The Gold Stocks Trend Lives
This is a stretch but nonetheless I find it interesting to see gold stocks still for the most part “alive” and kicking even after being off the radar for some three months or longer. Perhaps a better, “the glass is half full” title would be more realistic and say, “The gold trend has not yet died.”
The best stock I found (technically) was Goldcorp (GG) which is a Canadian company engaged in mining and exploration of gold in North and South America alongside Australia. The stock is trading above its 50 day moving average and seriously is within striking distance of all time highs. If the market woes continue gold may come back into favor as a good hedge against the unstable dollar.
I also have a chart of the Streettracks Gold Trust (GLD) which is the ETF tracking the price of Gold bullion and Yamana Gold (AUY) which was another strong stock during the peak gold trend. GLD is struggling to find any momentum and AUY is more-or-less waiting for Gold to find its direction before it moves with it.
Although it is too early to jump on board the gold train, it is not too early to re-add some gold stocks and GLD into your watch list and keep an eye on this once powerhouse trend.
