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My latest Kitco commentary: Copper and Gold - The Bank Shot (11/19/2012)
This is a short report today for a short holiday trading Friday - the ole Colonel hopes you had a terrific Thanksgiving Day!
Scott Raine sent the report some great photos from his days in Honduras with the Peace Corps. The headline shot is Scott roasting coffee beans the old fashioned way - early days of Raine's famous Red Label brew.
COMEX gold got a nice bounce mid-morning to the$1,750 per ounce level. You can read about what is expected to happen next week in my the input to the Kitco Weekly Gold Survey (below) and latest commentary, Copper and Gold - The Bank Shot.
Thanks again to Scott, enjoy another cup of his delicious Red Label and have a great weekend!
The Colonel's Gold, Silver & Copper Prices for Next Week
Here is my input to the Kitco Weekly Gold Survey:
- My target price of $1,750 per ounce may define the top of a new trading range.
- Given the target gold price, the silver price ranges are derived from the 1-month gold ratio mean (GSR) and its respective ratio stability (CRS©). A different technique was used to predict the price range for copper since its 1-month correlation with gold is near-zero.
- My Gold Value Index© (GVI) equals 101.48 just below a high for 2012 of 103.73. Today gold value is below its 1-month moving average of 102.08; a value of 100 represents a historically high-value of gold relative to key commodities oil, copper and silver.
- The gold-to-copper ratio today is 494.4 pounds per ounce and above its 3-month moving average of 480.0; trending below this average towards the 400 pounds per ounce level would be a bullish indication for the red metal; trending above 500 pounds per ounce would be decidedly bearish (Ref 3). The 1-month gold-to-copper ratio stability is a very low 1.44% (1-month rolling correlation is +0.08; 3-month is +0.87. 3-month relative volatility is 1.89X gold and price sensitivity (beta) is +1.64
- The gold-to-silver ratio (GSR) is near its historical norm at 52.794; the 3-month rolling correlation is +0.96, relative volatility is 1.94X gold and price sensitivity (beta) is +1.85. The GSR is below its 3-month average of 52.57; The 1-month gold-to-silver ratio stability is a low 1.29%.
Headline photograph by Scott Raine
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