Gold is back to it winning way today as the consumer confidence came in very weak at 44.5% about 18% lower than expected. Americans feel most disappointed in history in 2011 since consumer confidence number started being tabulated.
GLD is currently at 178.06, up 4.16 and SLV is at 40.42, up 0.72. My go to precious metals stocks are doing well, with RGLD up 2.1%, RIC up 8%, EXK up 3.1%.
AuRico Gold (AUQ) said today it has agreed to acquire Northgate Minerals (NXG), which the companies say will create a new leading intermediate gold producer. AuRico will acquire all of the issued and outstanding common shares of Northgate for 0.365 AuRico shares per Northgate share, a 45% premium to Northgate shareholders.Source: Forbes
After selling off in the morning gold and silver stocks are staging a strong comeback, with RGLD and SLW leading the pack.
Equity futures are up about 1% across the board with Dow futures up 103, supported by a lower dollar. As has been the pattern when the market moves up, the volume is low.
GLD is at 176.80, dow 0.67, while SLV is at 40.11, down 0.30.
This week is loaded with economic data topped by employment data on Friday.
Not many stocks are setting up for buy trades as the breath indicators remains in the doldrums.
Stocks of interest today are RIC, DLTR, RGLD, and SLW.
My five stocks for the next five days are poised to work well if the general market action is supportive. For buying, these stocks should not gap up more than 0.5% on 8/29. Once bought, a stop-loss at 8% is placed as capital preservation cannot be compromised. A mid-week review may prune or add to position.
The stocks are in the Table below.
|RIC||Richmont Mines Inc.||
|RGR||Sturm, Ruger & Co. Inc.||
|EXK||Endeavour Silver Corp.||
|RGLD||Royal Gold, Inc.||
|DLTR||Dollar Tree, Inc.||