No I was just looking at the GLD and saying it feels somewhat
done to the downside BUT then I found something that I had not seen
before and apologize if someone else noted it but there is a juicy
gap at $144.93 from 7/1/11 that has never been filled so maybe we
ultimately target there on this move.
Posted by bpandya25 on 29th of Dec 2011 at 03:50 pm
Looking at the chart of $GOLD itself instead of GLD,
however, there is no gap. I would be surprised if we go much below
1500 in gold, and we may already be in a bottoming process.
Also that gap you mention is only 4 % more down.
I think this is a great buying opportunity now. Good
risk/reward situation.
remember you don't have to pick the exact bottoms, you can scale
in parts i.e. buy 1/3, then buy another 1/3 if it goes lower but
still technically OK etc, buy another 1/3 after a confirmed
bottom
You could also consider selling some GLD puts, I sold some 144's
today for a 1.3. If you don't mind buying GLD at lower prices
anyway, why not get paid for it. You can get some nice premiums for
Jan, you can still get a buck for the 145's, however this morning
they were trading for 1.5. If you go all the way out to March, you
can even get a buck for the 130. Or get $2.5 for the 140.
gold
Posted by biscuit on 29th of Dec 2011 at 02:13 pm
gold looks like it's putting in a bottom and the bond looks like a top. am i insane?
No I was just looking
Posted by tom on 29th of Dec 2011 at 02:19 pm
No I was just looking at the GLD and saying it feels somewhat done to the downside BUT then I found something that I had not seen before and apologize if someone else noted it but there is a juicy gap at $144.93 from 7/1/11 that has never been filled so maybe we ultimately target there on this move.
gap in GLD
Posted by bpandya25 on 29th of Dec 2011 at 03:50 pm
Looking at the chart of $GOLD itself instead of GLD, however, there is no gap. I would be surprised if we go much below 1500 in gold, and we may already be in a bottoming process. Also that gap you mention is only 4 % more down.
I think this is a great buying opportunity now. Good risk/reward situation.
remember you don't have to
Posted by matt on 29th of Dec 2011 at 04:32 pm
remember you don't have to pick the exact bottoms, you can scale in parts i.e. buy 1/3, then buy another 1/3 if it goes lower but still technically OK etc, buy another 1/3 after a confirmed bottom
You could also consider selling
Posted by matt on 29th of Dec 2011 at 04:41 pm
You could also consider selling some GLD puts, I sold some 144's today for a 1.3. If you don't mind buying GLD at lower prices anyway, why not get paid for it. You can get some nice premiums for Jan, you can still get a buck for the 145's, however this morning they were trading for 1.5. If you go all the way out to March, you can even get a buck for the 130. Or get $2.5 for the 140.
here's a table of some of the Jan and Mar puts
congrats to anyone who sold
Posted by matt on 3rd of Jan 2012 at 12:09 pm
congrats to anyone who sold GLD puts last week, most of these you can cover for 50 - 70% lower prices now
We're all insane for doing
Posted by kc on 29th of Dec 2011 at 02:18 pm
We're all insane for doing this, but you might be right.
Next week, we'll see.
Too much media talk about $1265.