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Thursday, June 14, 2012

Spain and the Euro, the price of gold

No, not the football tonight where where we need a miracle - I'm talking about the financial markets.

The package Spain got has had no positive impact it seems, and their borrowing costs rose above seven percent in the past 24 hours. This is bailout territory, there's no getting away from it. But we can't just keep bailing everyone out, something's gotta give.

For now, I'm selling the Euro again and keeping my stop losses tight enough. We've also the Greek elections to think about so it could be a bit of a mad time for a while.

I bought a small bit of gold some time back at $1555 an ounce and that decision proved a good one. It's now trading around $1620 so I've moved my stop loss to $1600 and I'll just let it run. As usual, I'm kicking myself I didn't buy more! I only went in with small change but still, it's good to be in profit.

I didn't get a chance to have a look at horseracing today so no bets.

Gold rise over the past few days:

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