in the meantime from material you have send me with gratitude
Short of One Unit of gold: As noted here yesterday,
we said that should spot gold trade upward toward the $808-$817 level
we'd sell gold short into that strength. It did, getting right into that level
and touching the highs before turning lower. One unit is sufficient, and
as suspected that decision has indeed brought howls of laughter from
the "Gold Bug" community.
We'll not wish to risk any more than 3% on the initial trade, and we
consider that we are short of spot gold at or near $813... the mid-point
of our target range. Thus, we'll put our stop at or near $838 for the time
being, and will very likely move that down rather swiftly over the course
of the next day or two. We've no idea yet where we shall add to the
position, but clearly we'll not add to it until such time as this initial
position is reasonably profitable..
The following are indications only of what we hold in our personal
accounts at the day's end. We reserve the right to change our opinions
at any time, and obviously we do. Presently, we hold the following
positions, which are presented here only for the purpose of as complete
transparency as possible:
LONG: We're long of PGH, FAX, TOWN, FDO, MCD, FXI, a small
position in WMT and another small position in CBP. |
