By Morgan Korn
Longtime gold bug and controversial money manager Peter Schiff, CEO of Euro Pacific Capital, says the stars are aligned for a gold rally.
One of the biggest investment stories in 2011, gold ended the year up 10% – a sharp contrast compared to how U.S. stocks closed in 2011 – but a big drop-off from gold’s September high of $1,920.30 an ounce. Gold had one of its worst fourth quarters in decades, losing 10% in the month of December alone.
Schiff says he’s “more optimistic about gold” this year than he’s ever been and says all the shorts and newly turned gold bears will miss the imminent rally. Moreover, gold mining stocks (such as Newmont Mining and Barrick Gold Corp.) …
By Jeff Macke
Gold and even silver are looking good to J.C Parets, a market technician and founder of AllStarCharts.com, despite breaking widely viewed critical support levels late last year.
For those who were preoccupied with things like family and weren’t paying attention, the precious metals have had a crazy trip since Christmas. The largest gold and silver ETF’s, (GLD) and (SLV) respectively, hit 1-month lows on December 27th only to come screaming back in the first day of trading for 2012.
The sharp reversals look like a prime opportunity for traders to get long with defined risk. Parets notes “false moves create fast moves in the opposite direction.”
Obviously we saw a rip-snorting bull rush in the metals yesterday but Parets says playing …