I sold a third yesterday. I am on the boarder now of selling the rest. I am thinking 80 should provide massive support!!! Gold is starting to look bearish. Possible test of 960 !? (but then that is only 2-3% from where we are now. Please give me your thoughts???
I'm new at this. been trading only a year now. I also took some profits yesterday. My pc was down when i wanted to sell half at R88. Missed it. Weird. you thing it wouldn't happen to you. Ai. I thing R80 will hold. But will see when we get there. Good luck all.
Rand price gold just to weak with the strong rand. The bharti rumours and strong carry trade isnt really helping. Rand will problably stay strong for a while IMO which killed the Roffey dream for now. Only positive is that it leaves a gap for the interest rate to be cut again in a bid to weaken the rand. IMO there is only one rule to be followed when dealing with gold namely: Buy Platinum.
While the rand stays at a 16 month high its going to cancel out most of the gains. IMO the gold miners arent really geared to profit from a strong gold price as they are seemingly getting less and less gold produced at ever increasing operating margins.