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Tuesday April 10, 2012
Adens: Staying bullish on metals
by Mary Anne and Pamela Aden, editors The Aden Forecast Gold remains bullish, despite its recent decline below $1650 support. There is a super strong support level at $1600 and it’ll likely hold near that area. Meanwhile, our recommended shares and ETFs appear to be near a bottom. Their momentum indicators are rising and these tend to lead the price action. We recommend keeping your metals and metals related shares. Even though the markets have been nerve wracking, all indications are suggesting the downside is limited. Silver also broke below its $32 support and it could now fall to near $30. Below $30 it would be a real bargain. The same is true of oil… it broke support but it’ll stay bullish above $96.30. Among our core gold and silver holdings, we own iShares Silver Trust (SLV), Central Gold Trust (GTU), SPDR Gold Shares (GLD) and iShares Comex Gold (IAU). Among individual miners, we own Silver Wheaton (SLW). Royal Gold (RGLD) and New Gold (NGD). Contrary to what you may hear, the stock market's latest decline was not a big deal. In fact, it’s been mild, especially compared to this year’s strong rise. Even if they decline in a downward correction, which would be normal at this point, they’ll stay very strong above 12800 and 2875. On the upside, the Dow Industrials and Nasdaq are considered super strong above 13070 and 3030, respectively. Learn more about this financial newsletter at The Aden Forecast. Related articles: 
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