Do You Believe Inflation is Coming? Buy Metals!

• Posted by Greg Harmon
• on November 9th, 2010

If you believe that inflation is coming then you should look at today’s pullback in most of the metals as a gift.  If today’s closing prints do not hold tomorrow here are some potential entry points for the metal ETF’s (Commodity Futures levels can be found here).

Gold

The previous October high near 134.80 should give some support followed by 132.85.
Silver

The gap at 25.00 should provide support followed by 24.40 and the October high of 24.00
Platinum

174.20, near today’s close, has been a support/resistance area from April and May. Below that a close of the gap at 171.50 should give support.
Palladium

The gap up at 66.66 should provide some support, and if it fails a close of the gap at 65.00 is also support.
Copper

Below today’s low of 52.65 support can be found at 51.67 and then the bottom of the consolidation range at 49.50

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The information in this blog post represents my own opinions and does not contain a recommendation for any particular security or investment. I or my affiliates may hold positions or other interests in securities mentioned in the Blog, please see my Disclaimer page for my full disclaimer.

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