Tocqueville Gold Strategy Investor Letter
By GCRU Gold News on Saturday, July 5 2014, 04:25 - Permalink
The precious metals complex, both mining shares and bullion, appears to be in the process of completing a major bottom extending back to mid-2013. The chart below depicts this action quite clearly in the form of what technical analysts refer to as a reverse or upside down head and shoulder pattern, a classic indication of a possible trend reversal. While further upside is required for conclusive evidence, and more testing is quite possible over the summer, we are becoming more comfortable with the proposition that the downside potential has been fully exhausted after nearly three years of declining prices and that the stage has been set for a major advance in the years to come.