Friday, May 27, 2005

Reasons to be Bullish on Gold

Bill Murphey from says "Could the set up for gold get any more bullish, at the same time when everyone is so bearish?"

Bill gives the following reasons to be bullish on gold:

1. The gold/silver stocks are on a tear, ending an 18-month bear market.

2. The Silver Price has broken out decisively.

3. Commodity prices are on the move again with crude oil price is closer to staring at $60 per barrel rather than at a $40 oil price predicted by many on Wall Street. It finished today at $51.85, up 84 cents per barrel.

4. The US dollar reversed course, falling against all the major currencies. It closed at 86.41, down .61. The euro rose to 125.79, up .61. It would seem a "NO" French vote has been fully factored into the euro.

5. Most gold pundits are bearish and out of the bullion and share market. Most of the rest of the investment world doesn’t even have gold on its radar screen.

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