-- Posted Monday, 20 May 2013 | | Disqus

We had another spectacular week whilethe markets and stocks just won’t quit.  I hate to rub it in if you’rea suffering mining investor mainly. Trust me, I feel your pain.

            Ilearnt that lesson the hard way in a big way in 2008 and still hold many miningstocks for some reason.  Mainly thereason is that I am waiting for them to come back near where I bought them andpossibly higher.

            Inthe meantime I’m focused on real stocks who move well and make me realdollars.  There is no point sitting on ahope and a prayer in miners when there are tremendous moves going on in otherstocks that people want.

            Peoplewant good stocks and buy them driving the prices higher.  I wish that could be said for miners but itcannot.  Even some of the better qualityjuniors have lost 75% of their value in only 6 months or so.

            Goldand silver look to be on their way to putting in double bottoms that I’vetalked about here after their recent major smashing.  Nothing is ever certain but it sure lookslike they are headed that way in the weeks ahead and I’m totally avoiding themuntil then.

            Havingso much else to focus on as this bull market rages on doesn’t hurt either.

            Atsome point you’ve got to wonder about those who keep pounding the buy goldtable the whole way down.  There will bea chance to buy back the metals but until then I wait.

            Irealize there may be shortages of some products but chances are many peoplewill capitulate right at the bottom and flood the market with product so I’mnot worried about buying more.  Also youcan lock in prices generally and it may just take some time to get your coinsor whatnot.

            Let’stake a look at the damage here.

            Gold fell a hefty 6.13% on the weekand remains trapped in a large range between $1,325 and $1,475.  You can try to trade it here but if you makemoney, chances are you just got lucky.

            Thereare much easier trades at the moment.

            Overthe next few weeks we should see this range trade continue before an ultimatespike below recent lows to form a double bottom.

            Ifthis occurs then the buy point is a move back above $1,325.  Do not hesitate, buy right at that point andyou’ll quickly know if you are right or not. You can keep stops at cost and if it’s going to work you won’t getstopped out.

            Themove back above $1,325 should be fast and furious and not look back.

            Timewill tell but that is how double bottoms work so keep an eye on it.  In the meantime there isn’t much point inlooking at gold.

            Thereare much easier fish to fry these days.

            Silver was also smashed this pastweek and lost 6.79%.  Silver is leadinggold to the downside here.  We should seesome more consolidation before a new spike low down to the $20 level Imentioned a long time ago.

            $20just has to be hit for me to consider trading or buying more silver.  I may consider a trading position on a bounceoff the $20 area or as the price moves back above $20.  Until then I’m not touching it.

            Platinum lost 2.66% for the pastweek and is rolling over here.  It’slooking for at least the $1,400 level and likely lower in a bid to put in adouble bottom.

            Thereisn’t much else to say other than why focus on the dogs when there are so, somany winners out there these days.

            Palladium actually had a large gainof 4% for the week in stark contrast to it’s other precious metal cousins.

            Palladiumhad a sloppy breakout above the $705 area resistance level but a breakout nonetheless.

            Nowit’s seeing resistance at $740 and it should take a week or so to build up thepower to move above here and head towards the $785 area.

            Iwish I had better views here in the precious metals but I do not at thistime.  In time we will see a great buyemerge but having patience and waiting for the right buy point is key.

            Inthe meantime, let’s make some money in the easy money stocks!

            Havea great weekend and week ahead and thank you very much for reading.

            Warren

        http://www.wizzentradin.com

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-- Posted Monday, 20 May 2013 | Digg This Article | Source: GoldSeek.com

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