Update on Gold

Well what an interesting week!

The Gold idea got into a bit of trouble.... Although the USD has rallied, gold has acted in its safe haven role again.

There has been a general fall in risky assets across the board as a result of concerns over the UK banking sector and fears that there are more hidden problems to be exposed in the coming months.

I think its worth staying on the sidelines to see if a better entry presents itself closer to $1000 level.

I feel selling gold is a great opportunity this year so it will be important to think about the best tactic to profit from this. Thinking that selling gold in GBP may be an idea. Although the GBP/USD has tanked and made fresh lows this week below the 2001 low at 1.36, it is well below most fair value estimates and selling Gold in GBP may be a good idea to take advantage. I'll have to look into this further...