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Wednesday, September 22, 2010

Gold Stock Bulls Crowding the Kitchen

The percentage of investors who are bullish on gold mining stocks is represented by the black and red dashed line, and is currently running around 80%.  This is usually where the miners pull back, seen in the AMEX Gold Bugs Index above, in purple.  One day however, we believe both gold and the mining stocks will break to the upside in a manner, regardless of the reading on the bullish indicator, that will only be describable as "shocking".

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