Goliath Resources stock surges on drill results at Golddigger property in BC’s Golden Triangle
The Golddigger property spans 666 square kilometres and is strategically positioned within the Golden Triangle’s Eskay Rift.
Gold suffered a second day of selling on Friday dropping $21 to a 5-week low of $1,310 an ounce.
The gold price seemed to have turned a corner in August, briefly exiting a bear market as it fought back from near 3-year lows.
But this week’s 5% drop towards $1,300 is the worst performance since the end-June plunge to below $1,200.
Noted investor and closely followed newsletter writer Dennis Gartman made a call in late August that the gold price will outperform stocks.
In an interview with CNBC, Gartman explains that buying gold toward the end of August turned into a “Murphy’s Law” trade where everything that could go wrong did go wrong, including a diplomatic way out for the US in Syria, Fed taper and a surging stock market:
“Throw peace on top of lesser accommodation on top of quietly reduced commodity prices generally on top of rising stock prices—all those things rolled into one great bouillabaisse says gold prices want to go lower,” he said. “They have been going lower, and it’s really getting quite ugly, isn’t it?”
So instead of waiting for the trend to reverse, Gartman is now taking the other side.
When looking at the market today, “I actually don’t like gold better than stocks,” he said. “About a week and a half ago I started buying stocks again.”
2 Comments
frankinca
OOOOop’s CNCB is now the gold market nay-sayer, which is easy since they promote stock and their marketing as their prime business. If commodities are down and the market up it means that the manufacturing part is not part of the market support. Social networking and portable advertising are a large part of the sources of increased equity prices and they are not a central growing point of any economy. I still vote for gold, and Goldman’s short sale and predictions of sub $1000 gold mean we are in for a second April 2013 where unknown forces used all their economic power to force the price down. The battle of western central banks representing the US dollar and the productive Eastern ones buying it when on sale is the economic battle going on. With so much assets of value in the world and not enough gold to cover 1% of them it means gold is going to be a part of the reserve system but not the complete one. It can be the portable standard for which all currencies are valued, thus a country can value their currency on any measure as the US does. The standard would be the value of it’s real estate, it’s natural resources, and maybe it’s military might which could enforce economic inter-country problem solutions. The US dollar has had it’s day, too much printing and borrowing have made more economically reasonable countries search for a more sustainable method of storing it’s excess earned capital. That is where gold can be part of the solution as it is portable and of limited availability.
Neam Saturat
Must see!
Check this out: http://www.youtube.com/watch?v… (yesterday)
50k people in Bucharest, Romania, regarding Rosia Montana gold mine.
Over 100k in Romania and the World.
Gabriel Resources is going down…
Check this out also: http://www.rosiamontana.org/en/stiri/the-protesters-demands-are-not-negotiable-victor-ponta-must-be-the-only-person-still-believing