Who's looking to Short GOLD???

ffsear said:
Im looking to short gold! - but its very much a punt rather then a trade based around my daily trading rules. Quite a high risk I feel but there is a possability to pick a top here and a large downward movment.
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can I (politely) ask what trading rules have "punts"?
 
Gold was down even though copper, the most economically sensitive metal is now down 4 days in a row, most likely because of concerns that China has over stockpiled. Steel prices are also declining, having fallen 8%. I would say economic weakness is the cause for this and I would be long gold with the recent small pull back – especially considering an increase in protectionism as seen by the dispute between the US and China regarding tires and chicken. During the September 2nd week, U.S. commercial banks cut back on their commercial & industrial (C&I) loans by $10.3 billion; their real estate credit by a huge $15.3 billion; and their lines to consumers by $6.4 billion. This is down at over a 12% annual rate on a 13-week basis. Not any evidence of an economic recovery.
 
Black Swan said:
Sorry I get it now, you have two sets of rules, those you abide by and those you break...;)
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what are you? a ****ing talking text book? Yes its a punt, I like to punt from time to time, its called being human
 
trader_dante said:
If you don't have many years experience trading, shorting Gold will give you a quick, valuable lesson.

In that regard, I highly advise shorting it.
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Any question while the market hands the papers out?

OK text books closed please ladies and Gentlemen.

The examination will begin at $1032.
 
I continue to be long gold as investors move out of the dollar and need another store of value. Also, Barrick Gold, the world’s largest gold producer is buying gold meaning there is increased demand. Barrick last week said that it is eliminating its hedging program and since the end of June had converted 2.4 million ounces of fixed price contracts to floating contracts, meaning that it purchased that amount of gold in the market. It still has 3 million ounces of fixed contracts to unwind and in order to fund the purchases announced a $3.5 billion equity offering. AngloGold Ashanti had also previously announced its intention to eliminate its hedge book of 4.1 million ounces by year end. I see major tail winds to the price of gold.
 
trader_dante said:
Still looking for longs but there is a huge pin bar on the daily TF. A lot of people will see that and note the double top and come in on the sell side (particularly if a break of the low triggers) so I'd stand aside and wait for it to break and try and catch them offisde, trying longs at $986 and again at $980 if it squeezes that low.
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This was a nice example of where you don't trade pins.

Pin and buy areas in post above marked in blue box for those interested.
 

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Right now pretty much every market out there is going nuts and reaching either yearly highs or all time highs, hence my plan is just to short everything. I'm gonna short every equity, currency, index, and commodity. I think it should work out pretty well.
 
virtuos0 said:
Right now pretty much every market out there is going nuts and reaching either yearly highs or all time highs, hence my plan is just to short everything. I'm gonna short every equity, currency, index, and commodity. I think it should work out pretty well.
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It certainly feels like that.
 
virtuos0 said:
Right now pretty much every market out there is going nuts and reaching either yearly highs or all time highs, hence my plan is just to short everything. I'm gonna short every equity, currency, index, and commodity. I think it should work out pretty well.
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Not sure if this is the right move w.r.t gold. :rolleyes:

I still reckon we will test 1030-50s and then either tank or go yonder...

When markets tank again they'll start talking about another bail out as they were couple of months back. Consequences are likely to see gold $1200+ imo.

I do concur otherwise as markets well extended and some pull back to test of lows due.
 
virtuos0 said:
Right now pretty much every market out there is going nuts and reaching either yearly highs or all time highs, hence my plan is just to short everything. I'm gonna short every equity, currency, index, and commodity. I think it should work out pretty well.
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I think you forgot something:
 

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clorets said:
Higher gold prices is simply investors getting aways from the US dollar after it was used as a safe heaven currency, and bank are looking to diversify their reserves. I would not short gold.
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I agree - if you aren't comfortable with going long dollar, I'd stay away from shorting gold.

They aren't printing more gold after all
 
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