I just bought GDX
Market Alert: 2008-10-13
OK, I couldn't help myself. Gold mining shares crashed yesterday by dropping 15% or so. They dropped back to recent support and today are up 1.5%, so I just had to buy a little. I am hoping for a short term gain on these shares and then plan to sell. Will let you know how it goes, but I just don't see how gold can lose too much ground from here given that Washington's printing presses are running 24/7 these days.
Speaking of Washington, I understand that at this week's share prices for the banks, that Washington could just use the $700 billion to purchase all the shares of all but 1 of the 24 banks that comprise the KBW Banking Index (BKX). That is right, instead of giving all these losers free money, our government could just buy 23 big banks outright, including BofA, Citigroup, Wells Fargo, and the rest. If our government is going to attempt to recapitalize these banks, shouldn't the taxpayers have the right to the future profits?
Gregory
OK, I couldn't help myself. Gold mining shares crashed yesterday by dropping 15% or so. They dropped back to recent support and today are up 1.5%, so I just had to buy a little. I am hoping for a short term gain on these shares and then plan to sell. Will let you know how it goes, but I just don't see how gold can lose too much ground from here given that Washington's printing presses are running 24/7 these days.
Speaking of Washington, I understand that at this week's share prices for the banks, that Washington could just use the $700 billion to purchase all the shares of all but 1 of the 24 banks that comprise the KBW Banking Index (BKX). That is right, instead of giving all these losers free money, our government could just buy 23 big banks outright, including BofA, Citigroup, Wells Fargo, and the rest. If our government is going to attempt to recapitalize these banks, shouldn't the taxpayers have the right to the future profits?
Gregory
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