Gold Takes a Breather & News on DROOY
Gold has slipped a bit today. Likely the banks are at it again >> fighting their most feared enemy: the freedom offered to individuals by the precious metals. It is now trading for 681 which is above the low for the day near 680.75.
The news on DROOD (was DROOY). There was a consolidation of the number of shares represented by each ADR of DROOY. It is similar to a reverse split of about 8 to 1. This has no lasting economic impact on the actual value of your shares, because a new share of DROOD will have about 8 times the value of the old share of DROOY. The company announced that the move was made, because the ADRs were valued below their target. The immediate impact will likely be that the shares will lose a bit of value until investors learn of the change. There is no impact on the company, itself.
The dollar continues to have lower purchase power, so the precious metals should continue to increase in relative value. The mining stocks are taking a hit today, but that should not last long. August is almost here and the fall rally is not far away.
The mid east situation does not show any signs of improvement and the pressure for withdrawal of our military is increasing. Withdrawal will not be easy. An attack upon Iran is still not out of the military play book. We should pray that it not happen!
Keep your eyes upon Jesus through His word under the power of the Holy Spirit for peace of mind in "interesting" times. I trust that each of you had a great time of worship and fellowship with the people of the faith of Abraham yesterday. If you did not, you missed the blessing of corporate worship which is a great gift of our Sovereign God.
Best to each, Doug
The news on DROOD (was DROOY). There was a consolidation of the number of shares represented by each ADR of DROOY. It is similar to a reverse split of about 8 to 1. This has no lasting economic impact on the actual value of your shares, because a new share of DROOD will have about 8 times the value of the old share of DROOY. The company announced that the move was made, because the ADRs were valued below their target. The immediate impact will likely be that the shares will lose a bit of value until investors learn of the change. There is no impact on the company, itself.
The dollar continues to have lower purchase power, so the precious metals should continue to increase in relative value. The mining stocks are taking a hit today, but that should not last long. August is almost here and the fall rally is not far away.
The mid east situation does not show any signs of improvement and the pressure for withdrawal of our military is increasing. Withdrawal will not be easy. An attack upon Iran is still not out of the military play book. We should pray that it not happen!
Keep your eyes upon Jesus through His word under the power of the Holy Spirit for peace of mind in "interesting" times. I trust that each of you had a great time of worship and fellowship with the people of the faith of Abraham yesterday. If you did not, you missed the blessing of corporate worship which is a great gift of our Sovereign God.
Best to each, Doug
posted by Doug @ 11:38 AM
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