Tags: Fitzpatrick | gold | silver | rally

Investor Fitzpatrick: The Party’s Still on for Gold, Silver

By    |   Friday, 24 February 2012 12:51 PM

When gold and silver slumped at the end of last year, some investors gave up on them, thinking that their decade-long rally was over.

But the surge of precious metals prices so far this year, shows there’s still plenty of room on the upside, investor Dan Fitzpatrick, president of stockmarketmentor.com, tells Yahoo.

Gold has jumped 14 percent so far this year, while silver has soared 28 percent. Gold recently stood at $1,786 an ounce and silver at $35.63.

"Look at gold, look at silver, they've actually consolidated really nicely in a healthy way," Fitzpatrick says.

"They haven't broken down. It's just some really great price action to get these stocks and metals down to levels where investors are starting to buy them again. The uptrend still remains. You look at any chart and you can see that.”

Indeed, gold traded below its 200-day moving average for just four weeks, after trading above it for almost three years, Fitzpatrick notes. "That's a pretty good track record."

Many investors see gold and silver as last year’s news, he says. “Those are the trades we really want.”

Some others agree. “None of the drivers of the rally in gold bullion have gone away,” Ivan Martchev of Navellier and Associates, writes on TheStreet.com. “One could credibly argue that they have gotten stronger.”

He cites strong central bank buying of the precious metal as an example.

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Friday, 24 February 2012 12:51 PM
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