanied with sagging volume. Last week, you saw down price and higher volume. This indicates the correction will likely continue in the coming weeks.
GDX Massive Breakout On 3 Year Chart
SIVR 5 month Chart (Silver Bullion Proxy)
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Jan 14, 2011