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.

Gold Weekly Chart 2010 - 2012

This is weekly chart showing gold since 2010. I've drawn some rough trend lines in - personally I don't think it's an exact science. I'm not hugely into the whole technical analysis thing if I'm honest
What I most note is two things
1) it's got a "floor" of about 1550
2) it's doing that "coiling" movement which can occur before a big breakout - up or down. I hope it's up!

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.

Long on Gold

Before the budget I had a short on the FTSE based on all the unresolved issues in the eurozone I felt the index was a little too optimistic. Unfortunately I did not follow through with this (read something about trading before the budget more fool me) and closed out when it was 70 points into negatively territory. What a shame considering what the FTSE then proceed to do in May almost a carbon copy of last May 2011. My instincts were good, my execution was poor.
However I recently looked at some gold charts and figured that gold seemed to have stabilised so it was worth a punt. There was a bit of good fortune as my decision to go long on gold seems to have coincided with the prospect of more QE. Long term I think gold will continue to do well with the amount of money printing and the total uncertainty of fiat currencies at the moment. As proof I've uploaded the transaction history where it shows I've made a nice healthy 70 point gain.