Sunday, February 20, 2011
2/19 PreciousMetals
Here is the current PM1 sentiment gauge for gold and silver. Copper follows a different track.
I have a buy on copper now through the end of March. I don't publish it's sentiment gauge because it is not as reliable as PM1 or I1. However, since they all are responding to QE2 they are behaving similarly.
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Looks good Steve.
ReplyDeleteWith the PM1 heading up into late April, why are you not buying gold and silver?
pima, I kept 10% of my gold/silver stash so I guess I can ride with that. Honestly, I've been staying out or short because EWI has been so bearish on the PMs. They just can't take QE2 into their forecasts. I'm fortunate that I have not been short on this bull market except for extremely brief periods.
ReplyDeletethanks, Steve.
ReplyDeleteI know the guys at EWI are smart guys. However, it seems there's more to the markets than EW. Hell, your I1 and PM1 prove that, no?
Even if EWI calls the markets correctly a high percentage of the time (it would be nice if they would publish their track record, or at least their trading results), we all know that no one gets it right 100 percent of the time.
PM1 is pointing up. How reliable is it? Looking at the chart you posted, it looks pretty damn good! Looks like PM1 turned down a bit ahead of the market in the last correction, but it came very close to nailing the bottom (if that was indeed the bottom).
Congratulations on that, Steve. It's really quite remarkable that you have developed this calculation for PM1 and that it's accurate as it appears to be.
pima, I have a page for PM1 that contains it's historical charts. I1, PM1, and US1 are the most reliable uses of the environmental data (but I'm still working to extend the data and it's applications). Thanks for the kind words.
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