Interesting Commodities

Nicole Elliott was on European Closing Bell in her usual slot and had an interesting take on a couple of commodities.

She sees gold going much higher. In the last couple of weeks the Euro and then Yen have dropped against the dollar but gold has moved higher. This is evidence, she says, of real gold buying. She says that gold is the tail wagging the dog right now. $430 is an important number. A weekly close above that and she thinks we go to $500 in the intermediate term(she did not define how long intermediate is). In Euro terms gold is at its most expensive since 1994 and in yen terms it has not been this high since 1992.

She thinks copper will go from the high it is at now, $1.60 a pound, to $2.00 per pound. She thinks copper is in a serious cyclical bull market. She also sees 25% higher prices for heating oil.

She is a technical analysts so this is all based on chart interpretation.