Pounding the table about PMs
Posted by ML on February 28th, 2008
HUI made a new closing high of 485.9 today, besting the 480.99 mark set in January. The intraday high of 491.58 was also a record. With this new high, it is almost certain that we are in the middle of wave (3) of iii of 3 of III, first suggested here. In Elliott wave jargon, wave 3 is the most sustained portion of a 5 wave advance; more so for iii of 3, and so on. If this is the case, the advance of PM mining stocks in the next two months is likely to stun all but the most devout gold bugs.
Very tellingly, both ratios of HUI:Gold and Silver:Gold have been trending up which is an indication that the move in precious metals is gaining recognition and speculative fervor is brewing.
The picture at the start purports to depict a notorious incident when the then Soviet First Secretary Khrushchev pounded the table with his shoe at a UN assembly in 1960 (Wikipedia: Nikita Khrushchev).
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February 28th, 2008 at 11:05 pm
Actually, I’m so stunned, even though I shouldn’t be.
I just can’t add more PM fast enough at a reasonable price. I think I should probably close my eyes and put in my order.
February 29th, 2008 at 9:41 am
Frugal,
I know what you mean. But I would wait until next Tuesday-Wednesday — based on my timing analysis.