Gold, silver and platinum take a beating
Kitco Commentaries | Opinions, Ideas and Markets Talk
Featuring views and opinions written by market professionals, not staff journalists.
Just as we reversed our gold position, it got clobbered on Wednesday. Gold at the lows was down almost $50.00 at one point and close the day down about $33.00 for the day. Obviously, we are not thrilled with the action, but at the same time, we are not concerned.
Silver continues lower and we remain short. On Tuesday, silver came awfully close to reversing to the long side; fortunately for us, we stayed short. We never argue with the algorithm, nor do we infuse our opinions into reversals and new trades. We will remain short silver until the algorithm changes.
After peaking last Friday at $1,093, January futures Platinum has sold off about 7% this week. However, we remain long and see platinum at support. What we see in platinum is a natural pullback to a major support level and an opportunity to add to our long position.
The bottom line is news, opinions and outside noise have no place in the trading world. Trading must be automatic based on facts of whatever system you are using. Follow your plan and the rules that are included in the plan you are using. There are no exceptions to the rules.
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