Saturday, 9 June 2012

Still Long on Gold @1603

I remain long on gold, or gold futures to be precise. After my recent success and banking of profits (applying my 10% rule) on gold I bought back into this commodity. IG Index is a good place to trade gold as it is one pound per dollar per ounce. Other spread betting platform are per tick and this can be difficult to time an entry point that either isn't going to get stopped out early in the way that gold tends to make sudden concerted moves.
Today, apparently, our brilliant EU leaders will be meeting to discuss bailing out some of the smaller banks in Spain that overextended themselves during the credit boom. The EU are not money printers per se but honestly - where the hell is this money coming from?
Anyway, I feel all these fiat currency shenanigans will have a positive effect on gold.
I should point out that on this account I am trying to make up for some pretty bad losses. I had originally charged it with a grand and had lost about six hundred of it. I now stands at approx seven hundred which is why my 10% rule kicked in at +60.

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