Last night we saw a big hit in the precious metals sector with gold dropping to US$1089 and silver to $14.78. Shock horror! What based on strong US job growth? Remember two things, someone is buying precious metals at these low prices and will sell at a higher price later. The other thing is that the Aussie dollar fell and in Australian dollars gold was $1547 and silver was $20.99. So for Australian miners nothing much has changed but things can get better as we are seeing the last kicks and wriggles IMO of precious metals. I am thinking gold will rise again in mid November to fall away in December for a take-off in January in $US looking at Elliot waves. I look at these times as dips in which to accumulate if you are a silver fan. Physical silver and zinc are in scarcer supply for industrial purposes. Silver is a major element for use in solar panels and that is literally the other side of the coin.
ARD Price at posting:
2.4¢ Sentiment: Buy Disclosure: Held
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