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Friday, October 15, 2010

Gold Stocks Not All the Way There Yet

Point and figure charts on gold and the gold miner ETF (GDX) both show major new bullish price targets based on breakouts recently.  The AMEX Gold Bugs Index (HUI) has not yet triggered a major new target, however.  GDX has twice the number of mining stocks, and contains smaller companies that have moved much higher than the large caps, along with some silver miners.  We would like to see the Gold Bugs confirm a big new target soon before committing any new money.

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