A pretty remarkable plunge!
But not worrisome. Gold's support lies at $1,550. It doesn't always get tested, but when it does, support usually kicks in when it's supposed to. (In 2008, it failed. But that's about the only time in the last decade.)
Gold is currently $1,574/oz. I'm sitting on a lot of cash as a result of Friday's selling. Unfortunately, even though I would ***LOVE*** to buy heavily into gold mines right now, I can't. My land purchase closes on Friday, and I'm wiring the money tomorrow.
BUMMER!
But at least I sold on Friday. Having to sell stock today would be really messed up.
That said, I increased my son's 'custodial account' stake in NGD by one standard' position a few minutes ago. He already has it as a NINE-bagger (it used to be a TWELVE-bagger!). I have no doubt it will bounce back within a few minutes.
If you folks have money to spend, now is a near-perfect opportunity to purchase gold mining stocks. I particularly recommend AUQ, NGD and THM.
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