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Gold/Mining/Energy : Gold & Gold Stock Analysis -- Ignore unavailable to you. Want to Upgrade?

To: Andrew who wrote (233)	9/22/2003 12:03:15 AM
From: Little Joe	Respond to of 29622

CHART UPDATE In my post on 09/06/03 I concluded: “Over the next two weeks the concurrence of upward pressure on the CRB index, weakness in the dollar, strong seasonal tendencies and the strong technical position of the metals, which I and others have previously discussed, could lead to a powerful rally into early October. That is my best guess.” I think we are seeing this come to fruition. First lets review the all important HUI long term chart. bigcharts.marketwatch.com I have previously commented on the long term H&S bottom and stated I thought a target of 266 was likely to be reached. HUI is approaching 210 and I still think the 266 target is achievable. CRB: This is a quote from a past comment: “This is a daily chart of the CRB index. I have previously written about the large double bottom in this market which projects to a high of 282. Since the breakout of the double top at 234 the index has rallied to over 248 and rallied back to the breakout area. The daily chart shows a breakout to new highs and indicates that the uptrend has resumed. This is a powerful argument against those who argue for deflation” Here is the current chart and CRB is still on track and looks headed higher. bigcharts.marketwatch.com The second chart that is important in my view is the US Dollar chart. tfc-charts.w2d.com This is near critical resistance and a break below 96 could easily lead to a test of the lows for the year. This is critical as I believe that the currency problems are going to be the drivers for gold. This is an excellent article on the dollar and I pretty much agree with this analysis: gold-eagle.com SEASONALS Here is the link to the gold seasonal chart. 321gold.com Here is the link to the Silver seasonal chart. 321gold.com As can be seen we are still in the strong seasonal time and this should support the price of gold and silver for the next few weeks. Gold Chart Here is a link to a chart showing the price of gold in euros: kitco.com We can see that it is near new highs. Here is gold chart in USD kitco.com Scroll down chart is in lower hand corner. Next we need to look at Newmont because it has been the bell weather of the unhedged gold stocks. stockcharts.com[m,a]dahlyyay[dd][pb50!b200][vc60][iUb14!La12,26,9]&pref=G This is a new high for the year. On a candlestick it looks very strong and the volume was good though not spectacular. One more strong day in this stock and I think we are off to the races. Pick of the week Pacific Rim PMU I don’t know what is up. I can’t show you the Worden chart but this one is headed higher. As I finish writing this at 09/21/03 at 11:58 Kitco shows gold up at 386.60. Big Daddy is knocking on the door and a close at a new high gold price for the year will mean the door is open; or I will be eating a lot of crow. Little joe