More Downside Ahead?
Yes, gold is down again today! It has and seems to be continuing a series of lower lows on a daily basis, and even on a weekly basis. From a 24 hours high of $631.10 yesterday mid afternoon, it has successively moved farther down to $610 and change. It is now at $613.10. But continues to bounce around at a lower level today.
The longer term bull market remains intact, but the short term is dismal. We will likely see even lower prices in the short term. Too many times, I have traded in and out of mining stocks only to feel blocked out by rising prices after I had sold. Therefore, I do not trade very often, but hold to follow the long term trend.
Once this shake out has come to an end, I believe we will see a return to the long term trend over several years. As one considers the fact that gold has dropped significantly from the $740+ highs of a month ago, it is a scary situation.
Looking at the broader markets, and even international markets, it is obvious that they are doing no better. The DJI remains below 11,000 to about 10,900, and today is off about 30 points.
The dollar has shown a bit of strength against most currencies this week. In spite of the strength, there is just too much against the dollar long term and it will continue to drop in purchasing power against most other currencies. I believe the current strength is temporary.
I am looking for an end to the correction in gold, and am cautiously looking for opportunity to change more dollars into this reservoir of value. That time is most certainly getting closer each day. We must exercise patience and wait until the short term trend is more positive. The time will come and it may be soon! This web site gives a perspective which is worth consideration. Buy in June and July and walk away! Check it out! http://www.usagold.com/analysis/doldrums.html
Loses in investments are never fun! The saying, "Misery loves company." may be correct, but it is of little compensation when all investments are negative. This, too, shall end.
Keep you attention upon the Lord for complete peace and focus upon the long term view.
Best to each, Doug
The longer term bull market remains intact, but the short term is dismal. We will likely see even lower prices in the short term. Too many times, I have traded in and out of mining stocks only to feel blocked out by rising prices after I had sold. Therefore, I do not trade very often, but hold to follow the long term trend.
Once this shake out has come to an end, I believe we will see a return to the long term trend over several years. As one considers the fact that gold has dropped significantly from the $740+ highs of a month ago, it is a scary situation.
Looking at the broader markets, and even international markets, it is obvious that they are doing no better. The DJI remains below 11,000 to about 10,900, and today is off about 30 points.
The dollar has shown a bit of strength against most currencies this week. In spite of the strength, there is just too much against the dollar long term and it will continue to drop in purchasing power against most other currencies. I believe the current strength is temporary.
I am looking for an end to the correction in gold, and am cautiously looking for opportunity to change more dollars into this reservoir of value. That time is most certainly getting closer each day. We must exercise patience and wait until the short term trend is more positive. The time will come and it may be soon! This web site gives a perspective which is worth consideration. Buy in June and July and walk away! Check it out! http://www.usagold.com/analysis/doldrums.html
Loses in investments are never fun! The saying, "Misery loves company." may be correct, but it is of little compensation when all investments are negative. This, too, shall end.
Keep you attention upon the Lord for complete peace and focus upon the long term view.
Best to each, Doug
posted by Doug @ 9:59 AM
0 Comments:
Post a Comment
<< Home