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Gold Prices Set to Rally Again

Posted June 27, 2008

“While corn, soybeans, oil and other commodities were making either fresh contracts or all-time highs on a daily basis, precious metals simply consolidated.” — Nick Jones, Whiskey & Gunpowder

by Nick Jones

Baltimore and Minneapolis — (TFN): Precious metals have taken the back seat in the recent rally in commodities. While corn, soybeans, oil and other commodities were making either fresh contracts or all-time highs on a daily basis, precious metals simply consolidated. This was to be expected after the fantastic rally in gold prices from the low $600s to above $1,000 per ounce.

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Personally, I exited the last of my precious metals equity positions when gold prices were at $975 per ounce and have been on the sidelines ever since (I do still own physical metals). But I believe that we are currently approaching a good entry point in the precious metals. I’m normally not a big chart guy, but I would like to throw some charts at you and explain why I will be doing some discount shopping for my favorite mining stocks in the not too distant future. Read on to learn more.

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