Nope, all along there is the one asset for the times, along with its wild little bro, silver I guess ;-). There are the miners of these metals and their sector fundamentals, based on ratios to the things of positive economic correlation; the 'investment' merit of gold stocks, or lack thereof as the case may be at any given time. There is silver leading gold, or the opposite condition. There are the very different implications of these conditions.
Maybe I should post a bit more on gold, because ladies and dudes, this is the one thing I am and have been bullish on for the long, secular haul. Even as gold remains constructive measured in a host of compromised (or worse) currencies as hope plays out, gold is now breaking out of a long watched (in NFTRH) Cup & Handle as measured strictly in USD terms.
Gold got a little frothy in February and somewhat compromised the Ascending Triangle by tickling above the top line, but we'll call this close enough for gov't work and target 1550 if the the barbarous relic breaks out, as it already has in terms of USD. The next target, a long standing one based on a Cup & Handle is 1463. This would presumably be on the way to 1550. There is also another target well higher than that off of a simply massive Cup formed in and around Armageddon '08.
Here is the Gold-USD chart from NFTRH120, just for fun.
It is amazing how people come out of the woodwork to manage gold when things get too bullish or too bearish. I assume this is because would be contrarians who missed epic buying opportunities on the metal just keep hoping and waiting. I had downside targets of 1290 (1308 was the low) or lower, on the latest correction that I thought might get pinged, but it looks less and less likely.
If that Ascending Triangle breakout activates, if the USD loses last ditch support, if treasury bonds (TLT is a trade ONLY, and it is against PM longs) break down, which is just a matter of time IMO, if one day owning copper and oil just does not do it for the speculators who think copper is oil is wheat is hogs is silver is gold, there will only be one destination for the financial refugees. And then the upside theatrics would begin for real. This is the essence of why I hold PMs through thick and thin as long as policy makers are playing a game of 'hide the cheese' as some pals and I used to call it.
Ah, here's Jonathan, right on cue. I'll kill my droning post here and let da man bring it on home. I'll leave you with this... the value humans assign to gold goes up and down; sometimes with great ferocity. Gold is acting as money, and people should respect this.
Gold This Morning: Bom Dia... Good Morning Lisbon
It's a push to assess overnight volume as adequate, but adroit trading made it very difficult to get back in or to cover shorts as levels seemed to effortlessly glide toward the congestion zone of former all-time highs. Devotees of official and coordinated gold selling seem either disinterested or perhaps more preoccupied with how to continue sucking financial resources from already impoverished Portuguese, Irish et.al. Maybe these dabblers in manipulation are suddenly finding that their offerings of uncovered future sales are being absorbed by buyers intent on just being long gold like China which according to peripatetic economist David Hale has purchased almost as much gold in 2011 as they purchased in all of 2010. GSR this morning has the liquidity taps running bountifully with GSR ~39.20. RSI is ~60 and at current price levels could certainly support buying resiliency. Open interest rose by 5,000 contracts within Monday's soggy volume...visions of investors trying to get back in? Today: You know where we are, and irrespective of the fact that dealing with calendar mitigation as the April/June roll continues and options expire next week will provide challenging technical selling, activity is bouyant.
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