Wednesday, November 07, 2007

What about Gold-3

Part 1 was posted way back in March 27, 2007, and in that post I said:

Despite the sideways movement of gold prices, I still feel very much bullish on this metal in the long term. Gold for April delivery closed down $1.40 at $662.50.

In my opinion, this is a good buy. I would buy, and sit on it for the rest of the year. My target is at least double its current price.

My reasoning for doing this - is something I cannot post, a gut feeling, and a dream.

Part 2 of this post was posted in September 22, 2007, around 2 months ago; and I said:

But that followed spot gold's surge to $739 an ounce in Europe on Friday -- its highest since January 1980.

It is up and up!


Today, November 8, 2007, on the news (from PDI):

The pullback in oil helped cool the surge in gold which peaked at a 28-year high of $845.40 on Wednesday, near its all-time high of $850 reached in January 1980. Spot gold was trading at about $833 an ounce by 0605 GMT.


No matter what, I will have to close the trade once it reached 900. I guess a gain of 260 dollars an ounce is more than enough. I have always said do not bite too much what you cannot chew, and be careful. Besides, the year is almost over.


On a different front; it was an accident. Let us pray for his recovery.

I admired him for not running Senate re-election during the time he was Senator under the Aquino Presidency.

On the news (from PDI):

Former senator Rene Saguisag is in a “semi-conscious” condition after figuring in a road accident that killed his wife early Thursday, according to a doctor of the Makati Medical Center where he is confined.

Dr. Eric Nubla, head of the patient-relations office, said Saguisag suffered severe trauma to the head and chest as a result of the accident.