Crikey!!!


It is ALL OVER THE PLACE!

Do you think we have support for the $1000 mark?

where can you watch it live? kitco seems to be frozen`

I'm watching on my spreadbetting software - CMC markets - got my fingers singed today!

down to $1005, glad I didn't buy yesterday. Is anyone on here buying right now, or are you all waiting for a pullback?

I saw several touch and bounce backs from the $1020 mark. Right, I thought, I'll buy at the next $1020. Boy was I WRONG!

It PLUMETTED to $997 - Fortunately, I bought a little more at that low price, and have finished up 480 quid better off, but that's my lot for today.

Phew!

preumably you're talking bits of paper here, not the physical stuff? are you not at all nervous about that ?

I'll probably get flamed for this, but not even talking about paper. I am just talking about spread bets. You own nothing, not even paper, just a bet. Therefore no tax.

Now there are huge debates on here about spread-betting, but overall, IMO, if you're careful, you can make decent money from spread betting.

aaah I see now ! something I know very little about but good luck to you on that. If I buy gold, I want to keep it in a tin under the bed as I dont trust no-one, hence my aversion to bits of paper promising you own the stuff.

I agree completely if you actually want to hold the stuff. I prefer the leverage of spread-betting.

CMC markets only require 30 pounds margin for every pound per 10 cents of Gold.

So, say you put down 1 pound for every $0.1 change in Gold. That simply means if you buy at $1000.0 and sell at $1001.0 you make 10 pounds. But if you sell at $999.0 you lost 10 pounds.

For that 1 pound per $0.1 bet, they only need 30 pounds margin, so obviously you can be highly leveraged. Of course, that works both ways, so you need to set stop losses.

The only REALLY scary thing is that stop losses don't always work if the price plummets. They will just automatically execute on the next available price, which could be consierably lower than you'd set...

What spread betting software do you use?

It's called "Market Maker" - from www.cmcmarkets.co.uk

Pretty good software I think, better than any of the web-based software I've seen so far.

Marcos