The precious metals have come under some decent selling pressure, as GOLD is trading around $1275/oz. Following suit are the gold miners and Agnico Eagle Mines Ltd (USA)(NYSE:AEM) is no exception, as it is down nearly 4.5%. This weakness has peaked my interest as a pro trader and will be looking for a good entry point, for a long side trade. On the chart below Agnico Eagle Mines Ltd (USA)(NYSE:AEM) is currently holding an up sloping trendline. Should this trendline fail as support then this stock is headed straight for $35.30 and then the very attractive buy level of $33.25. Keep this stock on your radar and use those two levels I have given you to make easy money! Parm Mann Elite Round Table Follow me on twitter: @ParmMannTrader
I am mid to longterm bullish on gold. I used to dabble in the miners, but I've found them to be actually less rewarding and more risky in general than the actual commodity.
With the strengh of the dollar (everyone in Europe and Japan want its currency weaker) and the momentum of the economy and barring a a real war I do not see Gold promising at all. There is some important thresholds to watch. Income Trading specialist
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If the price of gold does rise noticeably then maybe these god miners stocks will go up a lot but I think it will take a while for the gold price to get to such a high point especially with how high the stock market is now. Maybe if the stock market drops significantly for a major correction than the price of precious metals will rise again but until that happens I don't think these companies are a good investment.
This is not so much of an investment but rather a trade. I am looking to capture about 5%-10% on an oversold bounce. Gold has fallen a fair bit recently as have the gold miners, nothing goes down in a straight line. There will be a bounce and quick profits can be taken.