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Technical analysis likes metals; central bankers read it, and don't
8:21a ET Monday, February 26, 2007
Dear Friend of GATA and Gold:
There's some awfully serious technical analysis of the gold and silver markets this morning:
-- GoldMoney founder, Freemarket Gold & Money Report editor, and GATA consultant James Turk writes that gold and silver are moving "from strength to strength." He'll be surprised if gold isn't breaking through $715 soon. You can find Turk's analysis in the "Founder's Commentary" box at the top left of the GoldMoney home page here:
-- Gene Arensberg's "Got Gold Report" at Resource Investor is spectacularly detailed and very bullish on the precious metals but notes the failure of the mining stock indexes to break out. You can find it here:
http://www.resourceinvestor.com/pebble.asp?relid=29305
-- Merv Burak at Market Oracle writes that the gold and silver bulls are running strongly again. You can find his weekly report here:
http://www.marketoracle.co.uk/Article407.html
Of course Hank Paulson, Ben Bernanke, and their friends at the Western central banks and the Bank for International Settlements read all this stuff too. They HATE technical analysis that foretells higher precious metals prices, and with their fingers on the triggers for dishoarding government reserves, they are very good at proving technical analysis wrong and ensuring that government-sponsored metal goes into the market at the worst possible prices.
CHRIS POWELL, Secretary/Treasurer
Gold Anti-Trust Action Committee Inc.
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