Gold Bargains Ripe for the Picking!
I suggested you check this blog early today, but it is already 8:09 and I am just starting. There was a good bit of reading to be accomplished to enable me to publish this missile. That is always a good excuse!
What a difference a little time makes! My prior two trips "resulted" in rain for Central Texas and a rise in the price of gold. Last week's trip "resulted" in no rain and a drop in gold price to about $645, a price I thought we would not see again. But I did "bring" the rain back with me, because we had some on Saturday night, the day of my return. I have yet to "fix" the gold price.
I am reminded of the Privateer's warning in his Gold Commentary. He always begins with a warning that in any consideration of gold, it must constantly be remembered that gold is a political metal. How true this is! Governments and central banks literally hate gold as a monetary metal in the hands of the public. They abhor the very thought of citizens being able to use gold in the market places of the world. They have absolute control of the fiat currencies of the world, but lack the absolute power over gold. While they lack absolute control over gold, they can certainly influence the price of the "barbaric metal" by sales of gold reserves and threats of sales. It may well be that behind the scenes manipulation of the price of gold is being exercised at present. Time will tell and it is my opinion that there will be a time in the not too distant future when the price of gold will be totally out from under the power of the manipulators.
The high for gold during the last 30 days was $725.75 on May 12th and the low was $630.75 on last Friday. What a drop! We are being offered an opportunity to add to our portfolio of the physical precious metal in the form of bullion coins, in such as the Central Fund of Canada (CEF), and in mining stocks at bargain prices. Yes, these are bargain prices.
As I drove around in the Houston area last week, I rejoiced to find gas AS CHEAP AS $2.75 a gallon. This was extraordinary as gas in Houston proper pushes $3.00. I put this in this commentary, because of my momentary excitement at my find. It seems to me that we must have the same excitement when we find a bargain based upon recent much higher prices in the precious metals. It the dark recesses of our minds, we recall gasoline at around a dollar and gold at around $250-$300. This tends to cloud our minds and to hide from us the reality of the situation. Thus, we would like to wait for gold to go lower before we buy. I suggest you look at it as you do when you find a bargain at the gas pump - "Fill 'er up!
As I mentioned several blogs ago, Russia is opening a market for oil and gold trading in rubles next month. Then, according to the Privateer, it will trade only in rubles beginning some time in July. This represents another blow on the dollar. Perhaps, soon Iran will complete its plan to have a similar bourse in EURO's.
Meanwhile, the US continues to prevent the exploration and tapping of vast oil resources in Alaska and the Caribbean. The environmentalists in concert with our "politically correct" government have accomplished this as well as blocking the building of modern refineries. We continue to shoot ourselves in the foot and remain ever more dependent upon shaky sources of foreign oil. Note to that while believed for some time, it is being more widely reported that the Saudis have a good deal less oil than they have reported. Yet, a further blow!
For the last 24 hours, gold has traded between $653.70 and $646. It is a bit higher, but still low from recent highs. Perhaps, it is being manipulated down to allow the Asian central banks to increase their reserves in the "barbaric metal." What do you think?
It may sound to you that I am a doom and gloomer. I am decidedly am not. I know in Whom I have believed and am totally convinced that He is able to keep that which I have entrusted to Him until the final day. The Lord Jesus Christ is my rock upon Whom I rest very comfortably. I am content, because I know that He loves His people and is in absolute control of all that happens here. Thus, I am very optimistic and at peace.
This is the way, I see it at present. Investigate and make your own decisions. I will have more for tomorrow.
Best to each, Doug
What a difference a little time makes! My prior two trips "resulted" in rain for Central Texas and a rise in the price of gold. Last week's trip "resulted" in no rain and a drop in gold price to about $645, a price I thought we would not see again. But I did "bring" the rain back with me, because we had some on Saturday night, the day of my return. I have yet to "fix" the gold price.
I am reminded of the Privateer's warning in his Gold Commentary. He always begins with a warning that in any consideration of gold, it must constantly be remembered that gold is a political metal. How true this is! Governments and central banks literally hate gold as a monetary metal in the hands of the public. They abhor the very thought of citizens being able to use gold in the market places of the world. They have absolute control of the fiat currencies of the world, but lack the absolute power over gold. While they lack absolute control over gold, they can certainly influence the price of the "barbaric metal" by sales of gold reserves and threats of sales. It may well be that behind the scenes manipulation of the price of gold is being exercised at present. Time will tell and it is my opinion that there will be a time in the not too distant future when the price of gold will be totally out from under the power of the manipulators.
The high for gold during the last 30 days was $725.75 on May 12th and the low was $630.75 on last Friday. What a drop! We are being offered an opportunity to add to our portfolio of the physical precious metal in the form of bullion coins, in such as the Central Fund of Canada (CEF), and in mining stocks at bargain prices. Yes, these are bargain prices.
As I drove around in the Houston area last week, I rejoiced to find gas AS CHEAP AS $2.75 a gallon. This was extraordinary as gas in Houston proper pushes $3.00. I put this in this commentary, because of my momentary excitement at my find. It seems to me that we must have the same excitement when we find a bargain based upon recent much higher prices in the precious metals. It the dark recesses of our minds, we recall gasoline at around a dollar and gold at around $250-$300. This tends to cloud our minds and to hide from us the reality of the situation. Thus, we would like to wait for gold to go lower before we buy. I suggest you look at it as you do when you find a bargain at the gas pump - "Fill 'er up!
As I mentioned several blogs ago, Russia is opening a market for oil and gold trading in rubles next month. Then, according to the Privateer, it will trade only in rubles beginning some time in July. This represents another blow on the dollar. Perhaps, soon Iran will complete its plan to have a similar bourse in EURO's.
Meanwhile, the US continues to prevent the exploration and tapping of vast oil resources in Alaska and the Caribbean. The environmentalists in concert with our "politically correct" government have accomplished this as well as blocking the building of modern refineries. We continue to shoot ourselves in the foot and remain ever more dependent upon shaky sources of foreign oil. Note to that while believed for some time, it is being more widely reported that the Saudis have a good deal less oil than they have reported. Yet, a further blow!
For the last 24 hours, gold has traded between $653.70 and $646. It is a bit higher, but still low from recent highs. Perhaps, it is being manipulated down to allow the Asian central banks to increase their reserves in the "barbaric metal." What do you think?
It may sound to you that I am a doom and gloomer. I am decidedly am not. I know in Whom I have believed and am totally convinced that He is able to keep that which I have entrusted to Him until the final day. The Lord Jesus Christ is my rock upon Whom I rest very comfortably. I am content, because I know that He loves His people and is in absolute control of all that happens here. Thus, I am very optimistic and at peace.
This is the way, I see it at present. Investigate and make your own decisions. I will have more for tomorrow.
Best to each, Doug
posted by Doug @ 8:08 AM
0 Comments:
Post a Comment
<< Home