Another Step Up for Precious Metals
Welcome to the new month of March. Where did January and February go so quickly? A new week ahead always gives us a feeling of new beginnings as does a New Year. How about a new month? Do you rush into it with new vigor? We should! I believe the Lord gives us these new times and, also, seasons to encourage us to look back on the past and lessons learned and look forward to accomplishing more in the new time ahead.
24 Hour Gold >> High $564.10 today at 9:37. Low $555.50 yesterday at 9:58 almost 24 hours ago. Currently $563.50 very near the high. Gold seems to be establishing a new plateau of trading. Virtually all mining stocks are responding with upward movement >> CEF $7.72; DROOY $1.42; HMY $14.14; NEM $53.38, and SSRI $16.83.
Currencies are rising against the dollar with the Canadian dollar jumping. Reports from Europe concerning Germany's economy are positive for the EURO. The Yen and Renminbi are both higher.
Looming ahead this month is the threatened Iranian oil market trading in EUROs. This will be negative for the dollar should it materialize. The saber rattling with Iran has cooled a bit after an agreement between Russia and Iran over joint nuclear work.
The general market looks overbought and very dangerous. In fact, with the volatility most markets are risky. One has to be very selective. I feel safest with precious metals, the Canadian bullion fund (CEF) which holds both silver and gold, as well as the Canadian Gold Trust (CLGLF) which holds only gold, and then some speculative mining stocks. By the way, silver has the potential to excel the performance of gold according to many. They could be correct as silver has many industrial uses and the new ETF in silver, if it makes it through SEC, will add more demand. I like both PAAS and SSRI as silver mining stocks.
Seek ye first the Kingdom of God and His righteousness and He will add to you all your needs. Put Him first, far above whatever you see in your life as second. He is our all in all.
Best to each, Doug
24 Hour Gold >> High $564.10 today at 9:37. Low $555.50 yesterday at 9:58 almost 24 hours ago. Currently $563.50 very near the high. Gold seems to be establishing a new plateau of trading. Virtually all mining stocks are responding with upward movement >> CEF $7.72; DROOY $1.42; HMY $14.14; NEM $53.38, and SSRI $16.83.
Currencies are rising against the dollar with the Canadian dollar jumping. Reports from Europe concerning Germany's economy are positive for the EURO. The Yen and Renminbi are both higher.
Looming ahead this month is the threatened Iranian oil market trading in EUROs. This will be negative for the dollar should it materialize. The saber rattling with Iran has cooled a bit after an agreement between Russia and Iran over joint nuclear work.
The general market looks overbought and very dangerous. In fact, with the volatility most markets are risky. One has to be very selective. I feel safest with precious metals, the Canadian bullion fund (CEF) which holds both silver and gold, as well as the Canadian Gold Trust (CLGLF) which holds only gold, and then some speculative mining stocks. By the way, silver has the potential to excel the performance of gold according to many. They could be correct as silver has many industrial uses and the new ETF in silver, if it makes it through SEC, will add more demand. I like both PAAS and SSRI as silver mining stocks.
Seek ye first the Kingdom of God and His righteousness and He will add to you all your needs. Put Him first, far above whatever you see in your life as second. He is our all in all.
Best to each, Doug
posted by Doug @ 8:47 AM
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