Tuesday, June 1, 2010

Quick Position Updates

GoldMoney. The best way to buy gold & silver

Took partial profits on paper Gold long position (via the double bullish UGL ETF) today. Cashed out of Yamana Gold (ticker: AUY) long position once we got over $11 today. Remain short commercial real estate. Waiting for a better entry point to establish a larger short position against commercial real estate and will short the S&P 500 if it goes higher. Largest position right now in my trading account is in cash (yuck!). Largest overall position remains in physical Gold, which will be the case until the Dow to Gold ratio hits 2 (and we may go below 1 this cycle).

Things look shaky to me here and we could get a heckuva lot more oversold in the stock market before a bigger multi-week bounce. All risk is to the downside in my opinion for the stock market. Gold stocks put in another weak day, selling off with the general market at the end of the day despite a good day for physical Gold. I remain concerned that Gold stock indices are due for a further correction over the next month or so.

Buy gold online - quickly, safely and at low prices[Most Recent Charts from www.kitco.com]

Wikinvest Wire