GREY:VITFF - Post by User
Comment by
MIA17on Sep 30, 2010 11:50pm
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Post# 17515653
re: POG-VIT not moving
re: POG-VIT not movingcmon, VIT has had a nice move lately...nothing to balk at. The stock is not reacting to anything indigenous, it is reacting to market sentiment for the moment only. All gold stocks retraced today, including VIT. You'll notice it didn't pull that much though.
POG hit a very important pivot price yesterday of roughly $1300......this is enormous. Mentally, people just can't wrap their heads around that, including most of the street. As Diane Francis said last Saturday, 'Gold, the asset class for the confused'. Every time there is a pullback in gold stocks to support levels, it is a humungous buying opportunity.
Right now, VIT still has that support of $1.25 and then $1.16. If gold decides to pull some more, then $1.05 is in the cards. I do think POG will ultimately pull to $1250 though, before it resumes it's bull run. It's time for GOLD to correct sooner rather than later. Just my opinion. You have to decide accordingly with each stock you own whether to hold and wait and see or sell and try and buy back just as the next ride is coming. VERY HARD TO predict and execute in reality.