Look at a weekly chart for AUY for the last 3-4 weeks (Candlesticks) and then look at the pattern from the 3-4 week period of June/July 2011...They are exactly the same and then look what happened in the 3 months of August/October...Looks to me that we are poised for a takeoff. Anyone agree/disagree?
The overall market drives ALL stock prices. Look at the major indexes, not including the DJIA. S&P 500, NYSE and gold spot along with varying periods of PM spot prices can tell a lot about what the future might hold.
Long term free charts of PM pricing are rare, but look up the website “goldprice”. It is “org” and not the usual extension. It has pricing over longer time periods.
Currently the NYSE still holds an enormously bearish H&S pattern over the span of 15 years, which could be violated by the DJIA, but that is why the DJIA should not be trusted. It is too easily subject to manipulation in comparison.
Remember that in late 2008 the general stock market crashed. Along with that gold prices declined as well, but not by as much. PM miners were hit hard. That could account for the poor performance of PM miners because many suspect a similar scenario might take place again. Remember that it has just been reported that the GDP declined 0.1% in the 4th quarter.
People who are too in tune with short term trading are likely to get burned time and again, despite their claims to the contrary.
There was some commentary on a nationally broadcast program by a Rick Edelman, who advises people on how to invest. This person has to be a bankster agent. Today he was suggesting that all coinage should be done away with and only a digital economy should replace it. The fact that this guy has a forum should tell everyone how truly risky the PM markets are when we all know how highly manipulated they are. On the other hand, what choice do people have when the banksters are committed to stealing through the process of “inflation” caused by fiat (and now digital) money?
The market will strongly influence around 80% of the stocks, not 100%. Some stocks are always negatively correlated to the market and will go up when the market goes down (or at least will stay the same). Some stocks vary on whether they are negatively or positively correlated to the market depending on what's going on.
I don't believe that PM stocks have been going down in anticipation of the market going down. I give it zero chance that PM investors are somehow a leading indicator of the market. No other major sector has been going down, so the PM are going down on their own, probably in anticipation that gold will move down more (due to strongly reduced budget spending from fiscal cliff (ha!) or sequester).
-- I would say that it's a mistake to look at any miner's chart and draw any hard conclusion without first and foremost looking at gold. Auy may have a great technical chart that screams for a breakout very soon, but if gold falls 50 dollars -- Auy will fall too. And continued gold weakness will drag down even the most successful miner. Still, I do share your optimism for both gold and Auy, longer term. Gold is in it's 16th month of correction and should soon-- 2 to 12 months from now, begin to rise towards 2000. Or not. Timing is everything. I'm personally selling Auy if it hits 16 again. Best of luck. To be sure it's a gamble either way. g