mann International Profiting From Golds Rally

Mann International have advised clients to take profits on certain junior mining

stocks after many of their recommendations rose sharply on the coat-tails of the sustained rally in the price of gold.

The precious metal, this week, set a new all-time high in dollar terms when it closed at $1,243 on the Comex division of the Nymex.

A technical analyst at Mann International said that gold has shown some signs of being overbought and there was a chance that there could be a retracement followed by a period of consolidation. This, he added, could see mining stocks peel off quite markedly.

The analyst did, however, suggest that golds bull run had much further to go and that there would be opportunities to re-acquire certain stocks at significantly lower prices in the months going forward.

Several Canadian miners with operations in China had risen sharply and, in some cases, stocks had tripled in value over as little as 12 months.

Mann International has tended to favor Canadian miners owing to the potential they have for generating profits in Canadian dollars, a currency that has performed remarkably well against its US counterpart and other major currencies.

Clients who took up recommendations in the mining stocks on the firms conviction buy list were advised to sell 50% of their holdings with a view to market re-entry at a time to be advised.

by: Erica Reardon

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