Many experts had predicted that silver and especially gold will continue to tank. Nouriel Rouibini actually said gold price will drop to $1,000. Even Jim Roger and Marc Faber now said that it was good for gold to have a correction.
However, it seems that they are some resistance in how low gold will drop and notice that despite the recent big drop of both gold and silver spot prices, I am unable to buy and gold or silver bullion coins at close to their spots. Even the US Mint had not really reduced their prices of the gold and silver coins they are selling at their site (they usually adjusted some when spot prices drop) and people are still buying like crazy.
Therefore, right now may not be the right time to buy anything precious metal related yet, but they can only drop so far. As a matter of fact, when gold price tanked big, GGN barely dropped because of its high yield. It may be time to think about to pick some good buys among them. Thoughts?
Again, I am probably two or three steps ahead on this.
I stll hold a small position in GGN so I get paper reports. As of 3-31-13 they had increased their energy mix to 50%, with 40% in precious metals & mining, and 10% in base metals. Am surprised GGN has held up so well today.