Hang on for a Wild Ride
For the last twenty-four hours, gold has been on a roller coaster. By the way, I do enjoy the roller coasters; however, I like the ones that are smoother. Those that roughly rock from side to side are, to me, not the best. But I digress.
On January 16, gold stretched to another 25 year high of $564 at 7:54 p.m. and on January 17, gold hit the 24-hour low of $551.80 at 10:15 a.m. That is a ride! It is now $556.70 as it moved off the low. Realize the high was established when many in the market were on holiday here in America, so there was likely less volume.
I believe we are seeing a consolidation period which should give us a new support at a higher level. Perhaps, the new support will be $550. It is a bit early to tell, but gold remains in a bull market.
DROOY has traded from a low of $1.89 to a high of $1.92 and the last trade was at $1.93. My guess is that we will not see it in the $1.60s any time soon. The natural resource ETF on water (PHO) is at $16.18, just a bit off from my entry price and the one (PXE) on oil is at $18.54 a little above my entry price. I expect long term profit from both.
The job market does not seem to be improving, even though unemployment seems to be coming down. Of course, one must realize that the unemployed who are no longer receiving unemployment payments are dropped from the count. Another significant fact is that most jobs offered are the lower paying jobs. Even when an individual gets a job, it is most likely for lower pay.
The politicians in China are still denying that they are changing the composition of the their reserves. It seems to me that they do protest too loudly. Maybe they are like politicians everywhere and simply do not want all to know what is going on. We will have to watch this play out.
I am very glad that the world is managed by a Sovereign Lord of all. We would make a worse mess of things were we in control. Let us submit to Him, serve Him, and bask in His love even when things seem to be going wrong in our sight. Everything works together for the eventual good of His people. Be certain that you are one of His.
Best to each, Doug
On January 16, gold stretched to another 25 year high of $564 at 7:54 p.m. and on January 17, gold hit the 24-hour low of $551.80 at 10:15 a.m. That is a ride! It is now $556.70 as it moved off the low. Realize the high was established when many in the market were on holiday here in America, so there was likely less volume.
I believe we are seeing a consolidation period which should give us a new support at a higher level. Perhaps, the new support will be $550. It is a bit early to tell, but gold remains in a bull market.
DROOY has traded from a low of $1.89 to a high of $1.92 and the last trade was at $1.93. My guess is that we will not see it in the $1.60s any time soon. The natural resource ETF on water (PHO) is at $16.18, just a bit off from my entry price and the one (PXE) on oil is at $18.54 a little above my entry price. I expect long term profit from both.
The job market does not seem to be improving, even though unemployment seems to be coming down. Of course, one must realize that the unemployed who are no longer receiving unemployment payments are dropped from the count. Another significant fact is that most jobs offered are the lower paying jobs. Even when an individual gets a job, it is most likely for lower pay.
The politicians in China are still denying that they are changing the composition of the their reserves. It seems to me that they do protest too loudly. Maybe they are like politicians everywhere and simply do not want all to know what is going on. We will have to watch this play out.
I am very glad that the world is managed by a Sovereign Lord of all. We would make a worse mess of things were we in control. Let us submit to Him, serve Him, and bask in His love even when things seem to be going wrong in our sight. Everything works together for the eventual good of His people. Be certain that you are one of His.
Best to each, Doug
posted by Doug @ 9:18 AM
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