Today the gold index (XAU) was one of the strongest groups as the XAU rose over 3% making new highs for the year.
I've been posting a lot lately about buying these stocks and now we are really beginning to see them move.
Notice in the lower pane how the ratio line of gold stocks vs gold is rising which indicates that gold stocks continue to outperform gold.
I chased into some GDX today just to be long. If GDX retraces I will buy more. What I bought today was a very small position, about one fourth of what I plan on buying but I do have a full position in GLD which I bought the other day at lower levels. Gold today was up over 6 dollars for the December contract.
Thursday, July 12, 2007
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