The Correction - How Far?
Folks take a look at the charts for gold at www.kitco.com. The daily, 30-day, and 60-day charts all look bad for gold. However, take a look at the 1-year chart. The bull market in gold is still very much intact.
Our questions now are, as follows: How long will this correction last? How deep will it go? I had thought that, perhaps, $780 was going to hold as it was tested and proved to be support for several days. But that has been broken and gold is currently $671.80 down from a high of $695 over the last 24 hours. It could test $650, but I doubt it will go that low. We are likely to see a rapid recovery over the next few weeks. Remember, only the Sovereign Lord knows with certainty. After all, He is controlling even this.
I see these corrections as a time to commit more dollars to gold and mining stocks. Presently, I am a looking to add to my holdings in MRDDF, QEE, JNRRF,and possibly DROOY. Remember Buyer Beware! You should make your own decisions.
Fasten your seat belts and hang tight! These corrections can give you the thrill of a roller coaster.
Best to each, Doug
Our questions now are, as follows: How long will this correction last? How deep will it go? I had thought that, perhaps, $780 was going to hold as it was tested and proved to be support for several days. But that has been broken and gold is currently $671.80 down from a high of $695 over the last 24 hours. It could test $650, but I doubt it will go that low. We are likely to see a rapid recovery over the next few weeks. Remember, only the Sovereign Lord knows with certainty. After all, He is controlling even this.
I see these corrections as a time to commit more dollars to gold and mining stocks. Presently, I am a looking to add to my holdings in MRDDF, QEE, JNRRF,and possibly DROOY. Remember Buyer Beware! You should make your own decisions.
Fasten your seat belts and hang tight! These corrections can give you the thrill of a roller coaster.
Best to each, Doug
posted by Doug @ 7:35 AM
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