I thought $10 was a pretty good buy in point but now know it wasn't. Gold almost seems like it will continue up for the next six months or until the dollar strengthens.
Anyone see buying Gll at $8.50, $8, $7.50? At some point this short will be a great play but I have know idea when that will be. I also am a little frustrated that Gll drops faster then it moves up. Not sure why, but it seems a lot of ETF's correct down quickly, but only move up a half speed. On the sidelines for a while to see where this thing is going.
I was almost starting to think this market was never going to break, but when I saw the optimism in the afternoon (put/call of .7) I knew we were in for a rough closing. I am already up some on my new gold short, but this time we drop for a while I believe. Best of luck to all, but the dollar rally is finally upon us.
Not sure this is a great short. What's your upside? 15%, maybe. For gold to go below 1000 it has to break below the 20, 50 and nearly the 200 day moving average. I just don't see that happening during a time where we have countries defaulting, currency crisis, broken banks, and a quick trigger on the stock market. Gold has become the safest place in many peoples minds.
Why not short banks? It's only going to get worse for them.
Good luck to you, though!
Precisely shorted more AH. Gold is a good buy... later. Right now it is terribly overbought. Can it go 2 or 3 or 5% higher sure, but I still like my odds. Have made money buying gold, but now (as in the next month or 2) the money will be made on the short side in my view. I have been wrong before though. Best of luck.
I don't think two days is enough. When gold does break it will be very ugly. There will be plenty of money to be made. No need to be a hero and try and catch a top that's not a top. I don't think this is anywhere near close to ending yet. I look at charts. So far the move in gold as fantastic as it's been is still not in the same class as that of crude when it went wild. Internet or Nasdaq either for that matter. If you go short with this you had better be a nimble trader because there will be very little follow through on the short side. In my opinion being long gold is still the place to make the real money for some time yet.
Never sell your position. One day we will see gold down big and you will be able to make a nice profit or break even.
Keep adding and lowering your average cost... that is what I have been doing and.......... we will see. I will never sell at a loss.