The McClellan
Market Report (snippet)
GDM index
McClellan Financial Publications,
Inc
Posted Oct 8, 2008
Gold prices moved up strongly
on Monday in spite of a really big up day for the dollar. But
that did not help the gold mining stocks, who joined with the
rest of the stock market in serving as a "source of funds"
for investors scrambling for cash.
The GDM Index [Amex Gold Miners
Index] is now down to its lowest level since late 2005, a time
when gold prices were below $500/oz. This current valuation of
these gold mining stocks does not reflect the fact that gold
prices are almost twice as high now.
The dashed vertical green lines
illustrate other instances when the GDM made declines that were
in excess of what was called for in the behavior of gold prices.
In each of those cases, an important bottom was put in,
and a robust rally ensued.
(Click on image to
enlarge)
Written Oct 6, 2008
McClellan Financial Publications, Inc
email: tom@mcoscillator.com
website: www.mcoscillator.com
You can learn
more about the work of Tom McClellan and Sherman McClellan by
visiting www.mcoscillator.com.
They publish
a twice monthly newsletter, The McClellan Market Report ($195/year),
and a companion Daily Edition ($600/year or $160/quarter). You
can see samples and get information about subscribing by visiting
their website.
©1996-2008,
McClellan Financial Publications, Inc., P.O. Box 39779, Lakewood,
WA 98496-3779. www.mcoscillator.com, tel: 253 581-4889,
800 872-3737, fax: 253 584 8194.
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