It May Not Be The Bottom Yet!
I believe we are very near the bottom of the correction. However, we will likely have to suffer through June and July before there is larger movement upward in the price of precious metals. If true to history, the early Fall and Winter will produce higher prices.
For the last 24-hour period, the high was $574.20 yesterday at 11:13 (NY) and the of $558.80 today at 0:22. Silver high for the same period was $10.13 and low was $9.78 at almost exactly the same times. Gold is presently $567.50 and silver $9.93.
Almost all mining stocks are a bit higher today with DROOY at $1.17 which I still believe is a good buying price.
Buying always depends upon your existing portfolio and available cash. If you do make the decision to buy, I would recommend you use caution and ease into with a few shares at a time. At these prices, I do not recommend stop orders. Those should be used when we see the prices moving upward.
By the way, I have been asked several times whether one should buy collector or bullion coins. The difference is the "premium" which is charged for collector value over the bullion coins. Often, we have seen the collector value escalate very rapidly offering great profit potential as collectors place increasing value on the better coins. This potential exists and has been realized in the past by knowledgeable investors. However, I seek to buy the bullion coins with the least premium over the value of gold. In this way, one can obtain the most gold at the very lowest price.
If you have collector coin knowledge or a reliable dealer who does, you could choose the collector coins. If so, go for the coins in the best possible condition and most rarity. I generally avoid these, but that is my prerogative. You make your own decisions.
Best to each, Doug
For the last 24-hour period, the high was $574.20 yesterday at 11:13 (NY) and the of $558.80 today at 0:22. Silver high for the same period was $10.13 and low was $9.78 at almost exactly the same times. Gold is presently $567.50 and silver $9.93.
Almost all mining stocks are a bit higher today with DROOY at $1.17 which I still believe is a good buying price.
Buying always depends upon your existing portfolio and available cash. If you do make the decision to buy, I would recommend you use caution and ease into with a few shares at a time. At these prices, I do not recommend stop orders. Those should be used when we see the prices moving upward.
By the way, I have been asked several times whether one should buy collector or bullion coins. The difference is the "premium" which is charged for collector value over the bullion coins. Often, we have seen the collector value escalate very rapidly offering great profit potential as collectors place increasing value on the better coins. This potential exists and has been realized in the past by knowledgeable investors. However, I seek to buy the bullion coins with the least premium over the value of gold. In this way, one can obtain the most gold at the very lowest price.
If you have collector coin knowledge or a reliable dealer who does, you could choose the collector coins. If so, go for the coins in the best possible condition and most rarity. I generally avoid these, but that is my prerogative. You make your own decisions.
Best to each, Doug
posted by Doug @ 8:51 AM
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