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Good Action

July 29, 2006

Thursday ended up being the only day with any amount of action or movement. Friday more or less wimped out and yet ended positive, as did the week. Gold has now been up 5 of the last 6 weeks. For some reason though I still do not think the May correction is over, although it could be. It’s a dangerous market and trading stocks, be they gold, silver, or Google, is a more than risky proposition these days.

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Gold is so directly tied to the war in the Mideast, what Hezbollah or Hizbollah does, and the us dollar these days that it’s almost being held captive to their movements. Compare that to the first four months of the year when gold was just moving up on it’s own paying no attention to anything else beause it was in the first stages of a bull market. The mid and long term out look for the us dollar though is all down as far as I can see, my guess is that as we see a continued slow depreciation of the US$, we’ll likewise see a slow increase in gold.

The other factor that is waking up, in the minds of most investors, is the long overdue realization that the current inflation rate is definitely a coming problem. So, my now is that we’ll see a slow increase in the first half of August and then a more pronounced move towards the back half of August. Regardless of the daily and weekly movements, the trend in gold, is definitely our friend.

Written by Ernie · Filed Under Gold News 

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