Precious Metals Comments

 

Turquiose = Precious Metals

In the Feb 15th chart you will see that the PM turq line is starting to turn up with a steeper slope than the past three times after big redemptions...On today's chart above you can see a sharper rise in investor/trader buying of this Precious Metals mutual fund...The markets usually advance while leaving most traders behind...Most investors/traders buy and sell at the wrong times...Why are investor/traders buying into the PM mutual fund now?
To review, after the large redemptions in this PM mutual fund the price of GLD bottomed a couple of days later at 127.80 and today it closed at 135.04...So the fund was sold at the wrong time...
The daily price chart of GLD is overbought and the chart pattern looks like an ascending wedge, while the weekly price chart of GLD is oversold...Wouldn't mind seeing the price of GLD break out of the apex of the ascending wedge to the down side and get over sold one more time...

Let's wait and see...

Past performance is not indicative of future results.