How's the Correction? Near the End?
Gold spent time from about 10 am (NY) to US close above $650. It hit the low of $636.30 at 2:52 this morning. It did not break above the $660.90 high of last night.
Queenstake (QEE) closed at 0.37 unchanged, but did open briefly at 0.34 this morning. DRD Gold (DROOY) closed off 0.01 at 1.59 and hit a low of 1.50 during the day. Miranda Gold (MRDDF) traded as low as 1.16 and closed at 1.19 off 0.07 for the day.
Gold must continue to hold above $650 to get back on track. We might possibly have passed the worst of the correction. The next shorter term level of support is at $600. Only time will let us know for sure. The DJI were down 18.73 for the day, but were down much worst than that earlier.
Continue to hang tough! The bull market is still on track even with this temporary set back. By the way, note that CEF is off about 20% from its highs. This is still an investment in bullion and quite conservative. It does not have the leverage of the low priced mining stocks.
Best to each, Doug
Queenstake (QEE) closed at 0.37 unchanged, but did open briefly at 0.34 this morning. DRD Gold (DROOY) closed off 0.01 at 1.59 and hit a low of 1.50 during the day. Miranda Gold (MRDDF) traded as low as 1.16 and closed at 1.19 off 0.07 for the day.
Gold must continue to hold above $650 to get back on track. We might possibly have passed the worst of the correction. The next shorter term level of support is at $600. Only time will let us know for sure. The DJI were down 18.73 for the day, but were down much worst than that earlier.
Continue to hang tough! The bull market is still on track even with this temporary set back. By the way, note that CEF is off about 20% from its highs. This is still an investment in bullion and quite conservative. It does not have the leverage of the low priced mining stocks.
Best to each, Doug
posted by Doug @ 4:01 PM
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