Bouncing Off A Double Bottom?
Take a look at the 60 day gold chart on Kitco.com. It looks as though we are beginning to bounce off a double bottom. I would say that it is not exact yet, but seems to be developing. That is the good news! Gold is a bit higher and the mining stocks are responding accordingly.
For the last 24 hours, gold hit a $579.20 high and a $568.30 low later today. It is now at $574.50. Silver is $10.57.
Gold and silver are both in over sold range. However, the summer doldrums have not fully run the course. The is historically a bounce in July, but the real climbs generally come later into fall and winter.
Some of the stock prices are as follow: BGO 4.73; CBJ 2.54; CDY 1.83; CEF 8.54; CGDF 1.40; DROOY 1.25; EGO 4.59; GSS 2.75; HMY 13.39; IAG 8.83; KRY 3.11; MRB 2.92; MRDDF 1.16; NEM 50.20; NTO 4.50; PAAS 16.76; QEE 0.36; RNO 1.73; SSRI 18.04; XVE 6.91. Almost everyone is higher today.
Even the DJI is up today to 11085. At least it is above the 11000 barrier. This remains a very dangerous market.
The dollar is not faring well at present, even though it may do so in the short term. Long term the trend is down and there seems to be nothing on the horizon to end this trend. The trade and budget deficits continue to grown each day. A day of reckoning will arrive. The books are always balanced in the end.
Whether the balancing takes place here or in Heaven, the Lord always remains sovereign in all things and neither He nor His word change. He and it remains steadfast forever. Depend upon Him and live in His way to have ultimate success. After all, He works all things to His glory and His people's good. Praise the Lord!
Best to each, Doug
For the last 24 hours, gold hit a $579.20 high and a $568.30 low later today. It is now at $574.50. Silver is $10.57.
Gold and silver are both in over sold range. However, the summer doldrums have not fully run the course. The is historically a bounce in July, but the real climbs generally come later into fall and winter.
Some of the stock prices are as follow: BGO 4.73; CBJ 2.54; CDY 1.83; CEF 8.54; CGDF 1.40; DROOY 1.25; EGO 4.59; GSS 2.75; HMY 13.39; IAG 8.83; KRY 3.11; MRB 2.92; MRDDF 1.16; NEM 50.20; NTO 4.50; PAAS 16.76; QEE 0.36; RNO 1.73; SSRI 18.04; XVE 6.91. Almost everyone is higher today.
Even the DJI is up today to 11085. At least it is above the 11000 barrier. This remains a very dangerous market.
The dollar is not faring well at present, even though it may do so in the short term. Long term the trend is down and there seems to be nothing on the horizon to end this trend. The trade and budget deficits continue to grown each day. A day of reckoning will arrive. The books are always balanced in the end.
Whether the balancing takes place here or in Heaven, the Lord always remains sovereign in all things and neither He nor His word change. He and it remains steadfast forever. Depend upon Him and live in His way to have ultimate success. After all, He works all things to His glory and His people's good. Praise the Lord!
Best to each, Doug
posted by Doug @ 10:16 AM
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