Gold Rebounds after 3 percent drop! (GDX, GDXJ, GG, ABX, NEM) (9/7/2011)

Posted: September 7, 2011 in Economy, ETF, Gold, Gold ETF, NASDAQ, NYSE, Precious Metals, Watch List
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U.S. President Barack Obama at Cairo University

Image via Wikipedia

Gold finally has rebounded 1 percent Today following a 3 percent drop from the previous session. This being as prices are now more affordable, and attractable to bargain hunters out there. However it also showed the risk in investing in the Gold Rush of which is upon us. With the 3 percent drop it was the most volatile day for gold in the last two weeks. This all happened after Spot Gold hit a record high of $1920.03 on Tuesday. Still however gold’s long term bullish trend remains as their is still global struggle. As reported at Reuters.com

“Concerns about economic growth in the United States,and the euro zone will keep supporting gold prices. Even though we may see liquidation repeatedly along the way, gold will continue to rise toward $2000,”the dealer said.”

Things of which added to the gold risk was the fact that Germany‘s industrial output had an unexpected jump in July, of which is offering the world positiveness that Europe‘s largest economy could avoid the major recession of that has been talked about as of late.

Thursday is the big day as all Investors will be watching President Barack Obamas speech on job creation to the Congress, this being after data has showed the economy staying flat for the month of August.

Personally I think it might be a good time to buy (GDX, GDXJ, GG, ABX, NEM) of which are at irresistible prices compared to (GLD)

Disclosure – Currently I do not hold any position in the (GDX,GDXJ,GG,ABX,NEM,GLD) However plan to initiate a position in the next 72 hours.

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