Gold Bouncing Around
It has been too long since last I wrote. However, I was out of town last week and now am back trying to get settled in and up to speed.
The price of gold has done a bit of bouncing around over the last ten days. Of course, this is not unusual these days before the election next month. Speaking of the election, we are always told that it is patriotic to exercise our "right" to vote. Sometimes I wonder about that when all that we are offered is a choice between Tweedle Dum and Tweedle Dee. We need to have the opportunity of selecting "none of the above." Every day we must pray for the Lord to raise up statesmen who are God fearing and supportive of the best parts of our great Constitution. However, it seems as though the Lord is not doing that today.
Back to gold: For the last 24 hours, gold hit a high of $586.20 yesterday afternoon at 3:54 and a low of $572.60 earlier at 10:02. It is currently at $581.40. The mining stocks have not followed gold down by the same percentage of the spot price of gold. The mining stocks seem to be holding a bit firmer. Still it is likely wise to put in some trailing stops to prevent substantial loss. I like the 10-15% trailing stops if your broker permits.
I will try to post more often for a time. Hang tough on a substantial portion of mining stocks and keep physical gold to preserve wealth. The dollar is bound to fall.
Best to each, Doug
The price of gold has done a bit of bouncing around over the last ten days. Of course, this is not unusual these days before the election next month. Speaking of the election, we are always told that it is patriotic to exercise our "right" to vote. Sometimes I wonder about that when all that we are offered is a choice between Tweedle Dum and Tweedle Dee. We need to have the opportunity of selecting "none of the above." Every day we must pray for the Lord to raise up statesmen who are God fearing and supportive of the best parts of our great Constitution. However, it seems as though the Lord is not doing that today.
Back to gold: For the last 24 hours, gold hit a high of $586.20 yesterday afternoon at 3:54 and a low of $572.60 earlier at 10:02. It is currently at $581.40. The mining stocks have not followed gold down by the same percentage of the spot price of gold. The mining stocks seem to be holding a bit firmer. Still it is likely wise to put in some trailing stops to prevent substantial loss. I like the 10-15% trailing stops if your broker permits.
I will try to post more often for a time. Hang tough on a substantial portion of mining stocks and keep physical gold to preserve wealth. The dollar is bound to fall.
Best to each, Doug
posted by Doug @ 8:40 AM
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