...............A Rare Gold Article Worth Reading
See http://news.moneycentral.msn.com/provider/providerarticle.aspx?Feed=FOOL&Date=20070117&ID=6352481 for a rare gold article worth reading.
Gold had a Secular Bear Market for about 21 years, from 198o until April 2001. The ONLY reason I'm a gold/silver (the stocks are even better in general) bug is because a likely 15-20+ year Secular Bull Market began in late 2000 for gold /silver stocks, in April 2001 for gold and in late 2001 for silver, AND, because for ME, it's a great market to trade. Due to the very high volatility, which makes market timing VERY important, the precious metals sector isn't for everyone.
I don't presume, like so many jackass gold writers, that I can tell you that you should be in this sector and that you WILL get rich. Most of these guys have become so bullish/complacent (or are self serving slimebags) that they act/analyze/think like foolish nitwits.
NEM, obviously a blue chip gold stock, peaked a bit above 50 in December 2003 (Wave 3 long term cycle high) and is currently at 42.65ish, so, more than three years later, NEM is down about 15%. The vast majority of gold writers, when it comes to market timing, are VERY hazardous to your wealth.
As many of you know I turned bearish shortly after May 11, 2006's Wave 1 Cyclical Bull market cycle highs (HUI/XAU) due to the Elliott Wave count and the 5% sell signal (scroll down a ways to see the charts I did last year, see http://www.joefrocks.com/GoldStockCharts.html, including a very long term chart showing the XAU's previous Secular Bear Market (Elliott Wave ABC down up down pattern), and, how in February of last year the Elliott Wave count correctly pointed to a very important cycle high).
HUI/XAU's Wave 2 Cyclical Bear Market began 5-11-06, see charts 7 and 9 at http://www.joefrocks.com/GoldStockCharts.html. NEM's Wave 2 Cyclical Bear Market that began on 1-31-06 ended on 10-4-06 at 39.84, so, reliable lead indicator NEM is probably in a 5 yearish Wave 3 Cyclical Bull Market since 10-4-06, see chart 8 at http://www.joefrocks.com/GoldStockCharts.html. ....... http://www.JoeFRocks.com/ .
HUI NEM XAU
Gold had a Secular Bear Market for about 21 years, from 198o until April 2001. The ONLY reason I'm a gold/silver (the stocks are even better in general) bug is because a likely 15-20+ year Secular Bull Market began in late 2000 for gold /silver stocks, in April 2001 for gold and in late 2001 for silver, AND, because for ME, it's a great market to trade. Due to the very high volatility, which makes market timing VERY important, the precious metals sector isn't for everyone.
I don't presume, like so many jackass gold writers, that I can tell you that you should be in this sector and that you WILL get rich. Most of these guys have become so bullish/complacent (or are self serving slimebags) that they act/analyze/think like foolish nitwits.
NEM, obviously a blue chip gold stock, peaked a bit above 50 in December 2003 (Wave 3 long term cycle high) and is currently at 42.65ish, so, more than three years later, NEM is down about 15%. The vast majority of gold writers, when it comes to market timing, are VERY hazardous to your wealth.
As many of you know I turned bearish shortly after May 11, 2006's Wave 1 Cyclical Bull market cycle highs (HUI/XAU) due to the Elliott Wave count and the 5% sell signal (scroll down a ways to see the charts I did last year, see http://www.joefrocks.com/GoldStockCharts.html, including a very long term chart showing the XAU's previous Secular Bear Market (Elliott Wave ABC down up down pattern), and, how in February of last year the Elliott Wave count correctly pointed to a very important cycle high).
HUI/XAU's Wave 2 Cyclical Bear Market began 5-11-06, see charts 7 and 9 at http://www.joefrocks.com/GoldStockCharts.html. NEM's Wave 2 Cyclical Bear Market that began on 1-31-06 ended on 10-4-06 at 39.84, so, reliable lead indicator NEM is probably in a 5 yearish Wave 3 Cyclical Bull Market since 10-4-06, see chart 8 at http://www.joefrocks.com/GoldStockCharts.html. ....... http://www.JoeFRocks.com/ .
HUI NEM XAU
Labels: Gold, Gold Stocks, HUI, NEM, Silver, Silver Stocks, SPX, XAU
posted by Joe Ferrazzano at
8:50 AM
