GOLDBUGS AMEX Goldbugs Index (GOLD)

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The Adens on gold !
Tuesday, 21 July 2009

"Gold has yet to take off in true bull market fashion, but its chart suggests that it’s coming," says Mary Anne and Pamela Aden.

In their top-notch The Aden Forecast, the resource experts discuss the outlook for gold as well as some of their favorite mining stocks for investors to consider.


"Considering that the Summer months tend to be slow months, we could still see some short-term weakness.

"More important, however, is the bigger picture as gold is poised to rise during the second half of the year." Here, they discuss their outlook and some favorite ming stocks.

"On the upside, gold is strong above $920 and shows renewed strength above $950. It would be very strong above $985 and a full on bullish C rise and new phase of the bull market would happen above $1004, the record high.

"On the downside, if gold weakens during these Summer months, it would happen below $920. It could then go to possibly $882, or to the April low near $868. However, gold’s 'C rise' is still underway as long as gold stays above $868.

"Considering silver’s weakness, it may be leading gold short-term. The point is, don’t be disappointed if we see sluggish to down metals for a while longer. Once the 'C rise' starts to heat up, you’ll want to be well positioned in the precious metals.

"Gold is getting closer to starting the next phase of a stronger bull market, and silver and gold shares will follow. If

"you haven’t yet completed your gold purchases, these Summer months are providing one of the last good buying times. That is what the big picture is telling us.

"Meanwhile, among our recommended long-term gold mining positions, we suggest Iamgold (NYSE: IAG); Eldorado Gold (ASE: EGO); GoldCorp (NYSE: GG) and Agnico Eagle (NYSE: AEM)."