Gold got taken down from the far East through to the New York open yesterday, bottoming at $932, but rose slowly and steadily through the NYMEX and Globex to finish at $945.30/oz., up $5.60. Overnight, gold has edged lower.
Well, I said immediate upside potential, but I didn’t realise it would be that immediate. My goodness. Last week I recommended the Canada-listed Pan African (CA:PAF) at $2.25 as a junior mining play on Madagascar. It’s virtually doubled since.
In the beginning of the resource bull market, all commodities were created equal. They all rose together, with the exception of a few products like aluminium and rubber, which lagged the rest of the group. Now, things are different. Call it the great energy sorting.