March 07, 2008 at 12:00 pm by Tom Lydon
Gold miner stocks and exchange traded funds (ETFs) ticked upward this week as gold futures spiked to record highs.
April gold futures contracts settled at $991 after hitting an all-time high of $993.30 in intraday trading, reports Brigid Gaffikin for Thomson Financial. Gold indexes have performed better than overall market indicators, according to an analyst at National Bank.
Gold prices could only continue to surge amid ongoing stock market volatility, an ease in U.S. monetary policy, U.S. recession risk and a weak dollar.
The Market Vectors Gold Miners (GDX) will benefit as long as the fund’s heavily weighted components - such as Barrick Gold Corp. (ABX) and Goldcorp Inc. (GG) - continue to perform well.
Tags | Metals
March 7th, 2008 at 4:27 pm
Well said.
March 27th, 2008 at 6:39 am
What is ‘Recession Proof’?
You can almost hear the wallets snapping shut. Folks are cutting back on their spending every way they can. According to those who know, we are either in a recession, or are about to be. I would hate to be trying to sell real estate or new cars right now. Talk about hitting your head against the wall. Ouch!
That got me to thinking of what businesses make sense during a recession. Certainly health care does. Baby boomers are going to need every kind of health care imaginable. For all I know, economic bad times makes people sick too.
Other types of businesses that should be recession proof include vital home repairs, like plumbing, electrical, and roofing. Folks can’t put off fixing a clogged toilet or a leaking roof just because they’re a little short on cash.
And you know what they say about death and t.ax.es. A well-run funeral home or a tax consulting business shouldn’t be hurt by an economic downturn.
But all these jobs require training, and even certification. And that takes time. By the time you’ve learned one of these trades, the recession may well be over. That got me to thinking about one business that’s truly recession-proof, and you can get started almost immediately: Day Trading.
Day Trading refers to the buying and selling of stocks within the same trading day. I know what you’re thinking: how can a day trader be successful when the stock market is down, day after day? Well, day traders profit from volatility - when there are big swings in stock prices, there is money to be made.
It used to be that Day Trading was only done by financial institutions with access to technology and information. Now, almost anyone with Internet access can become a day trader, if they know what to do.
Manny Backus
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