.

please click banner to support our sponsor.

Rick's Picks Punk Dollar Prompts Scramble for Bullion Rick Ackerman Mar 9, 2005 Excerpt from the current Rick's Picks (website). You can subscribe here. Bullion had its best day in a while, spurred by a dollar that couldn't stand up to firming oil quotes. Comex April Gold settled at 441.00 after spiking to an intraday high just below our minimum target at 441.60, a hidden pivot. In night trading the futures were moving still higher and had touched 442.00 at press time. This should all but clinch a run-up at least to the next minor pivot, 445.80. The bullish action was corroborated by movement in the XAU, which created a new and robustly bullish impulse leg on its daily chart by surpassing a plainly visible peak made in mid-December. Breadth was impressive too, with mining stocks rallying across-the-board. We hold profitable positions in several of them, including Bema and Goldcorp, but yesterday's rally was so strong that even our laggard, Kinross, went solidly in-the-black. The stock was up 38 cents on the day, a strong percentage gain for a $7 stock. Newmont, a bellwether stock and key player in the bullion sector, rose $1.42 to close at 45.91. This wasn't quite sufficient to get it past a watershed peak at 46.40 recorded in mid-December, but it left NEM in good shape to challenge that high over the next few days. If the stock surpasses it, that would create a powerfully bullish impulse leg on the daily chart. It would also open up a low-risk opportunity for us to open a long position in the stock, since we missed doing so with a bid for June 50 calls when NEM took off nearly a month ago. Impulse Leg-o-Rama Overall, the signs are most encouraging - not merely because the rally in precious metals issues has been strong and steady, but because it has pushed many mining-related stocks and indexes above prior peaks on their respective daily charts. This implies that any pullback that ensues is likely to be a bullish correction rather than the start of a short- or intermediate-term bear cycle. *** Penny Pinching Grappling with the trend? Check out Rick's Picks' archives to see how well Rick Ackerman has done with his forecasts and trading strategies. March 8, 2005 Rick Ackerman email: publisher@rickackerman.com *** Information and commentary contained herein comes from sources believed to be reliable, but this cannot be guaranteed. Past performance should not be construed as an indicator of future results, so let the buyer beware. Rick's Picks does not provide investment advice to individuals, nor act as an investment advisor, nor individually advocate the purchase or sale of any security or investment. From time to time, its editor may hold positions in issues referred to in this service, and he may alter or augment them at any time. Investments recommended herein should be made only after consulting with your investment advisor, and only after reviewing the prospectus or financial statements of the company. Rick's Picks reserves the right to use e-mail endorsements and/or profit claims from its subscribers for marketing purposes. All names will be kept anonymous and only subscribers' initials will be used unless express written permission has been granted to the contrary. All Contents ©2004-2005, Rick Ackerman. All Rights Reserved. You can subscribe here. _______________ 321gold Inc