Gold Showing Some Signs of Renewed Life
For the last 24, gold hit a high of $626.20 this morning at 8:41 and a low of $611.90 yesterday afternoon at 4 pm and is now $624.70. These are not exciting prices, but the direction does appear to be upward after last week's aberration. Silver's high was $12.38 today at 10:01 and low of $11.95 yesterday evening at 9:21 and is now $12.35. All times are NY.
Almost all the mining stocks are in the green today. Here are some BGO 5.2301; CBJ 3.15; CDY 1.60; DROOY 1.32; EGO 4.49; GPTC 0.157; GSS 3.24; HMY 13.90; IAG 10.35; KRY 2.78; MRB 3.01; NEM 51.70; NTO 4.67; PAAS 21.14; QEE 0.33; RNO 2.25; SSRI 23.072, and XVE 9.50. CEF is at 9.07. These are not run away prices, but they are moving upward again.
Typically, the mining stocks and precious metals move up September through December. Will this be a typical year? Likely, but thus far the year has been strange for the precious metals. We have had a bumpy ride!
It is important to focus on the long term. All indications are that the dollar will continue downward and the precious metals will continue their bull run. Technical analysis tells us that trends continue until they end. That sounds trite, but is true. The long term trend for the dollar is currently down and up for precious metals. These trends would have to be broken for either to end and that does not seem to be indicated at this time.
Remember that it is certain that our Sovereign God is in control. However, He does give us brains which we must use to make plans. We should pray over our decisions and plans and commit them to Him for success.
Best to each, Doug
Almost all the mining stocks are in the green today. Here are some BGO 5.2301; CBJ 3.15; CDY 1.60; DROOY 1.32; EGO 4.49; GPTC 0.157; GSS 3.24; HMY 13.90; IAG 10.35; KRY 2.78; MRB 3.01; NEM 51.70; NTO 4.67; PAAS 21.14; QEE 0.33; RNO 2.25; SSRI 23.072, and XVE 9.50. CEF is at 9.07. These are not run away prices, but they are moving upward again.
Typically, the mining stocks and precious metals move up September through December. Will this be a typical year? Likely, but thus far the year has been strange for the precious metals. We have had a bumpy ride!
It is important to focus on the long term. All indications are that the dollar will continue downward and the precious metals will continue their bull run. Technical analysis tells us that trends continue until they end. That sounds trite, but is true. The long term trend for the dollar is currently down and up for precious metals. These trends would have to be broken for either to end and that does not seem to be indicated at this time.
Remember that it is certain that our Sovereign God is in control. However, He does give us brains which we must use to make plans. We should pray over our decisions and plans and commit them to Him for success.
Best to each, Doug
posted by Doug @ 9:26 AM
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