South Africa
Be careful about purchases of South African mining stocks for the time being. It seems that the mine workers union has threatened a strike for higher wages. This is likely to mean a bump or sandy spot in the road for prices. For example: DRD Gold has traded as low as 6.14 today. Of course, it seems to be getting into a good buying range, but be careful. We could have better prices in the immediate future. I plan to add to my holdings of DROOD, but am carefully following the prices.
Gold since July 25th seems to be establishing a higher trading range of just below 650 to just above 665. That is a little better for the time being. However, we are still in the historically down days for the metal. Silver is below 13 and may be a good buy.
Oil continues to be fairly strong after hitting the all time high of just over 78 recently. Remember, the middle east situation has yet to completely play out. There is still fighting and saber rattling in the area. A major rise in hostilities would move oil much higher. In the background of the oil situation, we are seeing an increase in exploration and active rigs which should add to the supply in the not too distant future putting downward pressure on prices.
The DJI is at 13382.85 up just over 20 for the day. It is early, so who knows where it will go from here. The volatility in the market is exciting and maybe even shocking. The market will reveal the direction over time.
Keep prayerfully reading God's word seeking wisdom and understanding which He abundantly supplies to those who fear Him and are loved by Him.
Best to each, Doug
Gold since July 25th seems to be establishing a higher trading range of just below 650 to just above 665. That is a little better for the time being. However, we are still in the historically down days for the metal. Silver is below 13 and may be a good buy.
Oil continues to be fairly strong after hitting the all time high of just over 78 recently. Remember, the middle east situation has yet to completely play out. There is still fighting and saber rattling in the area. A major rise in hostilities would move oil much higher. In the background of the oil situation, we are seeing an increase in exploration and active rigs which should add to the supply in the not too distant future putting downward pressure on prices.
The DJI is at 13382.85 up just over 20 for the day. It is early, so who knows where it will go from here. The volatility in the market is exciting and maybe even shocking. The market will reveal the direction over time.
Keep prayerfully reading God's word seeking wisdom and understanding which He abundantly supplies to those who fear Him and are loved by Him.
Best to each, Doug
posted by Doug @ 9:46 AM
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