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June 21, 2009 / Jeb

Top Penny Gold and Silver Exploration (UXG) U.S. Gold

UXG

U.S. Gold reversed to the upside on Friday off the 50 day moving average and closed at the high of the day on good volume.  This is exactly what UXG needed to do in order for the bullish technical picture to stay intact.  I expect it to break into new highs.

On Thursday I gave a stop loss at 2.12 which it never hit.  I wanted to tell our subscribers a stop loss point ahead of time in order to prevent any major losses.  Often stocks come to an apex where it can go either way.  I wanted my subscribers to be aware of the situation.  Friday was a very bullish day for UXG.

It is currently completing a classic saucer and handle pattern which has historically led to huge gains.

Rob Mcewen who runs U.S.  Gold and is all the largest shareholder also is a major shareholder of Rubicon Minerals.  Rubicon has soared after disclosing impressive drill results.  I would not be surprised if Rubicon and U.S. Gold might merge in the future to develop a major gold explorer and developer.

Mr. Mcewen has decided to focus most of his attention on U.S. Gold as he feels that there is great value and potential in Nevada and Mexico.  I would not be surprised if UXG starts reporting bonanza gold in Nevada in the next few weeks. UXG could easily triple with impressive results from Nevada.

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