Last, but certainly not least, we have discussed some alternatives to take advantage of what we believe is a new secular bull market in commodities. These are currencies and stock indexes of countries that have economies that are more heavily based on commodities.
Our favorites in this regard are Canada and Australia. We show charts of MSCI Australia iShares (EWA), MSCI Canada iShares (EWC), Aberdeen Asia-Pacific Income Fund (FAX), and Rydex Currency Shares Canadian (FCX) below. Theses currencies are somewhat overbought now, as are their stock markets -- but these look like good long-term buys on pullbacks -- especially the stock indexes.
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