Lots of motion this morning with a bit of a reversal in commodities off a good jobs number. Need a few days to see if it settles out and holds $1450, but looks like another bottom could be in for gold.
More slaughter today across the commodities complex bringing down gold and silver. I think the baby is being thrown out with the bathwater. The last gold breakout (only a few weeks ago) level was $1450 so that is a level to watch. $1460-$1480 is buyable with a $1440 stop.
Asa, I'm in the media too so I understand. I have also done some TV. The problem is as media players we are trained to deal with an audience that has ADD so we need to capture their attention with pithy soundbiites and sensationalism. Unfortunately the real world is not that pat.
Re: Here we go again!
AskAsa
5/5/2011 10:02:49 AM
Before you invest based on media information remember President Reagan's cold war advice "Trust but Verify."
Re: Here we go again!
AskAsa
5/5/2011 10:01:36 AM
A famous but now discredited national anchorman used to say "The faint of heart should never see two things - How sausage is made and how TV news is put together - because both will make them sick."
Re: Here we go again!
Phoenix
5/5/2011 8:15:59 AM
Yes I agree. We really have to be careful about how we take what's reported. Media can really be a good information source along with the internet. I'm very thankful that a site like investor uprising is there to discuss things. Before we jump into anything now we have a place to discuss and get some background information.
Gold and realestate has been traditional investment sources. Do you think that because of the realestate bubble collapsed gold and silver are also going to follow? Of course the argument that since both are resources that are 'limited' they will continue to be of value in the long term should not be forgotten.
Reason for selloff
yalanand
5/5/2011 5:42:16 AM
Scott,
Do you believe if there is any correlation between death of Osama and selloff in precious metals ?
By nature, daily reporting has to be focused on the most lurid and excessive parts of anything. Otherwise, who would bother to tune-in after the commercial?
This point was driven home for me many years ago. Our university had a small branch in Mexico City with some US students studying abroad. There was an earthquake there, and judging by the news coverage you would have thought the city was pretty well destroyed.
None of our students were hurt or harmed. In most of the city you couldn't tell anything had even happened - the usual chaos.
But the parents of kids in the Mexico program flooded the school with questions and concerns - because they were watching all the news programs.
If we can not trust the media then who can we trust (joking). but you definatly bring up a great point. we can not jump all in on an idea based on a sound bite.
The blogs and comments posted on Investor Uprising do not reflect the views of Investor Uprising, PRNewswire, or its sponsors. Investor Uprising, PRNewswire, and its sponsors do not assume responsibility for any comments, claims, or opinions made by authors and bloggers. They are no substitute for your own research and should not be relied upon for trading or any other purpose.
Tweet This