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Stand pat; don't get wet

I had twenty minutes longer to think about my blog this morning.

A heavy thunderstorm hit Iola, Wis., just before I pulled into the parking lot of Krause Publications. Rain was coming down in buckets as is often said of such weather.

It did not seem like a good idea to open my umbrella. It was windy.

It did not seem like a good idea to run in even though I was less than 50 feet from the door.

What seemed like a good idea was to wait for the downpour to abate. That’s what I did.

It took a while. I sat there for 20 minutes waiting for my chance.

For a storm to hit this morning was probably not bad timing in a metaphorical sort of way.

Yesterday, it seemed like a financial storm was buffeting gold and silver prices.

Just when you think the path is straight up, down days occur.

Gold was off $12.70 to $1,318.80 and silver was down 39.3 cents to $19.582.

Further weakness was evident when I checked the Kitco website this morning.

Gold was $1,316 and silver was $19.25.

In early July the two metals peaked out. Gold traded at $1,370 and silver was at $20.47.

It looks like gold might hit $1,300 again before there is any chance of it reaching $1,400.

So what? Does it matter to you?

These market fluctuations are like the downpour I just waited out.

Why get wet trying to second guess them when you can just stay dry by holding on?

I know some people like to day trade futures. Good for them. Good luck to them. Most of us are not cut out for that sort of thing.

The best that we can do is make a long-term evaluation and then take a prudent stake.

In the rapid price upsurge of the past six weeks or so, it felt good. When a downturn hits, it feels the opposite.

But if your long view of precious metals stretches over five, 10 or 20 years, what happens in June and July 2016 will be as important as this morning’s summer rain in Iola.

Buzz blogger Dave Harper has twice won the Numismatic Literary Guild Award for Best Blog and is editor of the weekly newspaper "Numismatic News."

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