395 gold is obvious resistance. Break above should see a move to 415-420 Not sure now exactly when it will break over but it looks like it might bunch up underneath 395 for a bit before punching through. Further weakness of USD and various political and economic events will drive it short term but IMO there are clear fundamental reasons to believe gold and other metals are going higher. Daily and Weekly charts for Gold and USD.
Gold
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USD
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G.TO Goldcorp makes a 52 week closing high. ANALysts are bearish saying it is overvalued based on proven reserves.
I'd like to know why they think with recent drilling success Goldcorp cannot continue to replace reserves for many years to come. Also lowest cost producer in the world and no political risk. IMO a vote of confidence that reserves will continue to be replenished with the New shaft expansion at Redlake and the increase in production it will bring. I've heard it said that Mr. Rob McEwen could through gold maples down the shaft and make money.
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PDG.TO Placer Dome. Another 52 week closing high. I still consider this company to be undervalued relative to its peers Which would be the other top 5 gold producers.
Word is Placer's new Nevada discovery which is being described as fantastic and as good as anything ever discovered in Nevada in grade and size.
They also have few development projects in the pipeline among which are the huge Gold Copper Cerro Casalle deposit(PDG 51% AZS 25% BGO 24%) which is coming into economic range for development in the low 400's.
I believe considering the growth potential of their production and reserves PDG is undervalued and word has it that they may have been a target until the recent rise in the shares. Apparently there may have been a plan to split up the pieces, I read this on one of the gold mining websites.
mips1.net
NSU.TO. The Chart says it all.
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AGE.TO. Don't own it but might on further weakness. I won't chase it.
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K.TO. Lagging a bit recently but we have all seen how this POS can move at times. I'm looking for it to play catchup and push toward the yearly highs.
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AZS.V. Unwatched and neglected it seems. Perhaps the low liquidity works against this stock. According to shareholder information circular Pan Atlantic Bank and Trust LTD., Barbados has control of 12,029,600 shares or 30%. Continental Casualty Company controls 4,550,100 shares or 11.35%. It seems to move in spurts when sellers dry up at different levels. Seems to be some paper coming out at this 3.50ish level. I don't really care though I can wait.
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XAU. Bullish chart looks to be ready to break out over 100.
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HUI. Already making new highs.
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DJIA When does it end? Daily and weekly charts. Weekly MACD trying to roll over. I will add SP500 and NASDAQ indexes also.
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SP500 major overhead resistance top line of rising wedge at 1050 if the lines are extended out they make a point at 1080. I don't see it getting that far. Rising wedges always break to downside. ALSO same Weekly MACD trying to roll over
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Nasdaq. What can I say? I'll buy the Triple Q's if can hold the lows. Or perhaps when NAS hits 500.
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Here is VXO the old VIX for those interested in seeing how low it is. Measure of investor complacency
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