Gold Holding Firm Above $600
It is very encouraging that gold is holding above $600 in spite of a temporarily stronger dollar. Gold is presently at $619.20 up some $5+ for the day.
The mining stocks are up. DRD Gold (DROOY) is trading at $0.83 from a low of $0.78 just days ago. The problems with Emperor Mine, of which DROOY owns a large percentage, are still persisting. We should hope for a resolution very soon. This is still a good company and I am holding.
The Central Fund of Canada (CEF), invested in gold and silver bullion, is now at $8.90. It is not a bad buying price for some who do not have it in their portfolios. It was as high as $10.23 on November 27th. and will return there and beyond as the price of gold increases. This is a core holding for me.
Both Silver Standard (SSRI) and Pan American Silver (PAAS) are holding well, too. These are great silver companies. I own SSRI and trade in options on PAAS from time to time. By the way, it does appear that silver may well out pace gold on a percentage basis for the near term.
Remember that there will be bumps and sandy places along the road to higher prices. Therefore, it is wise to keep stops on a portion of the mining stocks in a portfolio. I expect prices to move higher soon and I will be placing stops on some my mining stocks in the near future.
The dollar is stronger today. However, it remains a troubled currency with central banks shifting from the dollar to gold and Euros. Mid-East oil in Euros seems to be coming to fruition shortly. That will/would be a blow to the dollar. Think of trading that much oil in Euros and not dollars. If that thought does not drive you to the reality of the downward trend of the dollar, nothing will.
Look well after your holdings, but depend upon the Lord for success. It is He Who gives the power for success. Amazingly, He also uses failure to guide His people into better actions. Place the Lord Jesus Christ first in your life. In fact, He must be so far above everything else in your scheme of priorities, that all others appear as being hated by comparison.
By the way, the week end is here and it is time to prepare for corporate worship on the Lord's Day. Do not neglect this as is the practice of some.
Best to each, Doug
The mining stocks are up. DRD Gold (DROOY) is trading at $0.83 from a low of $0.78 just days ago. The problems with Emperor Mine, of which DROOY owns a large percentage, are still persisting. We should hope for a resolution very soon. This is still a good company and I am holding.
The Central Fund of Canada (CEF), invested in gold and silver bullion, is now at $8.90. It is not a bad buying price for some who do not have it in their portfolios. It was as high as $10.23 on November 27th. and will return there and beyond as the price of gold increases. This is a core holding for me.
Both Silver Standard (SSRI) and Pan American Silver (PAAS) are holding well, too. These are great silver companies. I own SSRI and trade in options on PAAS from time to time. By the way, it does appear that silver may well out pace gold on a percentage basis for the near term.
Remember that there will be bumps and sandy places along the road to higher prices. Therefore, it is wise to keep stops on a portion of the mining stocks in a portfolio. I expect prices to move higher soon and I will be placing stops on some my mining stocks in the near future.
The dollar is stronger today. However, it remains a troubled currency with central banks shifting from the dollar to gold and Euros. Mid-East oil in Euros seems to be coming to fruition shortly. That will/would be a blow to the dollar. Think of trading that much oil in Euros and not dollars. If that thought does not drive you to the reality of the downward trend of the dollar, nothing will.
Look well after your holdings, but depend upon the Lord for success. It is He Who gives the power for success. Amazingly, He also uses failure to guide His people into better actions. Place the Lord Jesus Christ first in your life. In fact, He must be so far above everything else in your scheme of priorities, that all others appear as being hated by comparison.
By the way, the week end is here and it is time to prepare for corporate worship on the Lord's Day. Do not neglect this as is the practice of some.
Best to each, Doug
posted by Doug @ 9:26 AM
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