Gold is very close to a major move higher. Maximum pain should be no lower than the mid $1700's. It doesn't have to drop that low. That's just where an absolute bottom is. Be patient and don't do anything crazy if we get one more jolt down. This consolidation in gold is almost complete. If gold should drop to the mid $1700's, expect a violent rebound. Then it should be off to the races.
I'm not really concerned but I'd like to see gold correct to 1700 and Ric to $10.16 to retest the old all time high...Would be a very nice buying opportunity..Will it happen ? Who knows but if it does and if I have the opportunity I'd like to buy more at that level..That said, even with RIC at $12 it might very well be considered very cheap if gold trades well into the $2000 range...At these gold prices it might put RIC earnings over $1/share...At current earnings RIC could easily trade in the $20 range, and at a $1/share well into the $30's.
I don't look for a corection in Gold untill we hit $2000 - $2200 and that would be just for a short time....RIC is a Great Company with Great earnings...I'm looking to buy more shares along with GG, KGC, MFN, PXZRF, SLW, SSRI, TRX and UXG...!