Almost Golden!

This was posted to the Bullion.com blog on Monday, May 11th.

Last week's market action saw a breakout in the June Gold futures as Gold made a new one-month high at $926.50 on 5/7. I was all ready to put out an alert to BUY but I needed to see confirmation that the new high would hold and, of course, it didn't. Don't get me wrong here. I'm still very bullish on the entire Precious metals complex and here's why. The June contract closed back above the 20-day MA on Tuesday and has remained there. That's a big positive for the longer-term outlook. Looking at the market from a short-term perspective, the hourly chart just shows a market that simply can't gain any traction. With the Dollar having lost 10 cents to the Euro in the last 2 months, it's a bit puzzling that Gold hasn't had a significantly larger move than it's been able to generate. But I've never been sold on the whole Dollar/gold argument and the last 2 months are a perfect example of why I don't buy into the correlation between the Dollar and gold. On March 11th, 2009, the Euro opened at 1.2681 and June Gold opened at $897.80. The Euro has gained just shy of 8% vs. the Dollar while the Gold price has gained slightly more than 2% during the same period. Hardly a rousing example of as the Dollar goes, so goes Gold. Silver, on the other hand, seems to have taken the upper hand as its gain over the same time frame was 11.2%. I've been advocating Silver for quite some time and I still believe that it will continue to outperform Gold on a relative basis as we move into the summer months. A breakout above the February highs would not surprise me in the least.



I would almost go so far as to say that a retest of the February highs is a foregone conclusion. This market has had 7 strong sessions to the upside and, with the only resistance having been overcome, there's only one hurdle left before Silver can set it's sights on $20. So, if you have any questions about my position on Silver let me remove any ambiguity. I'm a "raging bull" on Silver and, should the market take out $14.64 on a closing basis it should launch an all-out assault on the $20 target. Which leads me to my next subject.

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There you have it. Bullion.com is not only your #1 Precious metals resource for information on the markets but it's now your source for buying bullion through our bullion dealer. Just call the toll-free number, 1-800-605-1792, to speak to a representative for pricing on any type of bullion that you may be interested in. It's just that simple. And don't forget to email me at daledoelling@bullion.com if you have any questions regarding the Precious metals markets. If you would prefer to speak to me personally you can call me at 888-453-4614, ext. 2, during normal business hours. I look forward to hearing from you.

Good trading,

Dale F. Doelling, Chief Market Analyst

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