Well, I got involved with gold again when it dropped to €1503. I figured it might bounce off the $1500 mark but boy was I wrong! It collapsed through and I thought it would bottom out around $1490 so I bought some more.
As I type this, it currently trades around $1470 - however, I’m not too concerned just yet.
While commodities in general had their biggest drop since 2009, I’m still happy enough with gold and the overall direction it is going and I’m not going to panic for the time being. Besides, I only bought a small amount – just 50c and 30c so at the moment, I’m around €135 in the red.
I’ll probably set a stop loss soon but I’m happy to hold out on this and I reckon we’ll be back up above $1500 once the panic selling stops and some other news story gives reason for people to buy.
WAYNE Bailey was born in Dublin where he still lives with daughter. A librarian by profession, Wayne has always had a passion for betting and trading and has spent various periods throughout his life as a professional gambler. In 2007, he graduated from University College Dublin with a degree in social science and information studies and four years later, he completed a diploma in financial trading from the Irish Institute of Financial Trading. More recently, he studied psychology and the behaviour of the human mind. Wayne is a regular contributor to various newspapers and websites in the UK and Ireland, and he currently pens the Betting Ring column which enjoys a large dedicated following every Saturday in Ireland’s largest selling newspaper The Irish Independent. Wayne's book 'Sports Trading on Betfair' was published in 2014. Email: firstname.lastname@example.org