450SEL6.9

I've a few uraniums as well.. They've taken a hit in the past few days along with everything else. However, I think the fundamentals for uranium are far better than they are for gold. Gold is in bubble prices. It's down today, but it'll get back toi $725 and $750 easily. Corrections in gold don't last!

There's gobs and gobs of oil left. Some of that is Canadian oil sands in the province of Alberta. That costs more to extract and if oil prices fall sharply, the economic feasibility of using that oil sand falls as well. I guess what I'm trying to say is that oil can't fall too much.

Osnabrueck, I think most Americans think there is price goughing in oil, but no one seems to want to do anything about it. Do you want some sort of windfall tax? Europe had high petrol prices throughout the 1990s and they switched to smaller engine cars, smaller cars, diesels. You don't see 5.0L Peugeots and Biturbo 280-hp Renaults in Europe any longer.

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notic

So how low do you guys think the current gold correction will go? Its currently at about $690, I personally think it'll get close to it's 50 day moving average at roughly 620 or so. A little late to be buying puts, but I think there's still some money to be made on this adjustment.

450SEL6.9

I think gold will get as low as $650. Interestingly, many gold and silver stocks are no longer following the move in the spot price. The Dow is off 220 pts. as I type. I bought puts in an internet stock in the beginning of the month and I made a pretty nice gain. I sold it last Thursday and the option price doubled from there! Damn. At least I didn't lose money. This stock market correction seems to have legs. I think the only thing that could stop the bleeding is the release of the Fed Minutes suggesting inflation is not as high as some of the new statistics indicate.

The stock market is unrelentless! In a week, it's wiped out five-months of gains. It's quite repulsive looking at the losses. I wonder if Dow will be down 300 pts. today.... Thankfully, I'm only invested in a few uranium companies. I've a few short positions as well. My one long trading position is a call option on a mining company. It's down about 15% though...

notic

just some fyi. new gold etf is out. symbol GDX on the amex.

Curb Zone