MSFT - Silver Gold And Copper Breakout Wall Street's Last Bear Throws In The Towel | Benzinga
To gain an edge, this is what you need to know today.
Metals Break Out
Please click here for an enlarged chart of silver ETF iShares Silver Trust (ARCA:SLV).
Note the following:
- The chart is a monthly chart of silver to give you the long term perspective.
- The chart shows that silver has broken out on a monthly basis.
- The chart shows RSI is reaching an overbought level. The historical pattern is that when RSI on a monthly chart reaches an overbought level, often a pullback occurs, followed by a new high. History does not always repeat itself, but it is instructive.
- As full disclosure, Silver ETF SLV is in The Arora Report's core Model Portfolio in ZYX Buy.
- Gold is also breaking out. As full disclosure, gold ETF SPDR Gold Trust (ARCA:GLD) is in The Arora Report's Model Portfolio in ZYX Allocations. As full disclosure, gold miner Newmont Corporation (NYSE: NEM) is also in The Arora Report's core ZYX Buy Model Portfolio.
- Copper is breaking out. The best way to play copper is through copper mining stocks. As full disclosure, copper miner Freeport-McMoRan Inc (NYSE: FCX) is in The Arora Report's core Model Portfolio in ZYX Buy. As full disclosure, copper miner First Quantum Minerals Ltd (OTC: FQVLF) is in The Arora Report's ZYX Buy in the portfolio that surrounds the core Model Portfolio. FQVLF is also a buyout target. Anglo American plc Unsponsored ADR (OTC: NGLOY) is a diversified miner with big copper operations. NGLOY is also in The Arora Report's core Model Portfolio in ZYX Buy.
- For those who like ETFs, metals and mining ETF SPDR S&P Metals & Mining ETF (ARCA: XME) is is one to consider. As full disclosure, XME is in The Arora Report's ZYX Allocation Model Portfolio.
- Those investors who are not in metals may consider the positions highlighted above on pullbacks.
- A rally in copper is mostly due to a short squeeze. Buying in gold and silver is real.
- The death of Iranian President Ebrahim Raisi in a helicopter crash is supporting the metals on concerns about geopolitical problems in the Middle East.
- Wall Street’s last bear has thrown in the towel. Mike Wilson of Morgan Stanley was the ...