Thursday, 5 April 2012

I bought gold yesterday

Despite a great deal of uncertainty about my investment rationale, I bought some gold yesterday afternoon. I did it without consulting previous agonies over action vs inaction or anything else other than the price had  fallen below a level that had caused me to think about it earlier in the day.

Hopefully I won't regret it. I paid £1,009 for 10 shares at 4.20pm on 4 April 2012 compared to the £1,066 I paid the last time - Monday 5 March 2012 - (also inlcuding a Hargreaves Lansdown's £11.95 trading fee.)

Back in December I sold all my Gold ETFs (28 of them) for around £100.78 per share (excluding fees). I've managed to buy them back at just under £100 but when the fees are included the sale price looks worse as does the purchase price. So I've paid more for these shares than I sold them for! (But as Spanish bond yields spike the chances are the gold price will fall again).

At the end of the day it looked like physical gold ETF owners had mainly been sellers. The one I buy, PHAU, saw automatic sales worth £8 million vs £5 million buys. (I couldn't see my trade in the last few of the day but I don't know how Hargreaves Lansdown buys these shares after an order has been placed.)

PHGP, which has more retail customers also nearly twice as many automatic sales as buys in cash value.

As did Source's SGLD

As did Gold Bullion Securities GBS


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