PeterI’m off to New York Yankees spring training tomorrow (God willing) and will write a detailed update before month’s end. But, please allow for a very short review just so you know where I stand at this moment.
U.S. Stock Market –
Still looking for rally to establish a short position. Ideally, the hoopla of hitting 13,000 on the DJIA may do the trick.
Gold –
I don’t think I could be more bullish. I’m hoping $700 can be hit so I can still appear on ROB-TV. I’ve noted gold was in its best technical shape in years and sure enough, we’re seeing acceleration to the upside. Surprises should continue to be to the upside. GATA’s argument of manipulation gains more substance as each month passes. There appears to be a concentrated effort to cap gold, but it’s being overwhelmed by strong physical buying. Click here to see what I think happens to the shorters when all is said and done.
Copper –
The sideways to countertrend rally I foresaw continues to unfold. However, any rally back towards $3 is strictly a selling opportunity. $2 or below before year’s end appears to be more a question of when, not if.
Uranium –
I think more people are realizing Cigar Lake is either lost or can be far longer to come on line than Cameco was trying to suggest at the beginning of the year. This can only enhance the uranium price and $100 is now quite doable.
U.S. Dollar –
It’s on life support. Despite a mass media bullish blitz by the “Don’t Worry, Be Happy” crowd on Wall Street, the fat lady is in the building and warming up. The downside is likely to accelerate if 83.80 bases the U.S. Dollar Index is taken out to the downside.
Oil –
Outside of a major geopolitical event, we’ve now likely seen the bulk of the rally off of the $50 level. Look for a sideways to down trend into summer with a minimum re-test of $50 before any long term reason to get back heavily into oil.
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