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Gold continues to hang tough in the midst of oil’s nasty selloff. Although August crude has fallen more than 14%, from last Tuesday’s peak of $73.38, a Comex Gold futures contract expiring the same month lost just 2.5% of its value during the same period, falling from $947 to $924. The fact that gold has not plummeted in sympathy with oil strongly hints that it will be quite feisty when selling in the oil pits finally lets up. It was triggered by fears that the alleged global economic recovery is much weaker than had been thought. One might have expected investors to be prepared for this turn of events, but apparently [continue reading…]

We told you last week to wait for better prices if you’re planning on buying gold bullion. That is still the case, although it looks like it may not be long before the promised bargains arrive.  A week ago, with Comex August Gold trading for around 824, we projected a minimum downside target of 899; yesterday the futures settled at 924.60 after making a two-week  low at 920.30 . Lest you get the impression that gold sat still in the interim, we [continue reading…]

Taking their cue from our cautiously optimistic, if factually challenged, Fed chairman, mainstream purveyors of news have been spewing propaganda for months about a “recovery” in the second half. But do investors actually believe this poppycock? We never would have imagined so, at least not before Thursday. But when the broad averages plunged on weak payroll numbers released ahead of the holiday, they buttressed the [continue reading…]

(Although our long-term outlook for precious metals remains bullish, we doubt that gold is ready to leap beyond the $1000 barrier the next time it touches it — especially if this occurs within the next few weeks.  However, with today’s commentary by our friend Chuck Cohen, we skip ahead to the not-so-distant future, when junior mining shares are likely to make dot-com mania seem relatively subdued in comparison. Below is Chuck’s rousing forecast for gold and gold stocks. RA)

Advice from Shaq, Canseco

Can you remember back in what seems now like ancient history–1998-2000, when making money in stocks seemed absurdly easy. Stocks only went up, some of them to ridiculous levels. Testimonies of instant millionaires were everywhere. CNBC was on in every barbershop. Even Shaq and Jose Canseco were dishing out advice.  But then it was [continue reading…]

Today we feature the  work of our good friend Chuck Cohen, who combines technical savvy and horse sense better than just about anyone we know.  He thinks Citigroup’s meteoric rise in recent days bears eerie similaritites to the stock’s spectacular bear rally last October, when it rose from 12.85 to 23.50 in just two weeks. Then, as now, he recalls, the hubris was deafening Here’s Chuck:

“Back in October 2008, the stock market had just completed a very sharp drop dragging the Dow down to just under 8000. A sharp relief bounce carried the averages up to about 9,300 by the end of the month. At that time, most of the commentators, who never saw [continue reading…]