I'm not sure. I don't have enough information to say one way or the other.
Anyone here have a take on this spike up in gold?
From Talking-Forex, I've got this: "ECB's Praet says must disconnect banks from sovereign debt."
How's that for a laugh?
I missed the launch, so I'm just sitting.
(I had a dinner date, so I haven't been trading since before Shanghai/HK opened.)
1/3 off...trailing stops in on other 2/3rds...PMs on the move...also in july corn, but a few cents higher than Art...would like to see 6.00...good hunting Pailin, Art & the rest of you reprobates...
GLTA
Taking the lead from Soros is usually a good idea. Last year in August I believe he sold his GLD, now he's quadrupled purchase of same.
Soros is buying the dip and selling the rally.
He might be a Turdite.
By the time his trades are made public they're stale. Either that or he's actually a colossal idiot. If he's so tuned in to NWO activity, why buy gold at 1600/1700, when 1500 is available all day long just a month later? For all we know he's been selling to all the dip buyers at 1550 level because he's pretty sure (aka 'knows') gold is going to 1000 in summer/fall deflation event.
Soros is entertainment value only. Same with all hedgie quarterly disclosures.
Wow. EUR just got smoked. Godbless trailing stops, eh D E?
UNG trade is now in selldown mode. What is black shall be white, what is white shall be black and the Algos rule. Should be interesting to see where this bounces. Punishment can be brutal in this sector.
Pailin,
In early 2010 Soros financial records were publicized that he had massively invested in gold. He did the same last year when he pulled out last August. They were far from stale. If you had only followed those warnings you would have made a ton. I think its time to pay attention again.
Also those lines on silver seem to indicate we have topped for the day. We shall see.
ES has 3 small waves down to a bottom, think it will retest overnight highs in Holiday runup, who knows?
this trade is much,much more difficult in the daytime. Best time is overnight with good till cancel orders otherwise there is so much fighting and squealing during normal hours it is just a very crowded trade. Price movements overnight by SweatHogs in thin traffic is swift and sure. Its all gaming.
Unconfirmed reports from Jim Willie of Costa-Chica land that a mysterious trading floor somewhere in the Greek Islands is upsetting the order flow at least temporarily.
It could be JFK,RFK and Martin King. Jim has JFK being patched up in 63' and shipped out there under cover of darkness. They all live on Mykonnos for the night life and initiated a platform with Soros seed money. They are shorting Aapl and they are long the miners now judging from what is pouring across the Level II now.
Pailin,
In early 2010 Soros financial records were publicized that he had massively invested in gold. He did the same last year when he pulled out last August. They were far from stale. If you had only followed those warnings you would have made a ton. I think its time to pay attention again.
Also those lines on silver seem to indicate we have topped for the day. We shall see.
Might have to agree with you on the Soros thing redwood. Maybe Soros is the contrarian indicator for Buffett? Haha
In early 2010 Soros financial records were publicized that he had massively invested in gold. He did the same last year when he pulled out last August. They were far from stale. If you had only followed those warnings you would have made a ton. I think its time to pay attention again.
Also those lines on silver seem to indicate we have topped for the day. We shall see.
redwood feel free to chase the sh.t out of Soros. Maybe it will work out, maybe not. But I don't think your results will correlate either way to the headline. Unless your cost average happens to be the same as his. AND you sell at the same average price he does. Simple coincidence. These guys don't make billions hanging out on internet forums sharing their trades on a daily basis!
How could he pull out last August when he was already underweight in Q1 11? I remember the many headlines Q2 about Soros dumping gold Q1 when price was "topping" at 1400. Sure. What about 1500, 1600, 1700, 1800, 1900? Lots of missed upside for Soros, eh? Or maybe he was yanking everybody's chain so they would follow and sell too (but late)?
Here's one example -
http://www.bloomberg.com/news/2011-05-16/soros-sold-most-of-his-gold-etp...
You've stated where you think gold (and silver? can't remember) will be going the rest of this year. That's fine, I can't say I know for sure one way or the other. Like most here my bias is long physical and day trade on the paper, so I won't be following you to the heavens in paper because hitting R3 every day for a month will have flattened any overweight position I could ever carry. Not flattening successive streaks of R3 has always been the greatests of folly. And you won't know that Soros did the same until 2 months later when the moves are made public. And gold is off 20% (again) from it's (new?) high.
Pailin,
He didn't share anything. It was hunted down by others. Anyway chasing never pays off. It's just one more bit of info available. I use many to make my decisions.
Soros this, Soros that. What about JFK? How is he weighted? What are his positions?
One won't be able to track Soros very well but it may be the perception of the Soros trade by the Sheeple that is what is important to Redwood.
"Soros dumping gold Q1 when price was "topping" at 1400. Sure. What about 1500, 1600, 1700, 1800, 1900? Lots of missed upside for Soros, eh?"
ok. so he ejaculates prematurely. Who was it that said they made money by selling too soon? Was it Jim Rogers or Buffet.
He didn't share anything. It was hunted down by others.
Billionaire investor George Soros sold most of his holdings in the bullion-backed SPDR Gold Trust and iShares Gold Trust (IAU) funds in the first quarter and bought shares of mining companies Goldcorp Inc. and Freeport-McMoRan Copper & Gold Inc. (FCX), a government filing shows.
What part of "a government filing" indicates not sharing?
One won't be able to track Soros very well but it may be the perception of the Soros trade by the Sheeple that is what is important to Redwood.
That's fair. If I tried to go with that though I'd be torn to inaction. Follow Soros a day late (because I think he's god) and capture most of his genius move? Or go contrary (because I think he's the devil) and..? Most of Wall St loves him, most of PM-street :) hates him. What to do, what to do?
I ignore.
Pailin,
Please understand. I don't give monumental weight to internet info. Because anyone can say anything and forge anything. What I follow are trends, repetitions, things that have internal validity. It's a sum of wholes. Can't help it. It's how I have learned and it works well most of the time. But it's not perfect. Anyway this is not worth wasting time on. I accept your points. Let's move on.
Soros sticks in my craw because he's had a direct effect on me.
I got my father into gold (GLD) fall 2010 when it was bouncing around 1350 spot and he rode it up and down (father is a buy/hold type) without much care since it was a contra allocation to his equity and bond allocations. He's an old school 'stocks will only make you rich' type. So any gold was a big change for him, even if only a 5% allocation. And each time it dumped (like January 2011) I heard plenty about it. But at ground level he agreed it was insurance and would tend to move opposite equities on a longer timeframe. (Alas, he watched it daily...sad)
Anyway, he reads the Soros headline in May and that does it for him - he's OUT. After all a big mover like billionaire-Soros thinks gold sucks, well it must right? Sure. Didn't take much convincing as my father thinks PMs suck anyway. So he let go in May, after gold was crushed (but not as bad as silver) the whole month. Then gold moves from 1470 or so essentially straight up to 1900 and he wants to shoot himself. So he buys back in (I advised against!) around 1850. And that's where he is today. And he will barely speak to me. Because it's my "fault" he ever got involved in gold to begin with :)
Thanks George. You're a peach.
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1/3 off...trailing stops in on other 2/3rds...
Slept in but SCORE for D E. Good job on that EUR play!
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Man is a credulous animal, and must believe something; in the absence of good grounds for belief, he will be satisfied with bad ones. -Bertrand Russell