February Gold (ZGG8)

Discussion in 'Metal Futures' started by Realist, Nov 28, 2007.

  1. Realist

    Realist

    Rolling over from December Gold and entered ZGG8 at 796.30 cash gold today. Nothing new has changed as I still expect far higher gold and silver prices by the May/June '08 timeframe. As of today, the total fund holdings in GLD stands at 609 tons with no let up in the fund additions. There are major players and market forces that are converging in the near future that should take gold to $1200-1600 by next Spring imo. I plan to double the gold position when $850 is taken out in a decisive manner...
     
  2. Do you have any stops on that position, if so where?



    This recent news might also help boost gold.

    Vancouver, Canada ..... "NovaGold Resources Corp. and Teck Cominco Ltd. announced on Monday that they were putting the Galore Creek copper-gold mine on hold after costs had soared to $5-billion (U.S.) from $2.2-billion."
     
  3. Realist

    Realist

    No stops on gold... I'll go down with the good ship gold if I have to! Using hard stops in the metals complex is a sure fire path to losses and getting kicked off the trend at this point will prove to be foolhardy imo... The downside risk is maybe $30 while the upside risk is far higher. The risk is much higher by being out rather than in at this point imo. Just my gut but I feel that in a matter of weeks, the gold and silver price will shock many market pundits and observers...
     
  4. Realist

    Realist

    Another important development for GLD today as the NYSE will move GLD trading over to NYSE ARCA next month. I believe that this move is to allow NYSE member firms to access GLD on the ARCA book during Asia and Europe trade when NY is closed. It's appears that member firms would like to access GLD in a simliar fashion to futures in a "round-the-clock" fashion:

    http://www.streettracksgoldshares.com/pdf/wgts_nyse_pr_271107.pdf
     
  5. Goldman Sachs is recommending shorting Gold.
     
  6. and Realist recomends going long, he's made me a lot more money than Goldman Sachs has lol :)
     
  7. which is interesting... i thought i read on prudentbear recently that GS recently covered the majority of their TOCOM gold short position
     
  8. Are you talking about the Short covering they did back in late April?
     
  9. i hate to toss bad facts out there, i'd go search down the PB post about it but it's a difficult board to seach and i'm about to run out for lunch. i'm pretty sure the guy who follows them on the COT stuff said they did substantial covering just in the last 2-3 weeks. could be wrong, but pretty sure that's what it said
     
  10. Thanks anyways. I wish I was able to read between the lines when Goldman Sachs calls a short on Gold
     
    #10     Nov 29, 2007