PM Market Update: Probably an OK price today
Posted by Frugal on June 19th, 2006
Didn’t realize that Friday’s close was higher than I expected. Today’s price seemed an okay level to pick up a little shares. So far however, all of my purchases from last Wednesday and Thursday are still in green. Hopefully, the dip that may come will push my purchase from last Thursday into red. At that point, it should be really good price.
A healthy pull back is always good. If today PM market closes slight down, I think the dip may be postponed slightly further. Market is almost like a spring, to go down, it must go up first, and vice versa. So hopefully we can get the dip that we want on Thursday or Friday.
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June 20th, 2006 at 9:32 pm
Do you still think we will get a dip this week towards gold $550? I read reports crediting North Korean missiles for today’s price increase.
June 20th, 2006 at 11:00 pm
Actually, I’m more worried about the general stock market than gold market. If the general market doesn’t rally, my guess is that at best gold market will stay roughly flat.
I think the stock market and PM market are at the critically dangerous points. At such risky point, I don’t dare to recommend buying even when the gold drop to $550 and bounce up, while the general market doesn’t turn up. It’s very risky and nebulous right now. I don’t think anyone has a crystal ball. Again, if the assumption of a post-Fed metting rally is true, then whether buying at $550 or $570 won’t matter much. But if that turns out to be not true, then abyss may come. So far, the general market in S&P 500 refuses to go above 200 days moving average. The non-confirmation by S&P 500 really worries me. I’m afraid that it is signalling that such rally may not materialize.
I almost want to say that you should definitely save 40 or 50% of money to put in AFTER the fed meeting. If it rallies, then you could put them in at a higher price, but much safer. And if it doesn’t rally, you will have cash available, plus possibly you may want to cut your loss for those money that you put in before Fed meeting.