How's that gold buy at $1,200 going?
- Thread starter AyeYo
- Start date
If you go back to the old threads, the extend of my opinion was only to NOT go long at $1,200 and wait for a pull-back. The statements of the gold bulls said BUY BUY BUY BUY BUY who cares what the price is.
I'm not saying "I told you so, we're going to 0," because I never said that. I'm saying, "I told you so, $1,200 was a stupid place to buy."
AyeYo, I don't understand the point of this thread. I'm neither a gold bug nor a hater.
I've had GLD since $89 and then when it hit $113 I bought Jan 110 puts to protect my investment. I thought the move from $110 to $119 was BS, and I could have probably made more money buying more puts at $119 because that coincided with $1200+ on the GC futures contracts and was really tempted to, but I didn't, because I didn't have conviction that it was really the top. I have gotten burned too much trying to call tops and was wrong about $113 on the GLD being the top so I just kept the puts I had. We'll see how far it goes down. I'm hoping it will touch $105, and then rebound after that.
That being said, it's really easy to say you called the top. If you were arguing about gold topping a few weeks ago, you would have been wrong. I thought the top was when GLD was at $113. Unless you put money down and put a stake in the ground, your predictions are worthless. GC could have easily jumped to $1300 and then if you called the top at $1300 you would have conveniently forgotten about your prediction at $1200. With a trading account, you won't be able to forget being wrong by $100.
Did you call the ES top of 1120 as well? Or did you call it at 980, 1020, 1060, 1080 and 1120?
I've had GLD since $89 and then when it hit $113 I bought Jan 110 puts to protect my investment. I thought the move from $110 to $119 was BS, and I could have probably made more money buying more puts at $119 because that coincided with $1200+ on the GC futures contracts and was really tempted to, but I didn't, because I didn't have conviction that it was really the top. I have gotten burned too much trying to call tops and was wrong about $113 on the GLD being the top so I just kept the puts I had. We'll see how far it goes down. I'm hoping it will touch $105, and then rebound after that.
That being said, it's really easy to say you called the top. If you were arguing about gold topping a few weeks ago, you would have been wrong. I thought the top was when GLD was at $113. Unless you put money down and put a stake in the ground, your predictions are worthless. GC could have easily jumped to $1300 and then if you called the top at $1300 you would have conveniently forgotten about your prediction at $1200. With a trading account, you won't be able to forget being wrong by $100.
Did you call the ES top of 1120 as well? Or did you call it at 980, 1020, 1060, 1080 and 1120?
Buying high is a sure fire way to make money
(at least for the nice people on the other side of your trades)
guys ... this is the new "golden child of the new era"
www.retrographique.com/images\tinsigns\Food\Golden Bonanza Niblets Corn.gif
www.retrographique.com/images\tinsigns\Food\Golden Bonanza Niblets Corn.gif
For the 90th time, I don't make top calls. I simply said that buying at $1,200 was a stupid decision. I got railed on by almost everyone.
The point of the thread, aside from measuring current sentiment, is to rub it in to everyone that flamed me. As I said before, I don't trade gold so this thread is all the vidication I get. Plus, I was bored at the time.