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« Yamana Sees Meridian Bid Rejected But Finds Support at $11 | Main | The USD Bounces As Gold and Silver Tumble: That’s what we want! »
Tuesday
Jul312007

Golden Cross on Agnico Eagle

About five days ago, we wrote that although the correction we expected was getting underway, we were going to continue to hold Agnico Eagle shares due to the fact that we believed that a “Golden Cross” was about to take place on the chart.

Golden Cross on Agnico Eagle

Indeed, the 50dma has now broken up a fair way through the 200dma and so we have seen the Golden Cross of Agnico Eagle Mines.

This is a very positive sign for any stock, as it signifies that a larger upswing is around the corner. We are especially pleased see this cross happening in AEM as the last time this happened we saw the stock rocket from $15.00 to over $40 in a very short period of time. This is the primary reason that we choose not to signal a SELL to our readers near the top of this recent spike, as were prefer to hold on for larger gains that we think will come about due to this golden cross and a dramatic rise in gold prices which we think will begin at the end of the summer.

You can see all recent coverage of Aginco Eagle on this website. In May we wrote that Agnico Eagle was set to go higher and indeed it has done just that, making a technical breakout after some good news before getting past resistance at $42.00 and challenging its all time high.

We shall continue to own Agnico Eagle and keep the stock as a BUY in our gold portfolio.

Agnico Eagle trades as AEM on the NYSE and as AEM on the TSX.

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