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April 1, 2011 / Jeb

Cup and Handle Breakout In Gold

It is the best of times for equities and precious metals and the worst of times for the U.S. dollar.  It is prudent to focus on the sectors with long secular uptrends as these patterns tend to last longer than expected and produce the greatest returns. Gold (GLD) and Silver (SLV) are in a decade long uptrend as geopolitical uncertainty and rising debt levels have caused many investors to seek the safe haven shelter of real money. In July 2010, as the European Crisis was the prominent topic of worry, gold reversed higher and made a major move on central bank plans to ease. This continued through October and November, when the precious metal trade was very overbought. For the past six months, gold has consolidated as the dollar took a respite before hitting new lows.

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