Gold Hits $770 and Euro $1.43
What a move gold has made in the last few days. It hit about 770 for a short time last night and is now manipulated down to 761.40 giving some a buying opportunity. Of course, there needs to be some correction at this point, since it has moved up so rapidly.
By the way, I am a buyer of Harmony Gold (HMY) at the present range below 10.00. It is trading about 9.52 - 9.58. It gapped down from about 14 a few weeks ago due to the mine disaster (no fatalities). It has yet to cover the gap, and I believe it will in the near future as the price of gold rises which seems certain long term.
We often forget that gold has never really traded in a free market. I would estimate that gold in a free market would be selling today at somewhere between 1000 and 1500. This is a rough estimate and not exact by any means. Once the cartel and banks lose control, it will sky rocket. As I suspected, this was not the time for the third wave blow off. That will come! When? That is anyone's guess. I do not know.
Oil hit 90/barrel over night. It is off a bit now, but is yet to be reflected at the pumps. We are still a lull in the pump price of gasoline for our gas guzzlers. Be sure to keep the tank full at these "low" prices. They are sure to be higher very soon.
The G-7 meeting begins today and China should get some heat for the low value of the Renmimbi, but of course, China will ignore the call. China has begun and will continue on their own schedule. No outside pressure will get anything, but contempt. They intend to do it their way.
The decreasing value of the dollar pushed the Euro to 1.43, but it has backed off a bit to 1.4251. While many thought that 1.45 was out of question a few weeks back, it seems as though perhaps 1.45 will be exceeded in a relatively short time.
While the announced selling of dollar instruments from abroad and, recently, Asia, I would suggest that there is stealth selling by several central banks. After all, no bank wants to see a massive wave of selling. The would prefer for it to be slow and steady over time. However, there may come a time of bail our or lose all. The dollar is still low and in rather uncharted territory. What happens will be shown over time.
I am likely to be off the air for a while, but will try to update when I can. In the meantime, I will be using corrections to add to the mining stock portfolio. Most of them are down some today.
Study and meditate upon the Word of God. Ask Him for wisdom in investments and every area of life. He will generously supply wisdom to all of His people. We must also seek understanding to know King Jesus better and to better apply His word to our lives.
Best to each, Doug
By the way, I am a buyer of Harmony Gold (HMY) at the present range below 10.00. It is trading about 9.52 - 9.58. It gapped down from about 14 a few weeks ago due to the mine disaster (no fatalities). It has yet to cover the gap, and I believe it will in the near future as the price of gold rises which seems certain long term.
We often forget that gold has never really traded in a free market. I would estimate that gold in a free market would be selling today at somewhere between 1000 and 1500. This is a rough estimate and not exact by any means. Once the cartel and banks lose control, it will sky rocket. As I suspected, this was not the time for the third wave blow off. That will come! When? That is anyone's guess. I do not know.
Oil hit 90/barrel over night. It is off a bit now, but is yet to be reflected at the pumps. We are still a lull in the pump price of gasoline for our gas guzzlers. Be sure to keep the tank full at these "low" prices. They are sure to be higher very soon.
The G-7 meeting begins today and China should get some heat for the low value of the Renmimbi, but of course, China will ignore the call. China has begun and will continue on their own schedule. No outside pressure will get anything, but contempt. They intend to do it their way.
The decreasing value of the dollar pushed the Euro to 1.43, but it has backed off a bit to 1.4251. While many thought that 1.45 was out of question a few weeks back, it seems as though perhaps 1.45 will be exceeded in a relatively short time.
While the announced selling of dollar instruments from abroad and, recently, Asia, I would suggest that there is stealth selling by several central banks. After all, no bank wants to see a massive wave of selling. The would prefer for it to be slow and steady over time. However, there may come a time of bail our or lose all. The dollar is still low and in rather uncharted territory. What happens will be shown over time.
I am likely to be off the air for a while, but will try to update when I can. In the meantime, I will be using corrections to add to the mining stock portfolio. Most of them are down some today.
Study and meditate upon the Word of God. Ask Him for wisdom in investments and every area of life. He will generously supply wisdom to all of His people. We must also seek understanding to know King Jesus better and to better apply His word to our lives.
Best to each, Doug
posted by Doug @ 10:07 AM
0 Comments:
Post a Comment
<< Home