Well, I got involved with gold again when it dropped to €1503. I figured it might bounce off the $1500 mark but boy was I wrong! It collapsed through and I thought it would bottom out around $1490 so I bought some more.
Wrong again!
As I type this, it currently trades around $1470 - however, I’m not too concerned just yet.
While commodities in general had their biggest drop since 2009, I’m still happy enough with gold and the overall direction it is going and I’m not going to panic for the time being. Besides, I only bought a small amount – just 50c and 30c so at the moment, I’m around €135 in the red.
I’ll probably set a stop loss soon but I’m happy to hold out on this and I reckon we’ll be back up above $1500 once the panic selling stops and some other news story gives reason for people to buy.
Could be wrong though – watch this space!
Today’s trades, which are currently in the red:
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Be careful Gold is very high and the moment and you should be looking to go short not buy.
ReplyDeleteHi Anonymous - I'd agree in one sense that it's high (it's been hitting all-time highs lately) but if you consider inflation over the years, historically, it's not actually as high as it might seem and I reckon it still has some way to go. Could be wrong though!
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