Is Gold Going to Hit $2000 By 2012?

Quoted In Barron’s

“The world is navigating troubled waters,” observed Jeb Handwerger, editor of Gold Stock Trades. “What we … witnessed the day after the rally (yesterday’s session) was a technical day of rest before the upward move of the DJIA and the S&P 500 resumes their upward trends.”

At its current pace today, GLD’s headed to a 3%-plus weekly gain. Likewise, SLV’s working on a better-than 4% advance for the week.

But consider the small-cap focused  Market Vectors Junior Gold Miners ETF(GDXJ). At last check, it was falling by 0.5% on Friday. Still, it’s looking at around a 10% gain on the week. By contrast, the large-cap dominated Market Vectors Gold Miners ETF (GDX), which  was falling 2.7% on the day, was moving towards more than a 5% weekly uptick.  The Global X Silver Miners ETF (SIL) was trading down 0.9% this morning, but still looking at a better-than 9% advance on the week.

In futures markets, gold for February delivery — the most actively traded contract — was trading up by $14.20 to $1,754 an ounce. Silver for March delivery on the Comex was up 54 cents at $33.30 an ounce.

“Gold bullion appears to be forming a bullish symmetrical triangle (technical pattern) on the verge of breaking out to the upside,” Handwerger told clients today. “After 12-weeks of consolidation, a move above the descending resistance line on strong volume could indicate a potential upswing to the $2150 (an ounce) area.”

Read the full article at Barron’s by clicking here…

Subscribe to my free 30 day trial to my daily bulletin by clicking here…

Check out recent chart analysis.

You must be logged in to post a comment Login