FSAGX...There was a brief article on CNBC
this afternoon. A few short comments from
the fund manager of Lexington Gold: He was
generally bearish for the short term, but
felt there would certainly be companies in
a good position to profit when things turn
up. The article suggested that demand is
good, central bank selling could be less
than anticipated (did not say why however)
and that some people are looking for gold
to turn up toward the end of the summer.
At 20-year price lows, I should hope we
are near the bottom. However, apparently
gold "has breached what is considered to
be support at $265". Well, then just move
the phoney support line, heheh.
One should note, that often these sorts of
articles seem to be run just at the point
of maxiumum pain, and I am fairly comfortable
that I took the plunge at 12.60--not a terrific
price, but it looked like the trend had reversed
last week, and I sort of got faked out.
I should say that I am okay with the prospect of
being underwater 20% several months from now,
at which point I will consider adding another
1000 shares--as I have already mentioned. I do
believe that averaging down in a commodity
is different from averaging down in a stock,
but comments contrary to this impression of
mine would be welcome.
We will certainly have to wait for a better
technical bottom, and I look forward to seeing
some comments in the weeks ahead from our thread
leader, but I will go out on a limb and say that
XAU bottomed at 59 and FSAGX bottomed at 12.12
yesterday. Now let's see what the numbers look
like on Friday--I believe there are some important
economic statistics due out.
--Mike
ps, Julius--I did see your bearish comments just a
few posts ago...just sticking to my guns for the
moment--I appreciate your thoughts. |
