No Pot of Gold at the End of this Rainbow

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pot of gold

Figured St. Patricks day would be as good a day as ever to start opening some positions to take advantage of a possible move lower on Gold. The precious metal has been up nearly every day since February(sans 6). It has also struggled to break $1400(Sept high) despite all the positive catalyst via global events in Ukraine and elsewhere.  It also seems like the Gold Bugs are getting cocky, which leads me to believe we have topped. I went long $GLL via March $82 calls and April $86 calls and may add to or liquidate my position at any time. I think Gold heads back under $1350 in short order, before testing $1325, where I will re-evaulate the position.

GOLD 3-17-14

Profile photo of jimmybobJimmyBob (Scott)has been trading equities for over 15 years, a majority of which were OTC micro-cap stocks. He started trading high risk stock options over the past 7 years, and has proven winning trades in excess of 15,000%.

As one of the Co-Founders of optionmillionaires.com, Scott enjoys sharing his knowledge with other investors through timely blog posts, daily watch lists in the forum, weekly webinars, and helpful advice within the chatroom.

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