RE: Getting Hammered todayYa, no kidding! The volume to the down side has been small again. I see a lot of block trading, and I think interest might be waining a little here (for the time being). I'm a little baffled at the poorer performance of smaller gold equities, especially given the hype/potential for M&A activity. I initially bought $1.50, then a little more at ~$1.34. In no way (in my opinion) is RN.TO a loser. The $1.40 area was important, and now we've made a mad run to the $1.20 area, which, looking back into 2010, was support for a while. If $1.20 breaks, then it'll only take a minute to drop to the stock's base at ~$1.10. If that level breaks, time to move on elsewhere, simply because then it's flying blind. I'm not really a fan of that!
I think I might add a little more today. It's always an advantage to lower one's ACB, provided there's nothing wrong with the company. The breakdown is disappointing, but
c'est la "trading" vie.
On another note, I was reading an article on MarketWatch about gold.
https://www.marketwatch.com/story/gold-fund-is-an-etf-for-the-ages-2011-07-12.
It was a nice, point-form summary of what kind of encompasses the behaviour of economics/central banks, etc. I don't see how the Americans can go without QE3. QE2 worked, but barely, and the QE method is the only band-aid they have to keep an economy afloat, until they figure something out more substantial/sustainable for their economy, like changes in taxation, financial regulations, etc.
~J