Was wondering when this remark would come. Response is "Could be worse". Not in the poorhouse just yet. My horizon extends way beyond couple of days/weeks. I can wait because I have capital, aka low leverage. Waited a full three years on the short side. There's only two prices that matter in the end: the one I enter the position, and the one I exit the position. On the short side it was $1550 short, $1236 square. In the meantime I saw all kinds of $1600, $1700 and even $1850. Didn't give a rat's backside about it. Those $1600, 1700 etc… in the end morphed into a sweet $1236.
You must be new here. Bodies of those that faded stock777 are buried everywhere. Millions made by quiet lurkers following. How do you think Baron pays the rent?
Reading a bit of news "short covering", maybe something else brewing in gold .... we'll see if we can get well over 1200 from here
Hi Trilogic, Let's not get overly excited about that referendum, though. I think gold prices will respond to a much more fundamental issue: deflation risk. So far, it's only a passing thought in Mr.Market's mind, as evidenced by the comments on this thread ("How's that long position treating ya?" kind of story). Once negative interest rates or Japanese-style recurrent money printing generalize, then the real show will start. I'm not in the business of trading the short term noise. Remember Ben Graham's saying: Short term, markets are a voting machine so they follow the fad of the moment. Long term they're a weighing machine, so the big picture prevail.