Covering the Gold Short

I just covered the short in GOLD.

My view continues to be there is more upside
for the yellow metal over the long haul, but this trade was simply because it got too far ahead of itself technically to
not try to schnitzel a quick 5%.

 

We are still net long Gold longer term, but the GLD short (mentioned last week) is now closed.

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What's been said:

Discussions found on the web:
  1. Mark commented on Feb 14

    Barry-

    That was good trading. We are at a key support level and it’s 50/50 on which way this goes. Pocket the quick 5% and buy Valentine’s Day gifts.

  2. curmudgeon commented on Feb 14

    It’s kind like saying it was great poker when Doyle Brunson won the WSOPs with 10-2. What position? What were the stacks? what were the blinds? what was the pattern of betting?

    Didn’t you say you thought there might be a 10% correction? What changed your mind?

    I guess I’m curious where the stop would have been if went the other way. If you were risking 2.5% to make 10%, great. Just don’t be the sort who will hang on when it goes 5% against you and sell when it goes 5% in your favor.

  3. The Prudent Investor commented on Feb 14

    GOLD = Go Only Long Dude
    There will be more money made by buying the corrections than selling the highs.

  4. muckdog commented on Feb 14

    Hey BR, have you read Empire of Debt? It kind of states what many of us fear in the back of our minds…

Read this next.

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