Which way? A Gold Timing exercise
- Thread starter themickey
- Start date
I am looking to get shorts on after Friday. Large Specs were quite long on the 11-28 COT so I am sure they are even more long now.
Trying to decide today to short gold or short silver but I am leaning towards shorting GLD.
Poor palladium continues to get drilled on the COT with these extreme positions.
Trying to decide today to short gold or short silver but I am leaning towards shorting GLD.
Poor palladium continues to get drilled on the COT with these extreme positions.
oh yes, GC is up 2% right now. GLD should open up nice tomorrow. I just have to figure out how to size this GLD short.
You do realize, I hope at least, that Spot Gold is making new all time highs?
And when a market is making new all time highs there are no longs in a losing position to bail out and weaken uptrend, while at the same time there are weak shorts needing to cover higher and higher potentially adding to the move even higher.
No guts, no glory I guess. SMH
Gold stocks today on ASX was the strongest sector.
The Crypto ETF was also strong.
It really has nothing to do with guts. To me that would have been a very low risk short because the move was so exhausted. The traders taking the risk were the clowns that got long on GC up 2% last night(probably levered money on the COT) even though all the shorts were already blown out and large traders on the last COT were already really really long.
I didn't get a chance even today because GLD opened down and I was only going to short if it opened up like what it looked like it would last night.
Trying to buy the low and short the high is absolutely what I am trying to do, especially with metal. I wouldn't even take .5% of heat before getting out so even a 2% gain is highly asymmetric.
Buying gold at all time highs is just insane to me. It is not a cash producing asset that is making a new all time high because so much cash is being produced. It is a much more mean reverting process.
I didn't get a chance even today because GLD opened down and I was only going to short if it opened up like what it looked like it would last night.
Trying to buy the low and short the high is absolutely what I am trying to do, especially with metal. I wouldn't even take .5% of heat before getting out so even a 2% gain is highly asymmetric.
Buying gold at all time highs is just insane to me. It is not a cash producing asset that is making a new all time high because so much cash is being produced. It is a much more mean reverting process.
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True it gapped down after the crazy GC Globex session, but it bounced +0.41% before resuming down move -1.64% further.
Tomorrow's another day.