Gold SetbackFirst, I was out of of the CAN yesterday.Why? I ha ve my reasons and it goes against many on this board who have no, or little concept of taking money off the table. Most importantly, the timing of it. I take profit like crazy during long periods of high volality. Yesterday, one analyst said, in response to a BNN question, that his company is taking profit and is also cooling off on gold. I agree and I sold after picking an earlier bid at $3.83 later in the day after buying back at $3.85 earlier.
Natural Gas was up and I guessed it would be down this morning. The excuse I heard on Bloomberg is ridiculous as all excusesare from analysts on BNN. Gas is down because the hurricane threat has cooled down. Does any of you believe in that rubbish? I do not, but I know many of you would listen.Right now I am not interested in gold I would not buy CAN at $3.80. Instead, bought HNU, a natural gas EFT.This morning, and bought from a high of $4.07 to a low of $3.98 and have a bid for $3.95.
O.K. some sourpuss would post and would say something very stupid. This is how boards are. Now, about CAN. I am watching and I believe it could be had around $.3.50. Not today. I would not explain why I believe so. I also know I could be wrong. Yesterday I got the signal when gold went reached 1300 bucks and CAN moved one millimetre, only to fall back two centimetre. Other well-established and proven gold stocks did better, but not great
I would like to read from anybody who could make a counter argument. Thank you.