One of the most surprising things about the market in the past month was the amount of hand wringing about gold and silver prices. Even long term supporters of the metal seemed to take a lackluster view of the latest advance. Everyone appeared to be waiting for the other shoe to drop. In this case, the “other shoe” was almost universally expected to be a calamitous price drop.
We found this view surprising. We like to think we take a fairly “neutral” stance on metals, including gold. That’s not to say we aren’t bullish. Quite the contrary. We were very early in the game when it came to calling this secular bull and our view that we are still in the early (perhaps middle) innings of a long game hasn’t changed. Even so, we like to be level headed about the market and trade against it where possible. We’ve made the comment often enough to subscribers that “ALL stocks are trading stocks” and that one should happily take any gifts the market offers them. Selling into highs and buying into lows to bring down the average holding cost of your shares is never a bad idea.
With these thoughts in mind, we were expecting to see a lot more accumulation of gold and silver stocks than has taken place recently. The fact that uranium is hott...
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