From the Desk of Ian Culley @IanCulley
Stock market bulls are scooping and scoring as the Nasdaq, S&P 500, and Dow indexes all see green.
Stocks and rocks should benefit on the heels of renewed rate-cut hopes.
Today, I’ll outline a name that checks both boxes.
Spoiler alert: It’s a prime candidate for a short squeeze…
Check out the precious metal trading company, A-Mark Precious Metals $AMRK:
A-Mark popped up on our freshly squeezed scan, carrying a 23.6% short interest with ten days to cover.
While AMRK proved an easy short last fall, remaining short-sellers may have outstayed their welcome. AMRK has gained more than 70% since late February. Buyers are now driving prices to the upper bounds of a multi-year range, just shy of a new all-time high.
Buying base breakouts and riding new all-times are two of our favorite trading pastimes. Plus, vulnerable bears provide an added perk as they will likely fuel an explosive rally.
If and when demand absorbs supply at our risk level, we expect a face-ripping rally to hit our upside objective within weeks, if not days.
We’re long AMRK on a decisive break above 42, targeting 54.
Aside from the physical metal and mining companies, there will be plenty of ways to capture gold’s secular bull run.
A-Mark is providing an excellent opportunity.
Will you buy the breakout?
–Ian
Click here to watch this week's Gold Rush Video:
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And be sure to download this week’s Precious Metals Report below!
Allstarcharts Team
