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This week we will see a new wave leading to indexes new highs in coming week. Watch out for a reverse in oil, that would lead a knee jerk reaction of even higher stock prices.The support line drawn on the S&P has no meaning.
AEM breaks out on huge volume. Bottom’s in for the miners I think. If you are right about dollar taking a breather, GDX 25 should be close.
Well not exactly a break out yet. The previous intraday high is at $27.59. AEM needs another 60 cents before we could call it a breakout.
I was looking at it in CAD on TSX, where it has. I suspect USD will follow.
Fresnillo has held up very well on the FTSE over Christmas.
I mention this as FRES is a good play for when the Dollar goes down and gold goes up – i.e. for those who buy miners in Sterling on the FTSE without incurring the expense of GBP/USD currency exchange costs of buying US listed miners in Dollars.
The fact that Fresnillo is about £7.65 currently, as opposed to around £6.90 where I would now expect it to be, makes me think that London metal / miner buyers are expecting the USD to go down shortly and gold/silver up.