Are we there yet?

That was the question voiced by the Donkey character in Shrek 2 as Shrek, his wife and the Donkey were traveling to the Kingdom of Far Away.

It is the question that we ponder as gold blasted past 1,270/oz. Are we back to the Bull Market in commodities especially Gold and Silver? Are we there yet? Let's look at the numbers.



Unfortunately, Blogger is on the fritz, so I don't know if I will be able to upload the two graphics that I will reference. The first graphic is Gold. It had not only went past 1,270, but continued up to 1,295. Then it stopped and went below 1,290. There it sits this morning. So, the new resistance is between 1,290 and 1,299. Here are the resistance points for Gold: 1,306; 1,362; 1,434; 1,650 and1,700. GDX (the Gold Miner Index) has also been rallying. It went past its 200 DMA then dipped below. Here are the resistance points for Silver: 20.60; 22.2; 23.08; 25.10 and above 30. Will the FED allow PM's to rise? I don't know. If the FED worries about deflation, that problem can be solved by allowing the PMs to rise.