Alan's Favorite Stock

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It’s not news that Alan Shaw has believed a structural bull market in gold began several years ago, [See important disclosure below.] or that its recent price action is merely a consolidation of the uptrend. But he used his parting message to clients to focus on just one individual issue, Newmont Mining (NEM), whose structural uptrend he has previously compared to that of “Boeing, as it looked in the mid-1970s,” when it was moving out of a major base but still in the 20-30 range—on its way to well over the 100 Alan optimistically projected. Alan remains convinced “a similar pattern of supply and demand is in place today for NEM.” His longer-term target: 150.
“My interpretation of NEM’s recent price action suggest to me the stock is about to end the current consolidation trend and reassert to the upside and challenge its prior highs at 50. A successful penetration of these highs would obviously put NEM back into its longer-term uptrend progression. Interim technical targets would be readable in the 60s and 70s.”

DISCLOSURE: Kate Welling owns a very little physical gold and a few shares in a couple of gold funds.