RE: Troubles in Euro land
BP - just remember Lehman while we wonder about what gold will do ... this Irish, Euro thing could be another contagion of panic in equity markets - I'd rather not be reloading after a sickening collapse of my positions.
It ain't easy riding a bull market when there is so much pessimism sloshing around.
My own view - never hold spec on margin and always be thinking about taking money off the table for a rainy day ahead.
The last three weeks look like a case in point. I don't believe the trade is off on the China/US Dollar/Precious Metals/Copper etc.,. play, but the trade is definitely off for weak hands, momentum players, nervous holders ... and it hasn't been a barrel of laughs the last few weeks.
My guess - famous last words - this soft market will firm up in the next few weeks and could well make new highs across the PM trades ... but I might be selling into it to some degree.
Nervously staying at my post in the trenches.
CG