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Gold, Mining Stocks Set to Reach New Highs in 2 Weeks

February 28, 2009

This week we witnessed precious metals and mining stocks markets quickly retreat to support levels after a rally sent prices back to cyclical highs on Monday. Since our buy alert in our Feb. 11th commentary, RBY rose from $ 1.28 to well over $ 1.50--at least 17% in profit opportunities in just 2 weeks.

After Monday's high, RBY dipped to support levels between $1.32 and $1.36. We expect to see new highs reached between March 9th and 20th or during the last quarter lunar phase.

Earlier this week we learned that interest in gold is gaining significant momentum. Gold trading, specifically in the GLD ETF has increased to all-time highs. As interest in gold persists, gold production is waning, creating temporary supply concerns. Output from 2 of the world's largest producers, South Africa and Australia dropped to new lows.

As mentioned in last week's commentary, higher US gold demand coupled with a strong dollar means that gold priced in Indian Rupees is at all-time highs--in other words, Indians are not buying AT ALL.. According to the charts below (USD/Rupee and INR etf), it looks like the Indian Rupee is set to rise very soon.







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