Peter Lynch is one of the buyers, he recommended several mining stocks recently and especially ABX, Stephen Leeb has also discussed it. There are several big names that have seen the opportunity in gold, but these days momenutum rules and they may be nibbling now, but when they see gold start to cross some barriers (ABX crossed over it's 20dma yesterday after being submerged under it for 49 days), they will jump on the bandwagon, that's why I think there is a unique opportunity now with short covering before Christmas vacation.
From some of the charting I've been doing, the market looks to be in a very precarious state right now and could be prone to a major sell-off, and people run to gold in crisis - we just havn't had a crisis in a long time - may be overdue.
Here is a big salvo for gold, the yen/dollar relationship has made a big reversal and the dollar is dropping rapidly over the last couple of days:https://www.siliconinvestor.com/readmsg.aspx?msgid=2985330
It is not out of the question that the currency crises, will demand a return to gold - Alan Greenspan hasn't sold a drop of US Gold and he's the smartest CB'er in the world.
Bob |
