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 US Crude @ 82.77

I'd like to make these posts at the time of dealing but there's no time really. Anyway, I've been looking to go long on US Crude as I reckon that 78USD to 85USD is going to be the value for the foreseable future. Last night was tempted to buy, but managed to resist the urge and my patience was paid off by a 200 point overnight drop. I gamely pressed the BUY button and was rewarded with an immediate 40 point fall. Ha!. However, US Crude is a very volatile commodity so I made sure of a large enough stop (Capital Spreads default is 400 points which is about right) Basically I was willing to see it drop a fair way and hang on for several days.
As luck would have it, and believe me you can read all the news you want and look at all the charts but there's a lot of luck involved, buyers (more like speculators) returned and pushed the price up. Possibly because of something like a Spanish bailout. US Crude may slip to 78 but I'd be surprised if it went lower due to the amount of speculation that goes on and the untrustworthiness of banks like Goldman Sachs and co who are saying that commodities will collapse whilst at the same time advising their rich clients to buy commodities.
Anyway, with all my plans to continue to hold on to oil for the foresable future I just had to bank the 180 point gain I saw this evening. My rule is if you have a gain that is equal to 10% of your account value then bank it. In a similar way to how I used to play online poker if I doubled my stack I would leave the table. I felt this method slowly accrued a good bankroll.



P/L +177

US Crude

very very volatile correctly set a buy at approx 95.60 when it was 98 but didn't give it enough breathing and it fell through to 93.48 so it needs 250 as room?

Go back some by buying a 94.71 and selling at 95.76

I feel that US crude will hit 100 driven by traders trying to push short sell stops