Gold Update: Daily & Monthly Chart Buy Signals

Just a quick special update for this evening, Thursday, October 23rd.

Daily chart buy signals were triggered by my computer trading system today in the following gold mining stocks:

1. Agnico Eagle Mines (AEM)

2, Yamaha Gold (AUY)

3. Gold Junior Mining Shares ETF (GDXJ)

The AEM daily chart is attached for your review, with all computer-generated signals reflected.

Also, a preliminary monthly chart buy signal has now been triggered in the most popular Gold ETF (symbol GLD). This buy signal won't become official until October 31st, but it looks very strong to me right now. I believe that this particular buy signal is especially noteworthy because it's the second monthly chart buy signal in the Gold ETF (GLD) in the last five months. As you can see from the chart below, monthly chart buy signals in Gold are extremely rare. Back-to-back monthly chart buy signals in almost any stock, ETF, bond, or index are almost unheard of. In the interest of full disclosure, my "Long" allocation to gold/silver mining shares is now up to 26% of assets under management. My entire position is this unloved, out-of-favor group of ("precious") stocks has been accumulated over the last 13 days since October 10th.

I remain convinced that a major upside advance is now underway in Gold, Silver, and precious metals mining shares.While I am not sure what the catalyst will be for when the real upside fireworks begin, I have a strong feeling that the upcoming Swiss Gold Referendum, as scheduled for November 30th, will be a bullish factor.

AEM Daily Chart with Computer-generated Buy & Sell Signals

Gold ETF (GLD) Monthly Chart with Computer-generated Buy & Sell Signals