Frankly, I don't know of any serious gold traders or funds who came out ahead last year
its a new year and a fresh start. first trade was a winner and im back in as of fridays close with a 27% account position for another go as we actually went below my re buy target of 94 xau. ===============================================================
Hi Steve, I too had a negative b/l for 2004 and, quite frankly, at this point I'm not looking for a whole helluva lot in 2005 except for the likes of NG, WTZ, GRZ, HUGO (IVN on 1-18), CKG.V who, imo, all have very good news in store for them this year. There are others of course, but, right now, these are looking to be my main entrants in this year's PM derby.
I don't know if you follow the Committment of Traders reports, but yesterday's showed continuing huge liquidation in the Gold Futures OI and this indicates to me that we prolly don't have much downside left in the PoG.
From last night's Bill Murphy's LeMetropole Cafe report...
"The COT report was a beauty and right in line with my high expectations. The large specs reduced their longs by 30,974 and increased their shorts by 5,482, while the commercials increased their longs by 5,132 and reduced their shorts by 30,263. This means the commercials have reduced their net short position by around 70,000 contracts in two weeks. The orchestrated raid by The Gold Cartel to allow the crooks to dramatically reduce their shorts has worked to perfection."
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