My Thought''s What is there new to say? Not much really! I am still pounding the table on quality gold stocks, including HRG, despite the recently announced bought deal for $100 million which has weaken it, however, this is the time to grab some below $3.00. I bought more at $2.84 this afternoon. Kinross is behaving as expected with the recent run up in the gold's.
Todays action was pure profit taking and may continue into Monday. However, I believe that it will be short lived because the metals are on still fire and gobal turmoil continues to be a never ending problem.
Oil, WOW!!! who would have guessed 10 weeks ago that oil would touch $90? Again, the Turks and Kurds are the center of why oil is where it is this week. Realisticlly, I don't think the oil price will stay aloft after the conflict between the Kurds and Turks is settled.
U308, is building momentum daily. PDN and UUU are the most likely to benefit in the near future. However, gold is still king and will be pushing $830 -$850 by year's end baring any major obstacle of which I cannot imagine.
Below are some quotes taken from a Kitco article written today concerning gold.
"Gold still has to go up another $US82/oz to reach the magic $US850/oz figure. But, to put that in perspective, it has gained more than $US100/oz since the beginning of August. That gain has taken more than nine months to achieve, but the pace of gain is gathering momentum".
"The yellow metal has two things working for it. One is the traditional safe-haven concept. It keeps its value because only so much of it exists, unlike paper money, which can be produced at will by central banks.
"It also keeps its value during inflationary times, and that beast is now rearing its head in China and India.
One of the new gauges of gold demand is Vietnam, among the fastest growing markets for it".
Newmont Mining is the world's second largest producer and one of the more publicly bullish about the yellow metal.
"Pierre Lassonde, Newmont's vice-chairman, has been predicting $US1000/oz gold for the past two years. Newmont's new chief executive, Richard O'Brien, was not putting any figure on it this week but did tell a news agency on Thursday he expected it to go much higher, adding "it still has room to run".
I apolize if I cannot contain expressing myself on the merits of gold stocks but, gold is where the greatest percentage of gain will be in the coming months along with a distant second in the Tech and U308 sector. Base metals will see a flattening for demand because of slower housing starts in the U.S. However,I really can't see a major pull back in the base metals because world wide demand continues to be strong and will be for years to come. Africa is next to start developing in the coming years.
Many of us have already make admirable sums of money in the metals markets and will continue to do so going forward.
Hnag on for the ride...Mad