Gold Continues on Roller Coaster
The price of gold is offering additional opportunity for those of you who have yet to take the plunge. If you have neither gold nor mining stocks, why not? I do not anticipate a total collapse of the dollar any time soon, but am convinced that it will go much lower. If it does fall, gold is a sound way to preserve your capital.
As I reported on the $564 high over the weekend and holiday, it was also noted that there were not many traders available during that period of time. The traders are back, so we see that gold over the last twenty-four hours has topped at $557.30 and bottomed at $542.50. It is now $543.60.
I bought a few shares of Rio Narcea Gold Mines Ltd (RNO) today. Have been looking to add something to the portfolio, so with gold down a bit, I jumped in at $1.63. It is still trading about the same price. This is what I did, you make your own decision. Buyer Beware.
DROOY is off a bit today, but still well in the black for me. The high today was $1.92, the low $1.75, and the last trade was $1.79. I look for it to ratchet upward over time. In fact, in the near future!
By the way, if you use stops on gold stocks at this time, leave plenty of room for price movement. I recommend at least 15% trailing stops. It is often wise to put stops on a portion of your holdings to lock in profit.
Dollar was down a bit over night and the competing currencies were up. The developments in Iran may impact very heavily upon the dollar, gold, and oil in the very near future. Oil has already moved up some, but has fallen off a bit. The ETF Powershares Dynamic Energy PXE and PRO last trade was $18.19. Still holding well.
Best to each, Doug
As I reported on the $564 high over the weekend and holiday, it was also noted that there were not many traders available during that period of time. The traders are back, so we see that gold over the last twenty-four hours has topped at $557.30 and bottomed at $542.50. It is now $543.60.
I bought a few shares of Rio Narcea Gold Mines Ltd (RNO) today. Have been looking to add something to the portfolio, so with gold down a bit, I jumped in at $1.63. It is still trading about the same price. This is what I did, you make your own decision. Buyer Beware.
DROOY is off a bit today, but still well in the black for me. The high today was $1.92, the low $1.75, and the last trade was $1.79. I look for it to ratchet upward over time. In fact, in the near future!
By the way, if you use stops on gold stocks at this time, leave plenty of room for price movement. I recommend at least 15% trailing stops. It is often wise to put stops on a portion of your holdings to lock in profit.
Dollar was down a bit over night and the competing currencies were up. The developments in Iran may impact very heavily upon the dollar, gold, and oil in the very near future. Oil has already moved up some, but has fallen off a bit. The ETF Powershares Dynamic Energy PXE and PRO last trade was $18.19. Still holding well.
Best to each, Doug
posted by Doug @ 12:48 PM
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