Does something make you think that investors other than goldbugs might hold gold stocks before last night? It’s just another metal to me.
I,as of Friday , hold 8 ASX gold stocks, but none were purchased for any of the possible reasons you read on the Gold forum.
Each weekend I run a scan of ASX sto is with volume above 500K turnover per day. I then keep a running list of all these stocks and further classify into a watch list based on technical patterns.
One of the great benefits of this scan is that after a while I see new stocks joining the list from different sectors , and new stocks and sectors flowing on to being in the watch list . 6
Months ago it was cobalt and lithium stocks. Past 2 weeks I’ve noticed Gold stocks joining the ranks.
On Friday I added 5 local gold stocks that either retouched recent breakouts bullishly’, or broke pullbacks. DRM, ARL, PRU for example.
There is every possible chance this latest action could be a flash in the pan, and if gold rejects down from 1350 it won’t bode well. If it rises above that I think I’ll make some money.
I see no signs of the US markets rolling over etc as discussed here ad hominem. The bull market looks strong. I think gold has simply been sucked into th current metals bull market for no other reason than its due for a run, and maybe punters are looking for some diversification.
