Back on October 19th this humble corner of cyberspace ran this note that basically said “gold’s a buy here” just after that sinkage to $1,335/oz we saw on the futures chart last Tuesday. Then popped up commenter “ICDOYPA” who challenged us to an update post on October 25th to see how the call got on. So here’s the update post and the necessary gold chart:
As you can probably see, the call is nobody’s idea of a winning grandslam homerun slamdunk nailed-on winner. There was no immediate rebound in gold and the weakness carried on all week, but things look OK this morning and the basic call is intact…..just. Hardly the action your humble scribe had in his mind’s eye and I’m not going to claim a win or write this one down in the annals of top forecasts. However, these two five day charts (for Fronteer Gold (FRG) and Rio Alto (RIO.v)) are more indicative for back pockets of junior investors.
Plenty more where those two came from, too. So not that bad, all in all.