On December the 28th I nearly bought back all my gold shares but thought the price would fall further. I was right (and therefore thought I'd always be right), it did fall, but only for one day and I didn't buy it on that day either - then it started it's most recent rally.
I'm deciding what to do next. Should I bite the bullet and get back on again? This guy (Nigam Arora) thinks that investors were making a mistake in seeing the Federal Reserve statement as a buy signal. But that's a lot of wrong people! Bloomberg reports 9 out of 15 gold traders expect gold prices to rise next week - which starts with a summit of 27 countries of the EU about growth and jobs buy 17 eurozone countries could break off to discuss Greece.
Another indicator of how this rally will go will come from China after its New Year holiday according to a report from UBS analysts reported by Mineweb. UBS said: "It will be interesting to observe China's appetite when markets there reopen after the one-week Lunar New Year break. For although physical markets naturally prefer cheaper prices, Chinese buyers by and large prefer to buy into rising momentum, while taking advantage of hefty pullbacks. That has been the pattern in recent years, but it was always grounded in expectations of higher prices ahead. So the returning Chinese participants need to believe that this is the start of something larger, otherwise they'll sell the rally."
At 2pm 10 PHAU shares would cost have me £1,088.60. My BlackRock Gold and General units are about level.
Some reading on gold, Iran and the petrodollar - stuff I didn't know but may be should have via Plan B economics.
