GLD: placed order to sell at market

I placed an order today to sell ETF SPDR Gold Shares (NYSE:GLD) at market. Yesterday's close was USD 117.14

Now might be the time to get into gold

Now might be the time to get into gold
BY JACOB MASLOW / ON JANUARY 9, 2015 AT 8:02 AM /

Considering how badly oil has been faring recently, it is no surprise that the whole commodities sector, generally speaking, has been trending south. One thing I have learned in all my years observing financial markets is that when it comes to commodity pricing, too many investors never miss to miss an opportunity. Sure, the dollar has been on a tear lately and, save for a few commodities like coffee, the commodities market, precious metals and oils included, are rocking lower prices. This should be a golden opportunity for people to give gold another look.

Read more: http://www.streetwisejournal.com/now-might-time-get-gold/4236/

ZGLD gold ETF: sold today

I sold part of my holding of ZKB Gold ETF (SWX:ZGLD) today at CHF416.60

GLD: bought today

Since my last purchase of the ETF SPDR Gold Shares (NYSE:GLD) at USD 154.41 on 26 February the gold price dropped sharply in the past few days but seems to have turned around today, and I now added the same quantity to my GLD position at USD 134.69, giving me an average cost of USD 144.55

GLD: bought today

My order to buy the ETF SPDR Gold Shares (NYSE:GLD) at the open was executed at USD 154.41

Speculating on gold

I expect the gold price to rise and have given an order to buy the ETF SPDR Gold Shares (NYSE:GLD) in New Yourk today at market at the open.

GLD: sold today

I sold my ETF SPDR Gold Shares (NYSE:GLD) today at USD 171.06, resulting in a profit of 15.9% after 1 year and 118 days.

Gold ETF: bought today

I changed my mind and bought ZKB Gold ETF (SWX:ZGLD) just now at CHF 472.54

Not buying gold yet

The gold price jumped up yesterday, closing at USD 1,574.50

Franklin Sanders wrote this:

   The Gold Price Rose $38.30 Can it Climb Above $1,580 Tomorrow to Confirm Reversal?

   The GOLD PRICE rose 38.30 (up 2.5%) to end at $1,574.50. It left behind a double bottom on Wednesday at $1,527.7 and worked its way up to $1,550. In Europe it danced just under $1,550, then at 8:00 a.m. jumped to $1,557, traded sideways, then gapped up at $1,557 levitated, gapped again ($1,563-$1,566) and shot for $1,580. Closed near the top of the range.

   Folks, metals are strong as a garlic milkshake. To preserve that spike bottom for posterity, gold needs to climb above $1,580 tomorrow and confirm its intent. Milestones of success after that are $1,600, then $1,630. The GOLD PRICE must overcome these quickly, and that I expect to see.

I won't buy the ZKB Gold ETF (SWX:ZGLD) yet today and wait to see how it closes today.

Sanders also wrote:

   Better swap GOLD for SILVER now. Ratio may have topped yesterday. Confirming a reversal in gold and silver, premiums on physical silver and gold are rising rapidly, and that will hurt our realized ratio in a swap. If you plan to swap gold for silver, you'd better do it quickly.

Is gold turning around?

The gold price fell through the bottom line of the channel I have drawn and it will be interesting to see where it goes from here. I shall wait for today's close and then evaluate whether or not to buy.

Yesterday, Franklin Sanders wrote:

     The GOLD PRICE made a low at $1,527.70, practically on my target. Silver posted its low at 2676 c, not far off 2615c support.

     Both the silver and gold are coasting along on their bottom Bollinger Bands, something that hasn't happened since fall 2008. Implication? Silver and gold are monstrously oversold, and will shortly come roaring back with a rally, even if only a temporary one.

     End of this decline ought to come within a week at most, but that euro crisis hangs over everything, scaring everyone to death, much like the 2008 panic in the US.

Gold still moving sideways

I am looking a the channel again I charted a few days ago. The price briefly broke out above the channel but immediately fell back into it again.

Franklin Sanders got it right last year

I did go back and check what Franklin Sanders forecast a year ago. On 10 May 2011 he wrote:

     Should the gold price batter through $1,525, 'twill make a run towards the last high at $1,575.

Not immediately, but on 27 May gold closed at $1,523.94. After that, it went sideways for some three weeks, then dropped to a low of $1,487.17 on 1 July, and the following day took off toward a spectacular high of $1,908.82 on 22 August.

Incidentally, he has had that phrase "Always invest with the primary trend..." at the end of every post, already a year ago, so it is not a current forecast, more like a signature line.

Franklin Sanders about gold

Interesting, what Sanders said about the gold trend after yesterday' close:

     Always invest with the primary trend. Gold's primary trend is up, targeting at least $3,130.00; silver's primary is up targeting 16:1 gold/silver ratio or $195.66; stocks' primary trend is down, targeting Dow under 2,900 and worth only one ounce of gold; US$ or US$-denominated assets, primary trend down; real estate bubble has burst, primary trend down.

Those targets look rather ambitious to me. I think I'll review his past predictions and check how accurate they were.

Looking at gold

Gold bullion closed above the trendline yesterday, at USD 1666.68/oz, but I hesitate to buy at the moment. Franklin Sanders comments:

     The gold price needs to bust through the $1,682 resistence to confirm next rally.

I can't understand how he sees a resistance at that point. He also says:

     The GOLD PRICE showed the sort of action I deeply love. It opened flat, got pounded on the US open, straight down, then fast and steady rose right out of that hole to close nearly unchanged. Well, closed at $1,663.40, down sixty cents. Why do I like that action? $1,645 support, then returned to challenge $1,665 resistance. This maintains the uptrend and thumbs its nose at sellers.
     On that gold chart with the falling wedge, gold did no more today than fall back for a final kiss good-bye to the upper boundary. If the GOLD PRICE can resist falling below $1,645, then it has broken out of that falling wedge and begun its next rally. Caution: there's likely to be a lot of very slowly rising mostly sideways action for a while. Remember that in the next week or so gold needs to burst through $1,682 resistance.

Looking at gold

Looking at a three-month chart of the gold price in USD per troy ounce I see a down channel formation and am waiting to see which way it breaks out.

ZKB Gold ETF: sold today

I sold half of my holding of ZKB Gold ETF (SWX:ZGLD) today at CHF 473.09 at a profit of 9.4% after one year and 117 days.

GLD: sold today

I sold half of my gold ETF (NYSEARCA:GLD) holdings today at USD 172.46 at a profit of 49.3% in 1 year and 164 days.

ZKB Gold ETF hedged (CHF)

I heard about a gold ETF of the Zurich Cantonal Bank (ZKB) hedging against the US dollar. I still have to look into it in detail but from a cursory look I learnt that I ought to buy it if I expect the USD to weaken some more against the CHF. This ETF is traded on the Swiss stock market (SIX) with the symbol ZGLDHC. Unfortunately I didn't know about it before the recent decline of the USD against CHF. I see that the same gold ETF is also available with hedges against the EUR and GBP. It is mentioned in this pamphlet of ZKB.

GLD: bought today

I bought GLD today at USD 148.75

GLD: bought today

My order to buy GLD today at the open was executed at USD 148.75