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Vedant Mimani

January 2014 Rally as the start of a Bull Market

Vedant Mimani

Almost every analyst in the gold community has been declaring the December 2013 lows the bottom for mining shares, and the January 2014 rally as the start of a bull market. We see this view as wishful thinking and premature. Gold bulls make the following supporting arguments:

1. Gold stocks have rallied 15+% from the December lows (we say: this is undeniable fact, but we see this 15+% up move more as a bear market rally and bear market rallies can fall apart quickly. Moreover, even if we are wrong, odds of a runaway bull market at this time are low, and we will find a more favorable risk/reward setup in which to make the change to a more bullish posture).

Tags: 
Market
Vedant Mimani