Gold Continues on a Rocky Course
From a high of 544.30 early this morning, gold has dropped as low as 535.40 and is now trading above 543.60. How is that for volatility?
DROOY has been up to 1.93 and down to 1.82, and last trade was at 1.88. By the way, those who got in last week are in the black in less than a week. I am not using stops on the mining stocks at present. But I have considered a 15-20% trailing stop. None yet!
Congress has to increase the allowable debt ceiling for the USG to continue to operate some time in March according to the Secretary of the Treasury. It boggles the mind to think that a debt ceiling has any meaning at all. Likely, this is for the benefit of Congress as they show their constituents that they are being fiscally conservative. What a farce! Don't be deceived. It would be better for them to be honest (An oxymoron - congressmen and honesty?) and remove the illusion of a ceiling on debt. In practice where is the limit when it is easily and often raised to meet the "needs" of government?
By the way, gold's recent rise has been against all paper currencies. More to come with many set backs along the way.
It is important to understand that one purchases gold and gold related investments to maintain his wealth. As gold goes up, it is likely wise to convert some to cash to pay off debt and to acquire other assets. However, in my opinion, one should never be devoid of gold and related investments. This goes for silver, as well, which may actually outperform gold for the time being. Study the facts and define the percentage of your portfolio which is appropriate for the precious metals.
Keep leaning on Jesus for the perfect support in all your activities.
Best to each, Doug
DROOY has been up to 1.93 and down to 1.82, and last trade was at 1.88. By the way, those who got in last week are in the black in less than a week. I am not using stops on the mining stocks at present. But I have considered a 15-20% trailing stop. None yet!
Congress has to increase the allowable debt ceiling for the USG to continue to operate some time in March according to the Secretary of the Treasury. It boggles the mind to think that a debt ceiling has any meaning at all. Likely, this is for the benefit of Congress as they show their constituents that they are being fiscally conservative. What a farce! Don't be deceived. It would be better for them to be honest (An oxymoron - congressmen and honesty?) and remove the illusion of a ceiling on debt. In practice where is the limit when it is easily and often raised to meet the "needs" of government?
By the way, gold's recent rise has been against all paper currencies. More to come with many set backs along the way.
It is important to understand that one purchases gold and gold related investments to maintain his wealth. As gold goes up, it is likely wise to convert some to cash to pay off debt and to acquire other assets. However, in my opinion, one should never be devoid of gold and related investments. This goes for silver, as well, which may actually outperform gold for the time being. Study the facts and define the percentage of your portfolio which is appropriate for the precious metals.
Keep leaning on Jesus for the perfect support in all your activities.
Best to each, Doug
posted by Doug @ 9:51 AM
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