Gold Up Again Over the Week End
Gold seems to be making another run at $700. It should make it past that barrier now or a little later this year. We are approaching the slower summer time for precious metals. Of course, the high was reached last year in May. Will it get there again this year? Possibly, it is making a good run at it.
Gold has been hovering around $690+ over the week end and is now at $690.40. Remember, it has been a few steps upward and some back and then a repeat of the action for some time now. Often the backward steps were quite severe.
I believe that gold is still in a reasonable buying range; however, it could go lower and offer better opportunities. Please, keep trailing stops on a portion of your mining stock portfolio. I recommend trailing stops of 10-25% or the equivalent in dollar amounts. I use these quite regularly now. These work very well in a rising market, because the stops trail; that is they move upward as the market price increases and become fixed on drops. Of course, we are always hoping that the stops are never hit and the stocks never sell until the end of the "gold rush."
I believe the "gold rush" is months, or possibly a few years into the future. The news on gold is picking up, but not nearly the crescendo needed to bring the lemmings into the market. We must be patient.
Meanwhile the dollar is once again losing ground to most other currencies. We must always keep in mind that none of the paper currencies are anything but paper. They only have relative value based upon perceived value among the investors who play in those markets. Not one is backed by anything a real value. They are all debt instruments.
Well, it is time to face the new work week with renewed vigor. Remember, we work to please the Lord, not men. However, in pleasing the Lord with our efforts, they are generally recognized as outstanding by the men we serve on earth.
Best to each, Doug
Gold has been hovering around $690+ over the week end and is now at $690.40. Remember, it has been a few steps upward and some back and then a repeat of the action for some time now. Often the backward steps were quite severe.
I believe that gold is still in a reasonable buying range; however, it could go lower and offer better opportunities. Please, keep trailing stops on a portion of your mining stock portfolio. I recommend trailing stops of 10-25% or the equivalent in dollar amounts. I use these quite regularly now. These work very well in a rising market, because the stops trail; that is they move upward as the market price increases and become fixed on drops. Of course, we are always hoping that the stops are never hit and the stocks never sell until the end of the "gold rush."
I believe the "gold rush" is months, or possibly a few years into the future. The news on gold is picking up, but not nearly the crescendo needed to bring the lemmings into the market. We must be patient.
Meanwhile the dollar is once again losing ground to most other currencies. We must always keep in mind that none of the paper currencies are anything but paper. They only have relative value based upon perceived value among the investors who play in those markets. Not one is backed by anything a real value. They are all debt instruments.
Well, it is time to face the new work week with renewed vigor. Remember, we work to please the Lord, not men. However, in pleasing the Lord with our efforts, they are generally recognized as outstanding by the men we serve on earth.
Best to each, Doug
posted by Doug @ 7:59 AM
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