Gold Stocks
Moderator: Global Moderator
Gold Stocks
I am watching gold stocks carefully now to signal the bottom in the metal. Could drop another 100 bucks or so an oz before we see serious buying come back into this beaten down sector. Can't time the bottom so I am averaging in my VP.
Re: Gold Stocks
I have bought nothing but GDX for the last six months...more than doubling my position since then. It's been awful to say the least. My latest purchase was at $21.70.
I will not buy anymore unless gold moves to around $1,000. That is feeling more certain, or even less. I am confident the economy is not improving and the government/fed will respond with more printing. My pessemissim about the near-term price in spite of my long-term expectations has got to be how things feel near the bottom. The sentiment is so negative it's hard to imagine it getting worse.
I will not buy anymore unless gold moves to around $1,000. That is feeling more certain, or even less. I am confident the economy is not improving and the government/fed will respond with more printing. My pessemissim about the near-term price in spite of my long-term expectations has got to be how things feel near the bottom. The sentiment is so negative it's hard to imagine it getting worse.
Re: Gold Stocks
Good call on the overnight selling.
Stoopid gold1
Stoopid gold1
Re: Gold Stocks
At least it didn't break to new lows. I was expecting at least a re-test of the June low. If that doesn't break within a month or two I think we'll have a double bottom.annieB wrote: Good call on the overnight selling.
Stoopid gold1
The taper plan is now laid out for everyone. Bernanke was more clear on a complete end to QE next year for the first time. If that doesn't break gold to a new low I don't know what would, short of them selling bonds.
I think we'll see a new low today though but a reversal would be wonderful.
Funny thing is crude is moving up
Let's see what interest rates do.