Just a quick observation.
Gold seems to be moving with equities.
Actually it has been moving slightly ahead of stocks — by anticipating some short-term movement.
If that is the case, with $GLD trading down from $401.44 to $388.75 — some stock weakness may lie ahead over the balance of the day.
Or I may be wishin’ and hopin’ like Dusty Springfield.
Wishin’ And Hopin’ (Stereo Version)
Position: None
Here are today’s things:
* I shorted the indices:
$SPY $761.34
$QQQ $714.29
* I shorted more $JOET at $44.94 and $GRNY at $27.65.
* I added to $GTBIF at $7.40 and $MSOS at $4.92 longs.
* Liquidated $GLD at $398.35.
Position: Long MSOS common (VL) and calls (S); Short SPY (S), QQQ (S), JOET (S), GRNY (S)
I sold some more GLD ($GLD) at $399.00 – that’s up more than $7 on the day (and $11 from Wednesday’s lows).
Positions: Long GLD S
I bought a lot of $GLD yesterday at about $391.
GLD is currently +$5.75 on the day (and +$6.48 from the buys) to $397.48.
I have taken off Wednesday’s buy, reducing from medium to small sized.
I plan to add on weakness.
Position: Long GLD (S)
I moved to a large $GLD position at $391.52.
Position: Long GLD (L)
I added to $GLD at $395.51.
Position: Long GLD (M)
* First time, long term
Gold has had quite the fall from earlier year highs.
We have been accumulating $GLD over the last few days and, as posted, we purchased a slug at $391 yesterday morning.
At 6:15 AM gold is trading +$4.20 to over $398.
I am inclined to view this position as a core holding (and not a trade) reflecting continued currency depreciation, inflation higher for longer, Washington DC’s fiscal imprudence and expanding geopolitical uncertainties
Position: Long GLD (M)
Here are today’s things:
* I covered my short $SPY calls in the morning’s weakness.
* I added to my $MSOS common at $4.88 and to MSOS calls.
*I added to my $GLD long at $391.55.
Position: Long MSOS common (VL) and calls (S), GLD (M)
