Precious Metals Charts Support the Long-Term Case

NEW YORK (TheStreet) -- What an incredible week for so many stocks. If your stock wasn't up at least 10% a day or two last week, then you were in the wrong stocks.

Even 10% was on the light side, with several of ours moving over 20% in a day on at least one occasion this past week.

We did see leading stocks stall out later in the week and then Friday they began to fall off before the indexes and smaller stocks followed.

We may be in for a little retracement here for a week before we launch another run higher, by the looks of things.

As for gold, it stalled out as well and needs a retracement here, which is great action.

As I've said many times, I prefer to see gold take its time moving higher off these historic long-term lows; and that is what we are getting.

Trading the metals isn't easy yet, but holding physical metal for the long-term is a no-brainer, in my view.

Don't get me wrong, there will be some spectacular moves in gold and they will be fun to trade and very rewarding, but that isn't for a couple or few years yet.

When we see the miners beginning to behave like the biotech stocks are now, I'll be trading them hard, but for now, miners are only a long-term type of trade.

Let's check out the gold chart.


Gold rose only 0.20% on the week and is now looking as if it's going to put in a handle here shortly.

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