Replies to post #71 on Market Vectors Junior Goldminers ETF (GDXJ)

[mikeymgd]

I may need to stop attempting to predict commodity movements. I had expected both Oil and Gold to have dropped heavily but wrong on both accounts.

I am very aware of the corrupt aspects of the commodities and know very well that the rise is more based on speculation than any true reality but that doesn't change the movement. As long as hedge funds and banks can continue to make billions in profits, it appears the commodities will continue to move based on their accounts.

I personally do not believe in gold as a hedge to currencies. With very few countries truly tied to gold anymore, its more a myth than a reality. None the less, the market remains tight and gold is performing much better than I had anticipated.

At this point I am on the sidelines and hoping for some retracement prior to jumping back into the ETF. However with the rate at which things are moving, that opportunity could be going away rapidly.