The Philadelphia Gold and Silver Index just closed at fresh 12-year highs.
Here’s the chart:
The Takeaway: The Philadelphia Gold and Silver Index, an index of thirty precious metal mining companies traded on the Philadelphia Stock Exchange, closed yesterday at a fresh 12-year high.
This base-on-base breakout in the Philadelphia Gold and Silver Index suggests the path of least resistance is higher for precious metals.
100% of the stocks in the index are above their 50-day moving average.
80% are above their 200-day moving average.
If you didn't know already, we’re in the midst of a serious gold rush.
There is nothing bearish about this for precious metal stocks!
Grant Hawkridge | Chief Aussie Operator, All Star Charts
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