Friday, January 11, 2008

Where is Gold - Part IV

This has become a series. If you followed me, you could have earned a lot dollars from trading Gold. You could have deposited a few dollars with Oanda, traded Gold on-line at very low leverage (water down the bridge). And watch your earnings grow...

Anyway, where is Gold today?

The price of gold broke through $900 an ounce for the first time Friday, during trading in New York.

Futures touched an all-time record of $900.10 an ounce in New York after strong price gains in London trading earlier.

Part 1 was posted way back in March 27, 2007, and in that post I said:

Despite the sideways movement of gold prices, I still feel very much bullish on this metal in the long term. Gold for April delivery closed down $1.40 at $662.50.

In my opinion, this is a good buy. I would buy, and sit on it for the rest of the year. My target is at least double its current price.

My reasoning for doing this - is something I cannot post, a gut feeling, and a dream.

Part 2 of this post was posted in September 22, 2007, and I said:

But that followed spot gold's surge to $739 an ounce in Europe on Friday -- its highest since January 1980.

It is up and up!


Part 3 , November 8, 2007, on the news (from PDI):

The pullback in oil helped cool the surge in gold which peaked at a 28-year high of $845.40 on Wednesday, near its all-time high of $850 reached in January 1980. Spot gold was trading at about $833 an ounce by 0605 GMT.


No matter what, I will have to close the trade once it reached 900. I guess a gain of 260 dollars an ounce is more than enough. I have always said do not bite too much what you cannot chew, and be careful.


My target was reach. So would you still trade Gold now that it is at 900 dollars already? Ask me.