Trading software

Monday, July 18, 2011

Gold above $1600 per ounce

As mentioned, I took a little break from trading and while I was away, my stop loss on wheat was hit costing me fifty quid.

However, some gold and silver I bought the other day are performing, as is my crude oil - so my remaining trades are currently in profit to about €220:

Sometimes gold can be so predictable and it's by far my most profitable commodity to trade. With the debt concerns in both Europe and the United States, investors were going to go back to the 'safehaven' of gold, for a while at least. It was a no-brainer to buy really, especially when I seen the price rise in the Aisan markets before all of us Europeans, never mind the Americans, woke up out of bed.

Whether or not it's a bubble doesn't really concern me overall as I'm getting in and out and making a few quid riding the wave along the way. If everything settles down in Europe and the US, gold may well plummet although my own view is that the debt crisis' will get worse before they get better and I still think some banks and countries are cooking the books.

It took a while to happen but now that's its broken through the $1600 mark for the first time, will it push on?

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