Woo hoo! What a feeling to see the precious metals and miners take off. I've been positioning myself for this for a long time now. The folks like Roubini calling for bubble in gold will look like fools if they haven't already. This bull market is clearly not done yet. If anything, this will be a big move up in gold as it just cleared new highs relative to the dollar.
I expect some correction here on gold at this level. Once again, this is an opportunity to buy. $1300 is my next target, then $1500. Silver should retest the prior high of $21 set over a year ago. And the miners will obviously rip higher as was seen today - these guys are leveraged to any move in gold.
I direct your attention to a few names that are clearly rocketing up and are good candidates to accumulate on dips.
EGO, IAG, SLW, ANV, SVM, SA. Even the blue chips like GG, ABX, NEM are moving.
For those with access to the Canadian exchange, check out RBI, SMF, EAS, III, and OSK.
I don't plan to sell until friends who I've been telling to buy precious metals for a while now, call me and ask how they can get some gold. Or maybe if the cleaning lady tells me of her favorite gold stocks. It will be the NASDAQ bubble all over again.
Choo choo, ALL ABOARD!!
Tuesday, May 11, 2010
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