Monday, July 26, 2010

Bookkeeping: Closing Powershares DB Gold Double Long (DGP) For Now

My gold position has been my 2nd oldest portfolio holding, sitting with us since March 2009.  I am going to close it out temporarily and return at a later date.  Gold has been out of favor for a month; I don't expect a tremendous selloff but this is now a chart I'd rather short on rallies than buy on dips.  I am not interested in shorting gold per se, but since the technical condition is not favorable I'll instead simply sell and come back to it in the future when it either dips much more or regains strength.

I sold the last batch (0.8% exposure) for a 6% loss but obviously have had many gains and losses on the position in various trades the past year and a quarter.

I am not sure what the weakness is saying if anything.  

No position


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