Gold has been in a tight trading range the past couple months and its looked negative for them. Gold finally broke down from its trading range and is moving lower. I am now looking to find a spot to call the bottom, I believe we stay above 1200, and I think 1220 is a good target. This is nothing new as I have already said this in previous posts and you can take a look at is since its not hard to find. I haven't posted much lately so its the third post down i believe maybe fourth from two months ago.
I think now is a good time to buy mining shares on discount. Gold will mark its low in december or january then have a leg hire and with tax loss selling in mining shares, creates a great opportunity to purchase some of these stocks even for a quick flip in the first or second month of the new year. I am seeing a lot of great names go down 20-30 percent and its getting me excited. I can't decide if I should add to my already in profit uranium stocks or if i should go heavily in the best of the best in the gold sector. I am probably going to meet in the middle and buy a bit of both on friday opening.
Here is the cot chart for gold and silver.
These charts are still delayed by a week at the moment. They have probably improved more for the bullish side of the story. Silver I think holds 15.25 if it even gets that low. Silver looks a lot more positive right now. I will be looking for calling the bottom soon, its not too far off though if its not already here in my opinion. Happy investing everyone