My personal portfolio:
Comment of the Day

September 17 2012

Commentary by David Fuller

My personal portfolio:

Trading profits taken in remaining platinum, palladium & silver positions, plus 25% of my gold futures longs and the BRWM trade

David Fuller's view On Friday I took a partial profit in platinum, while also mentioning that I had commenced taking some money out of my leveraged trading account. In Friday's Audio I also mentioned that precious metals had rallied strongly back towards some psychological and lateral resistance near $1800 for gold (weekly & daily), $35 for silver (weekly & daily), $1700 for platinum (weekly & daily), and $700 for palladium (weekly & daily). These markets were firm when I went to bed on Sunday evening but softer by Monday morning, so I decided to take most of the remaining profits, in anticipation of a ranging reaction and consolidation phase.

Accordingly, I sold Dec silver at $34.533 and $34.538 against purchases at $30.551 and $30.658 on 23 & 31 Aug. I then sold Dec palladium at $686.53 against purchases at $659.15, $648.83 and $650.65 on 23 Aug and 7 Sep (twice). I sold 25% of my Dec gold long at $1771.2, against my purchase at $1604.7 on 3 Aug. I sold my remaining Oct platinum longs at $1694.7 against purchases at $1582.9, $1594.5 and $1596 on 6 and 7 (twice) Sep. I also sold my BlackRock World Mining Trust (weekly & daily) trade at 593.3p for the Dec contract against my purchase at $569.2p on 7 Sep. These prices include all spread-bet dealing costs

I would not be surprised to see precious metals hold at least 50% of their gains from the previous four weeks during whatever pause and ranging phase now occurs. This would be consistent with a bullish consolidation prior to additional gains well before yearend. I sold my BRWM trade because bid / offer spreads on individual equities are quite wide relative to actively traded commodities, currencies and share indices. However, BRWM remains a core long-term holding in my personal investment portfolio and I expect it to do well as Asia's China-led GDP growth improves in response to recent stimulative measures.

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