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This short covering rally this morning is, unfortunately, nothing more than a good opportunity to sell Gold and Silver. The technical picture is quite clear as the trends in the metals remain down. Now that I've given you the gloom and doom let me say that it's always darkest before the dawn and I happen to think that the bottom is near. The Financial markets are near their respective peaks where the air is getting very thin. That's the reason for all the euphoria. The lack of oxygen is causing a return of "irrational exuberance" only this time we've got a lot more negatives that come into play. One look at a daily chart of Gold and we're quickly reminded how fast markets can turn. Well, don't look now but the recent pullback in the metals complex will pale in comparison to what's in store for the financial markets. It's time, once again, for stock traders to take their medicine and this will benefit Gold and Silver tremendously over the next couple of years. As a matter of fact, by the time the dust settles, traders won't want to own anything BUT Gold and Silver. Remember, you heard it here first.
Dale F. Doelling
Chief Market Technician
Trends In Commodities
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