In our May 4th commentary, we told our readers that precious metals and mining stocks were due for a “breakout” and we were right on target. Yesterday, the price of gold and RBY climbed to $ 940 and $ 2.20+ respectively. Traders of RBY made in excess of 40% profits in a little more than 2 weeks. These fantastic results are a culmination of our continued efforts to improve our timing of price reversals.
This week, RBY and other mining stocks have set new 52-week highs. Unfortunately for gold traders, the vision of once again re-visiting that $ 1000 mark will have to wait–at least for now. Nonetheless, charts suggest gold will continue to climb over the long term, so we’ll have to wait until profit-taking subsides. Besides, the US Dollar Index is in “oversold” territory suggesting that a quick reversal is imminent.
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