An interesting observation, gold stocks were down on Friday, they were also down on Thursday, in fact they had a sell-off at the very end of the day. I think the last 2 percent rise in the price of gold we had about a 4 percent drop in gold prices. Now, gold stocks rose early on and they did a very good job of forecasting this gold rally. So, the question is, are gold stocks now actively forecasting a sell-off, a profit taking or a correction in the gold rally? That is possible and if that is the case that is going to be a great buying opportunity because I do not think the correction will be very long lived or that deep and I do expect much higher prices later in the year. (SPDR Gold Trust ETF (GLD), Market Vectors Gold Miners ETF (GDX), Market Vectors Junior Gold Miners ETF (GDXJ))
Feb 27, 2017
Gold Is Still Trending Up
The price of gold was up again last week, got as high as 1,260 dollars an ounce. On my last podcast I said gold was building a lot of resistance at 1,240 and that when we took it out we would see a bit of a jump and that is exactly what happened.
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