Oct

31

Sold EGO

October 31, 2007 | Leave a Comment

This afternoon I decided to sell my small holding in EGO at $6.92 in the wake of the Fed rate cut. With the rather hawkish statement from the Fed and one dissenter, we have significantly raised the risk of a correction in gold in the short term. I’m not willing to be against gold at present, but I want to be a little less long here.

Oct

26

Buying back some gold

October 26, 2007 | Leave a Comment

This morning I decided to buy back a portion of my previous gold positions. I had been wary of a reversal in gold and had sold a chunk of my positions in order to wait for a more bullish technical environment in the dollar. With the dollar crashing through its previous lows against the euro, we got that technical signal, and I’m once again buying gold. Today’s dollar move was a big one indeed, and gold followed […]

Continue Reading Buying back some gold

Oct

23

Sold EGO position, increased KFED short

October 23, 2007 | Leave a Comment

This afternoon I decided to divest my position in EGO at $6.56, a few cents above my basis. I also decided to double my short position in KFED at $13.77. However, it is still a small position in the overall portfolio.

With regard to EGO, my sale is simply an effort to raise more cash and mitigate the potential downside should gold correct. Having done a bit of technical work today regarding gold, I see $730 as the […]

Continue Reading Sold EGO position, increased KFED short

Oct

19

Selling sizable long positions, going short, and buying gold

October 19, 2007 | 6 Comments

Today’s market is just plain ugly, and I am beginning to have serious worries about the economy flipping into a recession. In fact, the more I listen to companies guidance (CAT, UNP, etc). In fact, I am willing to bet that the U.S. is already slipping into recession, but we have yet to actually see it in the numbers. The way that both the stock and bond market have acted in the last few sessions is telling […]

Continue Reading Selling sizable long positions, going short, and buying gold