This Past Week In Gold: Bear Market Rally In Progress
Jack Chan | Jan 25, 2015 04:33AM ET
SPDR Gold Trust (ARCA:GLD) – on buy signal.
iShares Silver Trust (ARCA:SLV) – on buy signal.
Market Vectors Gold Miners (ARCA:GDX) – on buy signal.
iShares TSX Global Gold (TO:XGD) – on buy signal.
Central Fund of Canada Ltd (ARCA:CEF) – on buy signal.
COT data reveals the sentiment of speculation in clear numbers.
Sentiment at bull market tops and bottoms is decisively different than sentiment at bear market tops and bottoms.
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Summary
Long term – on major sell signal since Mar 2012 when $HUI was at 550.
Short term – on buy signals.
Gold sector cycle – up as of 11/14.
A bear market rally is in progress but upside should be limited.
COT data suggests lower metal prices overall going forward.
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