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Gold Price and Stocks Bullish Breakout

Commodities / Gold & Silver Stocks Nov 22, 2008 - 11:45 AM GMT

By: Mike_Shedlock

Commodities Best Financial Markets Analysis ArticleThe action in gold and the miners is very encouraging. The overall indices got hammered yesterday and gold did not follow. Nor did the gold miners. Hedge fund selling and leverage unwinding in gold may be complete or nearly complete.


Here is a chart of Goldcorp.



The circled candle is a nearly perfect indecision doji . Today there was followthru on the upside.

$Hui Daily



The action in gold, gold miners, and the stock market yesterday suggests the bottom is in for gold. Seasonally, gold is favorable through January although seasonal trends in gold have not panned out well this year.

I have often said that gold would decline in the initial stages of deflation as leverage was wiped out everywhere. If that leverage has been wiped out, gold miners have a lot of catching up to do with the price of physical gold.

Finally, gold itself is now free to rise in deflation given its true role as money, even as those in gold for the wrong reason (as an inflation hedge), bail.

By Mike "Mish" Shedlock
http://globaleconomicanalysis.blogspot.com

Click Here To Scroll Thru My Recent Post List

Mike Shedlock / Mish is a registered investment advisor representative for SitkaPacific Capital Management . Sitka Pacific is an asset management firm whose goal is strong performance and low volatility, regardless of market direction.

Visit Sitka Pacific's Account Management Page to learn more about wealth management and capital preservation strategies of Sitka Pacific.

I do weekly podcasts every Thursday on HoweStreet and a brief 7 minute segment on Saturday on CKNW AM 980 in Vancouver.

When not writing about stocks or the economy I spends a great deal of time on photography and in the garden. I have over 80 magazine and book cover credits. Some of my Wisconsin and gardening images can be seen at MichaelShedlock.com .

© 2008 Mike Shedlock, All Rights Reserved

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