Thoughts on Markets

Friday, June 27, 2008

Gold Ramping Up - Dollar Sliding

Silver on the move attempting to catch up with gold. Silver is now 17.62.

Gold is romping upward above both the 50 and 200 day moving averages. It is now 929.30.

With the miners moving up in response to the precious metals, the GDX has broken out above the moving averages, as has gold. DROOY is 7.46 and HMY is 12.17. I wish I had bought more during the last correction. However, that is typical after a large upward move. By the way, I now have in place 10% Trailing Stops on a portion of my holdings in both DROOY and HMY. If there is another correction soon, perhaps, I will be stopped out and then able to buy back in at a lower cost to increase my overall holdings.

This upward thrust seems to have a lot of steam in the boiler, so gold may burst through 930 and keep going for a while. Wow, now that would be great if my 10% stops held for weeks. Excuse the enthusiasm. That will be revealed to us by the Sovereign God over time. We cannot accurately see short term future, and timing. I am content to leave this in His hands. He does much better than I and He knows everything.

This is a short posting to update all on the big move in precious metals.

Check out the link My Life in a Shoe to see the 9th. Coghlan girl born today! Praise the Lord for another Covenant child.

Best to each, Doug


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