Gold Edging Higher
Barry Dawes of Martin Place Securities takes a look at the gold market to explain where he believes it is headed.
Gold is moving quietly ahead and should soon start accelerating. This is unlike earlier bull markets in gold, where price rises were sharp and volatility high.
The slow rise is probably indicative of just the early stages. The corporate action in the gold sector is showing that the capital markets are freeing up in the resources sector and this should be just the beginning.
Producing companies are being bought for operating cashflows now, so it is the price of buying gold production.
Soon, it will be the price of gold resources in the ground.
Silver is moving higher, and its parabolic move is now proceeding. Gently for now. Accelerating soon.
Spike intraday high:
Held on to intraday spike again:
Gold is back-testing on both the trendline and the parabola.
You can see the parabola developing here.
Gold and Silver Stocks
Silver stocks are leading gold stocks. No silver producers in Australia yet outside of S32.
Broken Hill Mines is coming up soon, though.
Gold stocks made a new rally high here and are just breaking out.
Silver stocks have already broken out of the box.
ASX Gold Index
It won't be long to 11,000.
US$
Backtest and island reversal:
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