Precious Metals – correction mode!

April 2, 2013

Gold and silver are in a full blown correction.  Because the stock market is making all-time highs, a lot of money is rotating from the precious metals, commodities, and bonds to stocks.  Plus, gold and silver have increased in price 11 years in a row up to 2012, which is unheard of in any bull market – there are usually short periods where the prices consolidated.

Major support for gold is at 1525.  If this does not hold, then a drop to 1200 may be next.

I still highly doubt that the bull market is over, despite what almost all the commentary from the “experts” is.  There really has been no emotional end to the bull market – no blow-off peak.  I am confident to say that this will be in the future sometime – when, no one knows.

Hold off on any purchases of coins, bullion, and especially precious metal mining stocks, which are just getting killed.

Frequently, right before the last major move up in a bull market, there is a major move down that acts as a shakeout to eliminates the “weaker hands” .  This could be what is happening now.

 

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