Midas touch: Rising gold prices guide Coeur d’Alene Mines (CDE), Silver Wheaton (SLW), Hecla Mining (HL) to strong gains
Today's Financial News - Posted September 3, 2009
Rising gold and silver prices push our silver picks Coeur d’Alene Mines Corp. (NYSE:CDE), Silver Wheaton (NYSE:SLW), Hecla Mining Co. (NYSE:HL) well into the black
by J. Christoph Amberger
Baltimore. MD — TFN: Gold’s been going up, knocking at the $1,000-an-ounce gate. Why exactly I can’t tell you… its principal bullish factor, inflation, being vortually non-existent in today’s deflationary market.
That leaves the fear of reckless U.S. Congress wrecking the dollar with huge new debt loads… and of an Administration that seems dead-set on crippling U.S. economic competitiveness for decades to come.
Valid fears, indeed, fueled by every redistributionist soundbyte slopping out of Washington.
Silver, too, has been gaining steadily. Our Hot Stock Confidential silver mining play Coeur d’Alene Mines Corp. (NYSE: CDE) is up 23%, Silver Wheaton (NYSE:SLW) is up 18%, and — after a horrendous 40%-drop ofer our May recommendation — Hecla Mining Company (NYSE:HL) has clawed back to a gain over 2%.
(HSC Members who used the dip to buy, as we kept recommending in our weekly updates, have almost doubled their money since May.)
We think there’s plenty more short-term potential. But despite my bullish long-term view on silver, the high volatility in the precious metals markets makes me inclined to take profits in the double-digit range, rather than hang on for the heftier triple-digit gains I foresee in the long term.
Next Article: Russia’s maneuvering boosts the commodities market
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September 8th, 2009 at 3:08 am
Head over to http://www.livespotgoldprice.com for some of the reasons why gold is nudging $1000 – I would bet this surge is because China have just (Sept.4th ‘09) agreed to buy 50 billion in SDR’S from the IMF…in YUAN – This would effectively give the IMF a new Reserve Currency to loan out and trade and internationalises the Yuan and so allowing people to eventually buy things from China without using the $…..adios $$$ and HELLO YUAN!!!!¨Quick buy some gold before the $ implodes!! (livespotgoldprice can show you how by the way)!