I try to be a very calculated trader and investor. I always viewed my entry into LGL as high risk and the reason I waited so long for it to come back to support at sub $3.
I have bought LGL for a 12mth stint as I am a Gold bull (and some would say full of bull lol). I see gold going much higher than the US$1000 mark in the next year or two. Fundamentally the US is in deep problems, that won't go away just because they lower rates a few pts or print a few more $$. The more the US prints the more the USD$ devalues and the more valuable gold becomes.
I wanted into LGL because of the latest merger and the fact they cleared the hedge book. They first came to my attention in a Fat Prophet report but at the time I saw the sp as too high and the short sellers as in control. I always believed it would come back to sub $3 as it eventually did. When I saw the short covering it was time to take a calculated risk at $2.96.
Time will tell if I was right to do so.
Short term fluctuations don't concern me now. I will watch closely and re-evaluate over the next 12 mths. If it breaks $2.70 I will sell out very quickly as it will keep going IMO. If it breaks $4 I am convinced LGL will also keep going...UP!
LGL Price at posting:
0.0¢ Sentiment: LT Buy Disclosure: Held
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