Tuesday, 12 June 2012

Close Gold whole postion

I've decided to close my whole gold position. I don't like the way it's hanging around at the moment. I feel that whatever the result of the Greek elections it's not going to be good for commodities so better to be out of the market. QE is the thing we're looking and now this may happen at the 19th-20th June Fed meeting. It's election year and Obama will undoubtedly be exerting pressure on Ben for a quick fix to juice the markets going into November.

P&L -23
I was a bit annoyed at missing out on a shorting oppotunity when the market jumped after the Spanish bailout agreement. I was racking my brains trying to think of a similar scenario that happened before where I'd made a small profit in such circumstances but couldn't remember and didn't write it down so I didn't do anything. However, now I remember - it was when Bin Laden was assassinated. The market jumped up irrationally then and I was able to short it. Just goes to show how important it is to keep notes.

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