Today's market action in the Precious metals markets isn't all that surprising as DEC GOLD is currently trading south of the $475 level after hitting $483.10, pushing to a new 18-year high. There's nervousness in the pits and that's a good thing. With Gold still trading well above its 50-day MA of 472.30 this is not the time to bail out of the market. The Gold and Silver markets are still very sound from a technical perspective and, after this small retracement is done, we'll see Gold north of $500 and Silver rallying to test the $10 level. The global commodity markets are entrenched in a secular bull market that will probably last the rest of the decade. I know I've said this before but it's worth repeating. So, don't fret, be patient, but most of all, STAY LONG! There's a long way to go with these markets and a lot of money to be made.
Dale F. Doelling
Chief Market Technician
Trends In Commodities
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