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InvestBaboo
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Casual investor with a flair for investing.
  • Yes, Gold is a Buy now! 1 comment
    May 5, 2009 9:40 AM | about stocks: GLD, GDX, EGO

    To those readers that may have read some of my negative posts on Gold they would remember that I always said that I would buy into Gold and Gold mining equities the day that I see a Buy registered on their charts. My argument has been that why get into Gold and suffer downward losses or a stagnant situation (as has been the case) while you could wait for the charts to show a buy and then get in and enjoy the upward momentum! Sure, you may miss the first 50 or 100 bucks in the appreciation process but if the Gold bulls are right we are going up several hundred % right? :-) What is 50 or 100 bucks when we are looking at several hundred dollar gain?

    I have opened small positions in EGO (El Dorado Gold) and GDX (Gold Miners ETF).

    Stocks: GLD, GDX, EGO
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    Add ABX (Barrick Gold) to the list. I was quite surprised to see so many Gold stocks pop Buy signals so suddenly and across the board. What is going on? One plausible theory is that the market now really believes in recovery and that recovery may be accompanied by inflation! We all know Gold is #1 hedge against inflation.
    6 May 2009, 09:07 AM Reply Like
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