A Golden Buying Opportunity
This latest pullback in the commodities space has presented long-term bulls and inflationists with a terrific buying opportunity in the inflation hedge are.
Indeed, Silver looks to have put in a base and is now challenging resistance at $37.50. If we can break that level with conviction we’re off the to the races again.
The picture is even rosier for Gold which not only held its trendline (and the first line of support) but has bow broken out of a triangle pattern to the upside: a move that predicts a re-test of the highs:
However, the pullback in commodities has been EVEN BETTER for other lesser known inflation hedges. Indeed, individual players were absolutely decimated, bringing them to valuations we haven’t seen since 2008.
Consider that during 2008, Gold traded around $900 per ounce. Today it’s at $1,500. And yet, based on reserves and underlying assets, many inflation hedges today are trading at valuations equal to when Gold was only at $900 per ounce.
In other words... BACK UP THE TRUCK!
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