Gold Moving Again!
Gold hit around $640 on January 2nd. Then after a drop below, it has been above $640 since the 23rd. It is now at $643.80. To really move much higher, it will have to break above $650 and then on to establish new records above $670.
Most of the mining stocks are above their recent lows. Though DRD Gold (DROOY) has been held back in price by the recent bad press, I am still holding mine. It has recovered from the recent lows and is now trading at about $0.80. The silver stocks Pan American Silver (PAAS @ 28.26) and Silver Standard (SSRI @ 33.32) are holding very well. It seems that silver is continuing to be stronger than the gold. I believe that gold is still under pressure from central banks and governments who cannot risk public discovery of the loss in purchasing power of the artificial paper currencies.
I have placed stops on a portion of my mining stocks. Most are 15% trailing stops. This is protect against substantial drops in prices and yet move higher to protect profits.
There is more news, almost daily, of more banks moving out of dollar reserves into EUROs and some into gold. The latest reports have been from the mid Eastern nations. Though the beginning is small, there seems to be an acceleration in the displacement of the dollar as the preferred reserve currency. This will lead to a lower standard of living for us.
The order of my preference for precious metal investments remain, as always, the bullion coins, the ETFs and trusts, such as, CEF, mining stocks, and other natural resource stocks. Following that there are stocks which pay high dividends and in my portfolio such as, Aberden Asia-Pacific Income Fund (FAX), ACM Income Fund (ACG), and San Juan Trust (SJT).
Study and learn all you can about investments. Remember, you are the one with the most interest in your own investing success.
Learn well, plan well, commit your plans to the Lord, and depend upon Him for the success. Earnest, sincere prayer to the Sovereign Lord of all, at every step in investing and in your life will yield success. We, Christians invest for the future to enable our future generations continue the kingdom work of Jesus Christ, The Lord.
Best to each, Doug
Most of the mining stocks are above their recent lows. Though DRD Gold (DROOY) has been held back in price by the recent bad press, I am still holding mine. It has recovered from the recent lows and is now trading at about $0.80. The silver stocks Pan American Silver (PAAS @ 28.26) and Silver Standard (SSRI @ 33.32) are holding very well. It seems that silver is continuing to be stronger than the gold. I believe that gold is still under pressure from central banks and governments who cannot risk public discovery of the loss in purchasing power of the artificial paper currencies.
I have placed stops on a portion of my mining stocks. Most are 15% trailing stops. This is protect against substantial drops in prices and yet move higher to protect profits.
There is more news, almost daily, of more banks moving out of dollar reserves into EUROs and some into gold. The latest reports have been from the mid Eastern nations. Though the beginning is small, there seems to be an acceleration in the displacement of the dollar as the preferred reserve currency. This will lead to a lower standard of living for us.
The order of my preference for precious metal investments remain, as always, the bullion coins, the ETFs and trusts, such as, CEF, mining stocks, and other natural resource stocks. Following that there are stocks which pay high dividends and in my portfolio such as, Aberden Asia-Pacific Income Fund (FAX), ACM Income Fund (ACG), and San Juan Trust (SJT).
Study and learn all you can about investments. Remember, you are the one with the most interest in your own investing success.
Learn well, plan well, commit your plans to the Lord, and depend upon Him for the success. Earnest, sincere prayer to the Sovereign Lord of all, at every step in investing and in your life will yield success. We, Christians invest for the future to enable our future generations continue the kingdom work of Jesus Christ, The Lord.
Best to each, Doug
posted by Doug @ 9:10 AM
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