Could the Bottom Be In Now?
For the last 24 hours, gold hit a high at $586.90 early this morning at 3:48 up from a low of $580.20 last night at 10:12 (NY). It is now at $579.90 and seems to be headed back up. If it does go back above and stay above $580 today, one could say that there is support around $580, possibly between $576 or so and $580. That would be good news in the short term. The long term bull market in gold continues to be strong.
As mentioned in the past, I bought a Call option - GOXIH. This is the September GOX Call at 140. The GOX which is a composite of several mining company stocks is currently at $135.50. If you can take the risk, you might look into the GOX September or later calls. One thing about options, the amount of the risk is limited to the purchase price plus the commission. Therefore, one knows exactly how much he is risking.
I will be out of pocket most of this week. The FOMC meets this week for another rate hike. It is expected to be .25%. There is always the questions of how much it will be and will there be more. It is certain that Ben will confuse the issue with Fed speak after the meeting. He is almost as good at that as Greenspan was. Of course, Greenspan chimes in every now and then even though he is no longer directly involved. What an ego he must have.
Our markets will be closed over the 4th of July week end. That will have an impact upon trading this week. I may be able to post an update on Friday if I can catch up enough on what has happened.
It is wise for us to recall how many of our founding fathers suffered and died to create the government we initially had. Looking back on our founding document, The Constitution of the United States of America, it is a great document with very few faults. However, today, it is seen by almost all of our politicians as simply a piece of paper which must be ignored and replaced by a multitude of unconstitutional laws which limit the life, liberty, and property of the citizens.
We need statesmen and not professional politicians in elected offices. A good government always fulfills the responsibility, under God, of protecting the life, liberty, and property of its citizens from all threats foreign and domestic. It must protect the free market without involving itself is regulation and other meddling therein. Examine the USG today and compare it with these principles. What do you find?
To celebrate our Independence Day, let us those of us who are called by His name, humble ourselves before the Sovereign God, seek His face and pray to Him, turn from our evil ways, then He will hear from Heaven, forgive our sin and heal our land. (2 Chron. 7:14) That is His promise to His people. Let us pray these words to Him and see Him act in glorious ways.
Best to each, Doug
As mentioned in the past, I bought a Call option - GOXIH. This is the September GOX Call at 140. The GOX which is a composite of several mining company stocks is currently at $135.50. If you can take the risk, you might look into the GOX September or later calls. One thing about options, the amount of the risk is limited to the purchase price plus the commission. Therefore, one knows exactly how much he is risking.
I will be out of pocket most of this week. The FOMC meets this week for another rate hike. It is expected to be .25%. There is always the questions of how much it will be and will there be more. It is certain that Ben will confuse the issue with Fed speak after the meeting. He is almost as good at that as Greenspan was. Of course, Greenspan chimes in every now and then even though he is no longer directly involved. What an ego he must have.
Our markets will be closed over the 4th of July week end. That will have an impact upon trading this week. I may be able to post an update on Friday if I can catch up enough on what has happened.
It is wise for us to recall how many of our founding fathers suffered and died to create the government we initially had. Looking back on our founding document, The Constitution of the United States of America, it is a great document with very few faults. However, today, it is seen by almost all of our politicians as simply a piece of paper which must be ignored and replaced by a multitude of unconstitutional laws which limit the life, liberty, and property of the citizens.
We need statesmen and not professional politicians in elected offices. A good government always fulfills the responsibility, under God, of protecting the life, liberty, and property of its citizens from all threats foreign and domestic. It must protect the free market without involving itself is regulation and other meddling therein. Examine the USG today and compare it with these principles. What do you find?
To celebrate our Independence Day, let us those of us who are called by His name, humble ourselves before the Sovereign God, seek His face and pray to Him, turn from our evil ways, then He will hear from Heaven, forgive our sin and heal our land. (2 Chron. 7:14) That is His promise to His people. Let us pray these words to Him and see Him act in glorious ways.
Best to each, Doug
posted by Doug @ 9:19 AM
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