Wednesday, 11 November 2009

Short Gold No More

I got stopped out of my short gold bullion position this morning. Seeing as how the market moved against historic patterns, this kind of development can sometimes suggest an unusually strong trend. I might look at opportunities to go long with a discretionary trade. Mind you, gold stocks and silver aren't making new highs like bullion is. That kind of divergence is not a good sign for the sector. Hope you're doing well this week.

1 comment:

Unknown said...

I agree, with gold stox and silver not making new highs, this run up feels like the 2005 spike. Open interest for futures and options must surely be above 700,000 and I am sure we are getting close to record territory. Lots of specs and novices getting involved for sure, best not to stand in the way of this train. Doesn't help that drudgereport headlines each day with gold making new records!