Market is looking strong. Go, Go, Gold!!!
Posted on October 30th, 2008 in Stock Market |
After the 50 basis point rate cut today the market closed mostly flat. The Asian markets followed through with a HUGE rally.
The US dollar is falling again which is good for gold. Below is a chart of the Gold ETF (GLD) which is 10% of the spot price of gold. My target is $85 then to $92.
2 Responses
Note your long gold…do you think DGP is a better play than GLD…or too risky ??
I like the DGP better as it has more action but it is more volatile. The DGP on Oct 24 had a strong up day of 2.8 million and Friday had 1.2 million more than 50% of volume to the down side. So which way does the market want to go? I think DGP will go to $15 first then $17 in about 3-5 weeks.