Gold Stronger So Far This Trading Session
After a huge move to the downside yesterday, gold seems to have steadied so far this trading session. Many people like to write about what news item moved the price of a particular market one way or another in a given trading day. I find that commentary worthless. Looking at longer-term charts of secular bull markets, one day news items are like a blip on a chart and not worth noting. Have steady nerves and keep your eye on the big prize.
July 2, 2010
Bloomberg: “People are still considering gold as a safe haven,” said Bernard Sin, the head of currency and metal trading at bullion refiner MKS Finance SA in Geneva. “Europe is still not in a good shape, and the U.S. is still not in a good shape.”
The metal is “a good hedge against further problems in the financial field and further potential inflationary trends that will be coming,” Barry James, who manages $2 billion as chief executive officer at James Investment Research Inc. in Xenia, Ohio, said yesterday.
Remember in a bull market never give up your position. You will have pullbacks from time to time, that is just how they are. Also, as Richard Russell says, bull markets are designed to take as few riders as possible. Don’t be one of the people not taking the ride.
Buy and hold during secular bull markets and stop worrying about gyrations in price.
For the entire Bloomberg article CLICK HERE
Subscribe to:
Post Comments (Atom)
No comments:
Post a Comment