Tuesday 13 December 2011

Killed while asleep

11.14am...
while I was sound asleep last nite, US Fed's FOMC meeting gave no hint of any further quantitative easing of US monetary policy. Without such news, USD surge sharply higher, which put pressure to the price of gold. Price of gold was moving nicely up during my evening hours but woke up with a slaughtered cash balance.
Cash is now reading as 137, net 137. Lower than 168 when I first started the blog after a painful cash reduction.
Gold is such a difficult animal to tame,..each time I thought I got it right, it turned around to bite me. Given this very limited amount, it is very easy to blow it all over again.  I will go small again and try one more time to see if I can bring up the cash value,..slowly but surely and not get too carried away with my desire to see price of gold moving up.
Long term it is still pretty bearish,.. each time I tried to buy for the rebound,..it does not work... gravity bring it down all the time. What I will probably do now is to wait for the rebound to move to overbought situation and then to sell..this way,..gravity will help me pull it down , with the downtrend.

Will see how I behave.
Cash 137. 0 orders outstanding

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