Bounce in Gold this week now over?

be careful ... G7 meeting ... could mean a 5-10 $ move next week

either way ...

I grabbed some HMY + NEM from the pre market slowpokes

who did not realize the Euro and gold futures had soared

sold it out for some sweet money

 

Seth, just keep buying and holding. That's where the sweet money is.

 

You'd think that the arbs would pull back a bit on these big news reports, but there were 100 YI available right after the employment report just a pinch above unchanged.

 

Bought CDE and GSS in the A.M., and sold it later. Didn't catch all the move,but made my daily goal and then some.The Euro is 127,the jobs report seems to have eased the perception that the Fed will raise rates soon(not that I thought they would), and so far the G-7 meeting seems to be a non factor.If these conditions still exist Monday, I'll probably add what ever I can to core positions.I'd like take this opportunity to thank those who have sold off and given us some sweet entry levels.

 

I have realtime comex quotes up
when trading YG ... I did not friday am

as I was concentrating on grabbing some miners
so if the M.M. did not pull his 100 mini order
and if comex blew by 398 ... he got his clock punched
for sure

I saw the M.M.'s backed away in the mini
still did not have my Comex quotes up

I entered an order at what seemed like safe level to go short 1 mini at 407 ... next split second some stop order or arb was bidding 408.50 for size ... and I got nervous ...

was long my miners so I knew they would do ok
but was afraid to add on more short in mini gold
above 408 - 409 .... the bids dropped within a few minutes
I covered my mini below 407 , then saw the mini drop to under 406 , 405 ... oh well ... then my miners which I sold
for a decent scalp profit went higher later in the day

I did do an arb shorting a few units miners against 1 long mini gold for sunday / monday trading ....

 

With Gold / XAU, I view the trends like this:

Short-term: Up
Long-term: Up

Intermediate-term: ????

I'm still leaving open the possibility that the XAU may drop down closer to the 87 level. I did nibble a bit in the 93 level last week, though.

 

G7 meeting this weekend and USD reaction to it

for short term in my opinion ...

if they make a statement supportive of USD

( hey you never know )

gold might retrace back to 400 and below

thus dragging XAU / HUI down with it

 

I've been picking up some precious metals stocks as gold went below $400. Also reestablished my silver longs a bit above and below $6. I just want to see what they say at the G7 meeting - unless it is very bullish for the dollar I will be looking to add some more stocks next week. CDE, PAAS, SIL are my favourites as I expect silver to outperform gold.

 

will be key to see if the USD / EUR moves 200 pips in a straight line up or down based on the G7 meeting.

one of the major banks already came out and said

euro should drop 200-300 pips ... not sure if thats them

talking up their book ( position) or if they will be followed by other
major banks taking the opposite stand

 

I'm short Euro FX and very nervous. I presume the G7 statement is initially bullish for the Dollar. I hope it's not a fade! Seth how good is your info?