We didn’t have to look far to see what was gripping investors’ emotions in today’s session as metal prices were tumbling for much of the session. Late in the day, we heard of several explosions taking place at the Boston Marathon with some suspecting potential terrorism as the culprit.
Cautious commentary pulled down shares of Freeport McMoran (FCX) and Barrick Gold (ABX). Other mining plays leading the way lower included Silver Wheaton (SLW), Agnico-Eagle Mines (AEM), and Newmont Mining (NEM).
With this morning’s business media zeroing in on the plummeting price of Gold (down some 9% today as I write this), investors may want to remember the concept that selling a little bit of your holdings at times is not such a bad thing — particularly in cases where euphoria has gripped a particular investment asset. For those who have been following and buying into Gold (GLD) these last couple of years, it should be noted the Gold ETF (GLD) today had its biggest gap down open since GLD started trading.
While this is obviously a short-term focus, anyone who was fortunate enough to have been buying gold long before prices made their giant ascent should have at least been thinking to take a little off the table when everyone and their relatives made gold the topic of everyday conversations. I remember being on line at a Memorial Day BBQ in 2011 when I couldn’t help but overhear two elderly women discussing how high they thought gold prices would go — this was not far from the actual peak for prices if you think about it. Where gold prices bottom is an unknown, but the point is assets can sometimes get ahead of themselves. In these cases, we need to use a bit of common sense as prices escalate much more than they have in the usual past. Look no further than real estate prices a few years back for a perfect example in recent times.Our 2013 Dividend Stock Guide Has Arrived!
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I hope everyone had a chance to check out our Dividend.com Premium members-only weekend articles, including new features that highlight some of the biggest winners and losers from the week that was, such as analyst upgrades/downgrades and earnings/story stocks. These articles are a great way to catch up on the week that was in the markets. We also have a rundown of how various Dividend ETFs performed on the week.
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