Wednesday, September 9, 2009

Closing Gold and Buying Puts

With Gold around $989, we are booking our last 20% position in gold. We feel gold has seen a near term top and we will see some profit taking here.

We are taking a small punt with a portion of our profits, buying Oct 95 puts in GLD - which will cost us $1.75 per contract. We are buying the October expiry as we are giving ourselves sometime for the move to mature. If gold rallies back to nr $1000, we will cover our puts.

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