Gold is Forever: Purves
By Jeff Macke | Breakout – 13 hours agoFriend of Breakout Micheal Purves of BCG Partners says the gold move is built to last as both a chart and fundamental perspective.
"From a chart point of view, gold is clearly a buy and hold," says the chief strategist. He contrasts gold with the broader equity market, which he characterizes as a "wolf" or traders' market. Gold works on many fronts, says Purves. Perhaps the best case he can make is the slow realization of traders and investors that gold isn't just an investment but that "gold is one thing and one thing only... another form of currency."
As for the base metals, Purves is another strategist watching copper. "If you're trading copper, you're trading China" he says, nothing that China consumes one out of every two pounds of copper being pulled from the ground.
While Micheal isn't oblivious to the idea of Chinese growth slowing, he says that copper is your best tell. Copper was the first of the industrial metals to start showing weakness at the beginning of the year and,Read More »http://finance.yahoo.com/blogs/breakout/archive/2.html
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