No Gold Rush Yet!
Gold closed Friday at about $567 and traded over last night at a high of $572.20. It is now at $569.60 and has been trading today just under $570. The mining stocks have yet to jump into the stratosphere, but they are holding well. It seems more time above the 570 price for gold will be required. We seem to be having a small correction at this time. The price of gold has gone up very rapidly, and one should expect a correction. However, I believe we will see $600 gold before summer and very likely much sooner.
I had thought that prices above $550 would have brought more folks on board, but the was almost a non-event. Even $560 and $570, though these prices brought some into the market, the gold rush seems to be in the future. It is a wonder to me that so many fellow Americans are oblivious to the plight of the dollar and long term value of the precious metals.
The situation in the Mid-East could escalate as/if the current rhetoric continues. A loss to the market of Iranian oil would send oil prices much higher. This is of concern to many of us. We must pray that the situation would cool through diplomacy and not involved military action.
Meanwhile, I see this as another buying opportunity. DROOY is in the $1.63 - $1.64 range which certainly seems reasonable to me. (Remember BUYER BEWARE! There is always risk in any investment, but there is also risk in not investing during a time when the value of the dollar is in a downward trend.)CEF is off a bit to $7.65, but most mining stocks are up today in early trading. The first hour of trading is the crazy market time. Most of the general indexes are virtually neutral with the DJI at +6.58 and bouncing around.
I hope that you took advantage of the opportunity to join in corporate worship yesterday. Whatever we do must be done to the glory of God. He has done so much for us, that our hearts and minds should be filled with gratitude toward Him. We express some of that by regularly joining with other Christians in the worship service. This is far more important than any Super Bowl.
Best to each, Doug
I had thought that prices above $550 would have brought more folks on board, but the was almost a non-event. Even $560 and $570, though these prices brought some into the market, the gold rush seems to be in the future. It is a wonder to me that so many fellow Americans are oblivious to the plight of the dollar and long term value of the precious metals.
The situation in the Mid-East could escalate as/if the current rhetoric continues. A loss to the market of Iranian oil would send oil prices much higher. This is of concern to many of us. We must pray that the situation would cool through diplomacy and not involved military action.
Meanwhile, I see this as another buying opportunity. DROOY is in the $1.63 - $1.64 range which certainly seems reasonable to me. (Remember BUYER BEWARE! There is always risk in any investment, but there is also risk in not investing during a time when the value of the dollar is in a downward trend.)CEF is off a bit to $7.65, but most mining stocks are up today in early trading. The first hour of trading is the crazy market time. Most of the general indexes are virtually neutral with the DJI at +6.58 and bouncing around.
I hope that you took advantage of the opportunity to join in corporate worship yesterday. Whatever we do must be done to the glory of God. He has done so much for us, that our hearts and minds should be filled with gratitude toward Him. We express some of that by regularly joining with other Christians in the worship service. This is far more important than any Super Bowl.
Best to each, Doug
posted by Doug @ 8:51 AM
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