Gold has Largest One Day Up Move Since 198527 June 2008
Gold surged to $912.30 in New York yesterday and was up $32.70; silver closed at $17.12, up 64 cents.
Gold surged in what was the largest one day move since 1985 as the dollar weakened, oil prices surged to new record highs and stock markets fell sharply. While gold was up some 3%, most U.S. stock indices were down some 3% and this continued in Asia and early European trading with gold rising to over $920.This is what is great about having exposure to gold. Not only is it an inflation and economic hedge here in the U.S., but it is also a pretty good hedge against worldwide economic troubles as well. I was really hoping to buy more Yamana Gold around $15, but in the past couple days the stock has jumped past $16. There are a lot of interesting opportunities in the market right now (especially after yesterday's slaughtering), but I'm cautious to get too gung-ho right away. Over the past few years the summer months haven't been especially good and often quite a few opportunities come along later on. If I were a betting man, I would say that we have not hit the bottom in the markets, but there are companies that are down for no good reason at all (Hansen, Middleby, possibly Hurco, etc.) and those are what you want to look for in a time like today.
Tags:
economy, gold, inflation, oil, opportunity, yamana gold
Posted at: 07:37 AM | Add Comment
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