Precious Metals Updates

Silver: Rising stochastics at overbought levels warrant some caution for bulls. The market's short-term trend is positive on the close above the 9-day moving average. It is a mildly bullish indicator that the market closed over the pivot swing number. The next upside target is 1205.0. The next area of resistance is around 1192.0 and 1205.0, while 1st support hits today at 1172.1 and below there at 1165.1.

Gold: Gold traded mostly slightly higher in Asia and London and dipped a couple dollars down to $586.00 in early New York trade, but it then spiked higher over the next 90 minutes of trade and briefly topped $600 before it dropped backed to about $595 and then rallied into the close and ended back near $600. Silver traded as low as $11.57 in early New York trade before it spiked higher to above $12 and fell back off a few cents, but it also rallied again and made new highs above $12 by the close. Gold ended with a gain of 1.72% while silver ended 2.73% higher.


Bill Cara puts the following mining companies "under the microscope":

• The Big Four of the South African goldminers are: AngloGold, Gold Fields, Harmony and DRDGOLD. Download UBS Oct 19 report on the major goldminers of South Africa.
• Pan American Silver
• Hecla Mining
• Coeur d'Alene
• Silver Wheaton
• Silver Standard
• Crystallex
• Gold Fields Ltd

Reading:

1. Price Projections
2. Last Days of the Dollar
3. Gold/Silver Ratio Study
4. Oct-Gold and Silver
5. Silver- Best Investment now

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