Short Term Gold Suffers the Doldrums of June and July.
For the last twenty-four hours, gold hit a high of $611.40 at 9:28 this morning and a low of $601.30 at 3:31 earlier at 3:31 (NY times). Gold continues to languish short term. I say short term, because there are too many influences which long term will force the bull trend to continue for some time into the future.
The www.resourceinvestor.com pointed out this morning that gold adjusted for inflation compared to the $800 it was in 1980, is only about $252. Thus it is much lower than it should be. This source listed as positive to gold easier participation by investors through the ETFs; conversion of Middle East petrodollars to gold; Asian central banks adding gold to reserves; declining production of gold due to delays and shortages of equipment and manpower; continuing global political and religious tensions; and others. I have no doubt that the bull trend will resume and remain intact for many years in the future. There will be corrections along the way.
The mining stocks are in, what I believe to be, reasonable buying ranges for adding to portfolios. DROOY 1.32; HMY 13.41; IAG 8.72; KRY 3.72; NEM 49.68; NTO 4.15; PAAS 17.24; QEE 0.36; RNO 1.79; SSRI 18.05; XVE 6.95. CEF is currently 8.72. We could see them lower, but I believe we are very near the bottom of this correction. According the past history, we are in a down two month period. Follow the prices rather closely and make buy decisions based upon early upward price movement.
As this is written, gold is at $610.30 on a last move up slightly.
I trust that each of you joined with others in corporate worship yesterday. This must be a very important part of each Christian life. We notice a "hole" in our lives when we must miss corporate worship due to illness or other unavoidable situations. We are told "not to forsake the gathering together of the saints." We are a very special family: the family of the Living God.
Best to each, Doug
The www.resourceinvestor.com pointed out this morning that gold adjusted for inflation compared to the $800 it was in 1980, is only about $252. Thus it is much lower than it should be. This source listed as positive to gold easier participation by investors through the ETFs; conversion of Middle East petrodollars to gold; Asian central banks adding gold to reserves; declining production of gold due to delays and shortages of equipment and manpower; continuing global political and religious tensions; and others. I have no doubt that the bull trend will resume and remain intact for many years in the future. There will be corrections along the way.
The mining stocks are in, what I believe to be, reasonable buying ranges for adding to portfolios. DROOY 1.32; HMY 13.41; IAG 8.72; KRY 3.72; NEM 49.68; NTO 4.15; PAAS 17.24; QEE 0.36; RNO 1.79; SSRI 18.05; XVE 6.95. CEF is currently 8.72. We could see them lower, but I believe we are very near the bottom of this correction. According the past history, we are in a down two month period. Follow the prices rather closely and make buy decisions based upon early upward price movement.
As this is written, gold is at $610.30 on a last move up slightly.
I trust that each of you joined with others in corporate worship yesterday. This must be a very important part of each Christian life. We notice a "hole" in our lives when we must miss corporate worship due to illness or other unavoidable situations. We are told "not to forsake the gathering together of the saints." We are a very special family: the family of the Living God.
Best to each, Doug
posted by Doug @ 9:15 AM
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