Hi Cluster. Thanks. I only really started in November and have had some bad experiences. Have ridden the gold bull well until last week. Have learnt, in part from posters here and other areas, that physical gold is the best purchase, as I'm being burnt with margins on my gold CFD's - wish I had worked that out before last week, but I hopefully will live through this to learn for my next gold investment.
Regular posters put Ira's midday metals report up, and I have been watching them on and off for the last few weeks and he seems pretty close to the mark - although would've helped me to watch him last week as I would have stayed on the sidelines.
Nevertheless, I find his TA very good. On Thursday he called the USD bounce as nothing more than a bear trap, and today look at the Euro gain against the USD - that gave me hope because I was ready to cut my losses on one contract Thursday night.
Have traded the banks with some success in all this, but I'm out and not touching them. Have a simple focus compared to the posters here, but my portfolio is around BHP, some small Iron Ore specs, Gold and I hold WOW as another bluechip - for me it's some cash on the side.
Let's hope Cluster that Gold doesn't shoot straight back up - I'd like to see a steady climb upwards, as some chartists are calling a bounce to $966 or so, then a decline below $800, maybe to even $750. The reality is that comparing this climb with the 80's is very different - they may be right, but I hope they're wrong as from my research, the fundamentals for gold rising have never been like this before. A steady climb would maybe see it hold its levels, but I'm proven to be no expert. Nevertheless just looking now, Oil is rebounding, the Euro and Gold too. It seems that fundamentals will come back and it should continue upwards over $1000 but no-one really knows. The Asians have pushed it up today, so let's see what Europe and the US do overnight. Like others here my fingers are crossed, because I know I haven't made a bad decision buying gold, just the entry price and method of buying it and the risk is the bad part.
With Ira's youtube video, I worked out Cluster that if you save the link as a favourite, just press the RSS button when you open it up the next day and it updates the feed with the new daily one. I find Ira to be pretty informed and he's not anywhere near calling the end of the bull market for commodities, so I'm staying in.
