Panic Selling of Gold Continues

Why did the Fidelity Select Gold Fund (FSAGX) drop 5.54% today? The drop is the reflection of the accelerating sell-off for both gold and gold mining stocks. The Fidelity customer service confirmed, that FSAGX is not scheduled to pay dividends or capital gains distributions Monday.

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The chart of the Fidelity Select Gold Fund (FSAGX) shows the validity of following a technical analysis approach when investing in funds. In our November 14, 2012 blog we alerted our readers to the move below the 100 day moving average and highlighted the need to avoid investing in this sector until a new uptrend emerges. We will continue to keep track of developments for gold to find a new entry point.

 

Buy/sell signals for Fidelity funds are available at FidelitySignal.com 

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