Vishnu, that is similar to my fundamental view long-term. This was a classic case of trying to be too cute short-term with a long-term position. Now I am stuck hoping for a dip to buy - not a particularly good position to be in during a bull market.
march 2004 contract got close to 6.80 and is still trading above 6.70-6.72 as I write this on the comex big contract
Interesting action recently - seems like I was about a week or so too early on calling a top, but it looks as though a decent correction has now kicked in. IMO a good buying opportunity will be presented - most likely at the point of maximum pessimism, where everyone writes off the gold/silver bull market, and there is a big down move as the short-term speculators puke out their positions. My suspicion is that this may occur on a move below $400 in gold, 200 in the AMEX Gold Bugs index, and $6 in silver - but I will wait for the market action to indicate this, rather than try to call the level in advance like I mistakenly did on the way up. Any thoughts?
This is the first time I have done any business over the internet and it was pretty smooth. I sold my gold to Kitco in two stages locking in price at the time of sale. The first shipment was sold at $408. This last one was locked at $419 and gold is now at $409. We'll see now if they will stand by their price.
Kitco is solid. Got my confirmation today on the second shipment at the price I locked in at. This feature is really nice as the price dropped almost $20 from the time I locked in the sale price. Of course it could have gone the other way.