Gold a Bargain at $540
Wow! What a rocky road we are traveling! Gold hit a new low for recent times at $533.80 at 9:31 this morning. That brought DROOY momentarily down to 1.33. Of course, I was busy reading the other news and missed that exceptional buying opportunity. Gold is at $540.50 now and has been fairly steady closely around $540.
Looking at today's Kitco.com 24-hour chart the spike down at 9:31 was followed by a second spike down about and hour later forming a double bottom or "W" as some chartist call it. This is considered a good sign and often predicts a rise in the price. Will it this time? Wait and see! The movement since that low has been a stair step climb. This is quite a correction in the price of gold this time around. The 30-day high of $568.60 was reached only one week ago on March 3rd. This has been a WOW correction!
The mining stocks have been slowly and cautiously following the upward movement of the price of gold. On the other hand, they have NOT crashed as gold moved down. I am still partial to the Canadian bullion ETFs -- CEF and CLGLF. By the way, Everbank.com world markets has way to invest in gold other than the gold CD. I haven't checked it out yet, but you can if you are interested.
Meanwhile the January trade deficit came in at $68.5 Billion which is 5.3% above the last months record and higher than the previous record by some $750 Million. Of course, we are told that this is no problem, because "this time it is different.? Do you believe this?
Well, this needs to get out.
Best to each, Doug
Looking at today's Kitco.com 24-hour chart the spike down at 9:31 was followed by a second spike down about and hour later forming a double bottom or "W" as some chartist call it. This is considered a good sign and often predicts a rise in the price. Will it this time? Wait and see! The movement since that low has been a stair step climb. This is quite a correction in the price of gold this time around. The 30-day high of $568.60 was reached only one week ago on March 3rd. This has been a WOW correction!
The mining stocks have been slowly and cautiously following the upward movement of the price of gold. On the other hand, they have NOT crashed as gold moved down. I am still partial to the Canadian bullion ETFs -- CEF and CLGLF. By the way, Everbank.com world markets has way to invest in gold other than the gold CD. I haven't checked it out yet, but you can if you are interested.
Meanwhile the January trade deficit came in at $68.5 Billion which is 5.3% above the last months record and higher than the previous record by some $750 Million. Of course, we are told that this is no problem, because "this time it is different.? Do you believe this?
Well, this needs to get out.
Best to each, Doug
posted by Doug @ 10:10 AM
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