As hilarious as I think it is that we send gigantic inflated likenesses of animated characters like Betty Boop and Bugs Bunny down Broadway every year, I didn't need to watch that parade. I've already seen this year's holiday parade, as the precious metals miners strutted down Wall Street with a joyous holiday rally.
Beginning last Friday with a sudden lift in gold and silver prices that has held up well thus far, the mining shares marched upward in unison with a gumption that this Fool has not seen in several months. Without any company-specific news to point to, South Africa-based Gold Fields
Of course, these stocks have a long way to go before approaching full recovery from what has become a monster correction in the multiyear bull market for precious metals. Despite an 83% surge for silver miner Coeur d'Alene
Intermediate-scale gold producer Yamana Gold
I'd have to be a lower-case-f fool to try to call a bottom in this immensely volatile market, and that is certainly not what I am doing here. The road to recovery for these battered mining stocks is likely to include some steep peaks and valleys. After watching the precious metals mining sector deteriorate from supposed safe haven to a cavernous sinkhole, I have learned to be thankful for small victories. For now, Fools invested in these miners can give thanks that mounting pressures upon their ability to maintain profitable operations have at least eased somewhat. Let's just hope this rally doesn't pop like a parade balloon.
Further golden Foolishness:
- Gold had another big bounce in September.
- Yamana stands the test of time.
- Here's another golden standout.
