Gold Stock Bull

“History does not always repeat, but sometimes it rhymes.” Mark Twain.

A lot of traders and investors are asking the question: “Is it too early to buy, or should I expect more volatility like we saw during the past few days?”

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It must have really had the central bankers squirming in their seats to see gold break through resistance and head back towards $700. The HUI also shot through resistance at 360 and moved above 370 briefly. Tuesday’s pullback made some sense, as the dollar bounced off support at 80. But today’s $15 drop in gold and 5% decline in the HUI index just plain stinks of manipulation. This selloff took place concurrently with a declining U.S. dollar and rising crude oil price, although crude later followed gold’s lead and declined. The overall market decline could be contributing to the selloff in mining shares, as the Dow has fallen nearly 3% today. The market is surely due for a serious correction and may slip into recession before the end of 2007, as predicted by a host of investors including George Soros.

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Alternative energy is undoubtedly the future and we are just entering the early phases of what will be the next booming industry.

Even if the growing consensus over global warming isn’t enough to change human behavior, we really don’t have much choice in the matter. Fossil fuels are becoming more difficult and expensive to find and extract from the earth. Couple lower supply levels with rapidly increasing demand from nations such as China and India and you have the perfect recipe for much higher oil prices. Many experts believe we have reached or will soon reach “Peak Oil.”
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