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Market Action – Nov. 23/2012
Gold had a solid day today up $23 to $1751 an ounce, Silver also did well up $0.77 to $34.21 an ounce, Copper was up $0.03 cents to 3.54 a pound, and Oil was up $0.88 to $88.26 a barrel. It was a good day for these key commodities that we follow closely. Stocks in general had a strong day with the Dow, Nasdaq, S&P 500, TSX and TSX-V up nicely.
The major gold and metal producers were up but not significantly, stocks on our radar screen that includes a bunch of junior and mid-tier companies were up and some did very well. But on a bigger picture perspective, from the small to the largest gold stocks and other commodities stocks are trailing significantly behind the current prices of the underlying commodities. This is the case for gold, silver, copper, uranium, diamonds, and oil stocks.
Whenever I see this scenario where commodities are at attractive prices and ready to get more bullish, yet stocks of companies involved with exploration and mining these commodities underperforming, I get very bullish on resource stocks. The resource stocks look to be much like coiled springs that are ready to pop to the upside, and another reason to be bullish is that we are coming in to a very bullish part of the year for several commodities.
2012-11-23 23:02:24
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