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Much has been made recently about copper’s decline in value. The fabled “Doc Copper” is supposed to be a harbinger of economic direction. I’m not so sure, but I will say that the continuous contract of the metal is fascinating, particularly because it’s one of the very few instances in which a Fibonacci fanline seems to be instructive about key levels of support and resistance.
While we were prepared for last week’s run in silver in our service on ElliottWaveTrader.net, many are only now suggesting to buy into the metals after missing the last 10%+ move up in silver. Yes, that is what happens so often in financial markets. Markets go higher and people want to buy more the higher it goes. Yet I was getting a lot of pushback when I was suggesting people use price levels below 15 to accumulate silver holdings.
What strikes me as odd is that in every other aspect of your life, you are in search of “the deal.” If you want to make any other type of purchase, you invest a lot of time in finding the best or lowest price you can find out there in the market. Yet, that is not what happens with most investors in the financial markets.
(more…)If one wasn’t quite convinced of the powerful move precious metals (and miners) have made over the past nine months, look no further than the triple-bearish ETF symbol DUST, which moves inversely to miners:
While many are talking about major new bull markets in gold, silver and the miners I find it safer to set realistic goals within a still very bullish outlook. After all, we became bullish in November, had to retrench due to over-bullish sentiment and fading fundamentals in February (both situations linked here) and then have been back in the bull seat since the gold stock launch as noted on June 3rd.
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