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April 21, 2006
Precious metals stocks hammered, Fri., Apr. 21, 2006, 5:25 AM
Traders in the Australian market have continued selling off the metals and precious metals early today. In the Hong Kong spot (cash) market, the precious metals bullion prices are rebounding after 5am ET, but the technical damage has been done.
I believe that there will be a round of profit taking in the bullion here that will see a cycle bottom around these prices. The share prices of the miners are likely to fall lower however.
Silver Spot (XAGUSDO)
Platinum Spot (XPTUSDO)
Palladium Spot (XPDUSDO)
Anglo American on the London Exchange is up +2.0 pct in the early market (5:30am ET).
What I recommend is that readers go to the GICS 15 section of this website (top nav bar) and click on the link for Stocks. Then there will be a live link to local tickers for some of these major companies. Click on the Australia and London or South African markets as these are open much earlier than New York and Toronto, but many of the same stocks trade on all these exchanges.
Obviously there will be a catch-up in these markets from the prior day's trading in New York and Toronto, but the key is to spot trend extensions or reversals.
Posted by Posted by Bill Cara on April 21, 2006 05:25:46 AM | Category: Bullion , Goldminer Producers
Discourse
So if you jump in too quickly you could be:
'BACK-IN/THE-HOLE?' I'm sorry I mean WHACK-A-MOLE.
Posted by: C.Note ![[TypeKey Profile Page]](http://www.billcara.com/nav-commenters.gif)
at
April 21, 2006 6:53 AM [link]
I came across a couple of interesting views of
where the 'whacks' might have come from,the'big
people'and Chinese shorts?
http://www.financialsense.com/fsu/editorials/steer/2006/0420.html
Posted by: buteos at
April 21, 2006 2:56 PM [link]
Bill-
Since we have our "suspicions" about the trigger for this (other than normal extreme overboughts), it would inflict maximum psychological damage to let a few buyers back in at this point AND THEN PLAY WHACK-A-MOLE. At least that's what I would do (and you know I used to run political campaigns.)
Posted by: MarkM![[TypeKey Profile Page]](http://www.billcara.com/nav-commenters.gif)
at
April 21, 2006 5:54 AM [link]