Patience will be rewarded
posted on
Oct 21, 2009 12:35PM
Evolving Gold is focused on exploring its significant discovery at Rattlesnake Hills, Wyoming, an alkalic gold system, similar to the Cripple Creek gold district in Colorado, and on gold properties adjacent to the Carlin district of Nevada.
A good, short read from Rick Ackerman. It mirrors the advice of Jesse Livermore in a recent post from TheSlowLane - "It's a Bull Market, You Know." Now is the time when calm and patience are most required. If you were prescient/lucky enough to buy VEN last November, but had pulled out after it's initial run up to take profit, you might never have jumped back in. Sure, we all could have made some nice profits on EVG up at 1.90, but who knew we'd pull back to a buck? Don't look back. - q
Chuck on Gold Stocks: Don't Procrastinate! |
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Ecclesiastes records,” There is a time for everything, and a season for everything for every activity under heaven." Today, King Solomon's wisdom can even be stretched to the buying of gold stocks, for there is a time for patience and waiting, and there is a time for action. This doesn't mean I am at all putting down patience, for it is critical for success in this or any bull market. If you lack it, you will tend to buy impulsively, sell out prematurely and be out when you should be in, especially in this historic market. I was taught this lesson back in 2004 when I grew impatient and bored with the lack of action in a Gold stock, selling it for $.50, only to see it get bought out shortly after. Within two years, it was at the equivalent of $16. But there is a subtle, yet major difference between patience, and, as the song goes, "Wishin' and hopin' and thinkin' and prayin, " as you wait for that theoretically perfect moment to buy. In the real world of stock investing, a buying alarm does not go off. There is one caveat. This year some shares have gone up 5 or 6 times, and to buy them here is risky. But my key point is that after you have done your homework, considered all the details, and concluded that the investment seems right, you should simply jump into the fray. The main thing to keep in mind is that the junior gold shares are not meant for a quick profit or for trading in and out. You should be in them for the long haul, and if you miss the perfect buying point, over time it will end up seeming insignificant, especially if these stocks soar, as I expect them to. Many Uncommitted Why do I bring up this subject now? I can tell from my correspondence that although there is a lot of interest in the gold stocks, many of you have not yet made a commitment. Much of this caution presumably comes from two sources: 1) a persistently anti-gold media; and, 2) the "top-callers," gold advisory services that are always more absorbed with trying to pinpoint a top than encouraging them to stay the course. Together they sow doubt and fear, causing many would-be gold investors to dither. Take it from me: Stop dithering and get off the fence. This article is intended as a gentle nudge to get you off your duff. In brief, here is why I believe the opportunity is ripe. 1) gold is at an all-time high; 2) some of the smaller companies have started to move up sharply; 3) gold has broken through a quadruple top at $1000 after a long consolidation and amidst a lot of skepticism; and, most importantly, on the |