Purchasing Bema Gold Corporation

dots Posted on December 13, 2005 , filed under Stocks | Print This Post

I wrote yesterday that, BGO, Bema Gold Corporation is another gold stock on my watchlist with strong volatility and heavy traded volume. Today I purchased 2000 shares of BGO at $2.80. If gold rises above $550 without any major pullbacks, I see BGO at $3.25-$3.50 in 3-6 months. If gold dips under $500 I expect to see BGO at sub $2.50. I will add shares to my position if that happens. Gold is currently trading at $522.

My long term sentiment on all gold stocks is to short them. I believe we are in the beginning of a third phase of a gold bull run fueled by speculative buying. If gold can maintain above $500 prices for another 3-6 months, I believe we will see the same type of mania found in the .com bull run.

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