Yesterday gold and gold stocks rallied following a dip in the stock market and US Treasury bonds. Gold in fact went to its highest price level since March. It appears some investors are starting to go into gold as a safe haven. Gold stocks are benefiting as a result using simple stock trading strategies.
For the past year we have seen records of all kinds made in the economy and stock market - from the depth of market crashes, to heights in the price of oil, big rallies in the stock market, and now a big drop in consumer prices.
With yesterday's historic Fed move and the wild action we have seen in gold the past few months a lot of people have been asking about gold stocks. Since 2002 I have been in and out of the gold market, catching some of the great moves we have seen in the past few years and becoming known as a big believer in the long-term secular bull trend in gold.
I'm in the Bahamas right now visiting with Dave Skarica of Addictedtoprofits.net. We are making some videos about the market and for the website. We also are planning an investment conference for next year that we'll talk about in more detail in a future video. I'll be back really soon and don't plan on going anywhere else for the rest of this year.
On Thursday right before CNBC reported on rumors of the bank bailout plan, Ben Bernanke was meeting with lawmakers and selling the plan to them. Inside a conference room that is part of Speaker of the House Nancy Pelosi's office he was meeting with the Congressional leadership.
I went out of town last week to the Resource Investment Conference in Las Vegas. I'll get to that in a second, but so much is happening that this is going to be a longer message than usual. This weekend we are seeing Lehman go broke, Merrill Lynch in a desperate buyout, AIG try to fend of bankruptcy, and a frightening gap down in the market this morning.