In my mind, the buyability of of gold stocks fell backwards this week, due in part to the recent rise in the price of gold, increasing from the mid $1,640's per ounce to about $1,690 presently. Matters were also not helped by the revisions in the Federal Reserve's estimate for money supply, with the last few weeks of data revised down versus previous estimates. In any event, I consider investing in gold and precious metal stocks to be a marathon and not a sprint. The right opportunity will present itself at some point, be it either through a sign of real strength in gold or the gold stocks (which has not been seen yet) or a strong buy on the timing indicators.
With all that said, the timing indicators remain in a weaker buy mode with the 3-month model calculation sitting at -0.75, the 1-year model at -1, and the six-month model at -1. All the timing indicators are worse than the last week's measures, which hung in around the -1.3 to -1.4 range.
3-Month Model
1-Year Model
6-Month Model
I would continue to wait for a better entry point into gold and precious metal stocks.
With all that said, the timing indicators remain in a weaker buy mode with the 3-month model calculation sitting at -0.75, the 1-year model at -1, and the six-month model at -1. All the timing indicators are worse than the last week's measures, which hung in around the -1.3 to -1.4 range.
3-Month Model
1-Year Model
6-Month Model
I would continue to wait for a better entry point into gold and precious metal stocks.
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