Saturday, April 24, 2010

All Systems Go For Gold

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Great day in the Gold patch. Magically, Gold was off to the races after the AM smack down designed to pick the pockets of those playing the futures options game in Gold (today was expiration day). Everything is now lined up perfectly and today's move higher I think was the real deal in getting us moving quickly towards the December high in the Gold price.

Of course, this recent high is only a potential brief stop on the road to much higher Gold prices in 2010. The Gold chart couldn't look more bullish. Here's a 1 year candlestick price chart of the action through today's close:

Gold stocks perked up today, but they still have a lot of ground to make up. One thing about Gold stocks, however, is that they can move awful fast (in either direction) when they get going. Here's a 10 year ratio chart of the Gold Bugs' Mining Index ($HUI) divided by the Gold price ($HUI:$Gold ratio chart) using a linear scale weekly candlestick plot:

I remain a rabid bull in the Gold patch and I am all in and as biased as can be. Until the Dow to Gold ratio gets to 2 (and we may go below 1 this cycle), there's no safer place to have your paper than in Gold.

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