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Gold/Mining/Energy : Gold and Silver Juniors, Mid-tiers and Producers

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From: loantech	11/13/2005 4:15:17 PM
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Gold Action #407 This is a hang on and go for the ride market Dr. Clive Roffey 14 Nov, 2005 The gold price is ready to surge again against most currencies. In fact, relative to the Euro, the gold price has already moved to a new high. Silver has broken out of its triangular pattern and above the critical $7.50 level. Platinum is forging ahead to the $1000 mark and, as expected, palladium is running like a scalded cat. The precious metal markets are where the action is taking place. This performance is not only likely to be stronger than general equity markets but also superior to most currencies, including the dollar. On this note I am looking for a period of dollar strength of about 10% against the leading currencies. The gold shares are about to break out of their recent minor reactions into a continuation of the long term bull trend. This is the key element of precious metal analysis at this point of time. There are so many analysts calling for a collapse of the gold price back to $430. Meanwhile my Elliott Wave analysis continues to indicate that moves to $520, followed by $620, are the next two bull target levels. I am not looking for any substantial correction until the $600 area has been attained. This is a hang on and go for the ride market. Not a trading situation. There is a total misconception that gold shares are for trading. In real life bear markets are for trading as are range bound markets. But bull markets are for investment, and gold shares are in a long term bull market. Whereas most of the North American stocks have been rising consistently for the past three years the South Africans, due to the strong Rand, have been in huge sideways trading ranges. They are just breaking upside out of these range bound situations and are likely to produce a far superior performance to their North American counterparts for the next phase. Goldfields is a typical example of this picture. It has recently broken upside against the XAU and HUI gold indexes indicating a superior strength for the foreseeable future. The same strength data applies to Harmony and Anglogold. Even Durban Deep has a very bullish chart. It is interesting to listen to the deafening silence of all the DROOY critics since the market low. I am looking for at least $2 in the short term with a long term target of $10 for this much maligned stock. 321gold.com

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