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The current gold bull market has lasted a decade - the same length of time that the great 1970s bull market for precious metals lasted. Many in the industry seem to have interpreted gold's race to almost $1600 and silver's rise to almost $50 as signs of a grand finale. This may be the thinking behind the recent gold selling done by George Soros. Soros' selling of holdings in two leading gold-backed ETFs put some wind in the sails of the "end of the gold bull" side of the debate. Not just that April 2011 was a top, but that it was *the* top. However, didn't really sell gold, he turned his ETF holdings into shares of Goldcorp (T.G) and Freeport-McMoRan Copper and Gold Inc. (NYSE:FCX), adding the leveraged upside exposure to gold that gold stocks offer.

 

I'm still bullish gold, what's everyone opinion?

 

MMS

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it makes sense for Soros given his early role as an equity analyst and his belief in the reflexivity of markets......

if Gold really goes, why not have access to something that ideally should really participate in the upside as if its costs are fixed but the profit side of the equation is all blue sky, but if as a well managed company might offer downside protection if gold comes off or goes nowhere.

Personally I dont have a view on gold, but if pushed viewing the GC #f on esignal I would look to a short with a close below 1520.40 with a close stop, it will take a lot for the uptrend to come off.

The other thing it gives me a gut feel of, is it will go for a new high and then fail.

Otherwise, the trend is your friend and if you are long hang on.

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Aug 18 PM

Gold Holdings and Longs all hedged up and even building a small net short via near month futures into close today... planning to add to shorts all the way up to 1870 ish... projected holding period: a few weeks... thorazine shuffle type trade...

 

MMS noticed you've got 1 award. Did you give it to yourself ? :rofl:

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Full hedge still on but already starting to lift some of the outright shorts - maybe temporarily...

 

We were talking about mistakes (over in the Risk of Ruin thread?)

On this trade I made one of those mistakes already - "getting in too early

and now may be making one of the other mistakes - "getting out too early" :)

 

 

PS MMS, hell yes! We're proud of you

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Full hedge still on...

 

Matching yesterday's size, just lifted another 20% of the outright/spec shorts at a little bit lower than current prices.

 

Again...may be making the 3rd mistake - "getting out too early" ... we'll see if they keep 'stepping in and standing' at 1700

 

Have a great day and weekend all...

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re: "US dollar is done "

 

Wish I could be as categorical... but I'm not so sure $ is done (yet). :confused:

... as we speak though, I'm exiting USDCHF longs... :)

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What an excruciating trade!

Avg. position is ~ 1842

Planning to take off another percentage of the spec at ~1700

 

:confused:

 

I sort of understand the dollar strength, but could use some enlightenment on the return of the yen as risk off - especially as how they may need to evacuate the whole gd freakin country...

 

NO HOMEWORK... NO TESTS... NO GRADES. ONLY THE PURE JOY OF LEARNING any tiime, any where!

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More re

:confused:

 

Maybe it's just me, but it sure seems like global systemic insanity and denial has taken another uptick or two...

 

btw and fwiw OP, I now doubt Soros really sold gold ...;)

 

Speaking of insanity - I'll show you some insanity. Way back when - pre Japan quake, heck almost pre - Euro mess, I started accumulating a long USDJPY position. (Some of it was chronicalled over in SilverDow spread thread for a while.) Well, I'm STILL in that trade! infreakinsane !!! Average price is worked to sub 78 but getting there has required more size than initially planned and the original planned position size was already huge-r than normal. I'll end up making some good money off it someday - but good lord - the opportunity costs during that time... Since I'm not really a position trader it really is insanity I tell you ... maybe it is just me ;)

:haha: :helloooo:

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Gold spec shorts all covered now

20% at ~ 1700

20% at ~ 1681

20% at ~ 1645

 

Hedge for physicals still on. Will trail stops down for now...

 

...

 

 

Would love to see silver bullet on down to ~24 :)

 

Have a great weekend all

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I'm still bullish gold, what's everyone opinion?

 

MMS

 

If you are bullish on Gold, then according to my reasoning, you are bearish on a turnaround happening, in the foreseeable future. On the contrary, if Soros is selling Gold, is he seeing a bottoming out? Is Gold the bellwether for for the economy at large now....?

 

Gold the Global Index???

 

Jose Kollamkulam,

Chennai,

India

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