cbs7 Posted April 29, 2008 Report Share Posted April 29, 2008 The noise on oil coming from the public is almost overwhelming now and to me oil seems to be struggling a little to make new highs despite massively bullish news (e.g. refinery strikes, sabre rattling with Iran, difficulties with the new Brazilian oil fields). Is it time to sell oil and buy gold? I still think oil will be much higher in the long term, but is there room for a short term trade here to book profits in oil and swicth into gold and silver which appear to be grinding out a bottom? I haven't really done this type of trading of switching between areas that I'm bullish on long term. Wondering if anyone out there has been successful doing something like this? I need to look at it a little further - I've seen the Gold-Oil charts which look favourable for Gold, but it's more of a gut feeling at the moment. Don't know if I am brave enough to sell out of my energy positions completely... Link to comment Share on other sites More sharing options...
FLASH Posted April 29, 2008 Report Share Posted April 29, 2008 The noise on oil coming from the public is almost overwhelming now and to me oil seems to be struggling a little to make new highs despite massively bullish news (e.g. refinery strikes, sabre rattling with Iran, difficulties with the new Brazilian oil fields). Is it time to sell oil and buy gold? I still think oil will be much higher in the long term, but is there room for a short term trade here to book profits in oil and swicth into gold and silver which appear to be grinding out a bottom? I haven't really done this type of trading of switching between areas that I'm bullish on long term. Wondering if anyone out there has been successful doing something like this? I need to look at it a little further - I've seen the Gold-Oil charts which look favourable for Gold, but it's more of a gut feeling at the moment. Don't know if I am brave enough to sell out of my energy positions completely... Maybe you should take some profits but still leave some money in oil. We are heading for the US driving season where demand is traditionally high so prices may rise further until about August. The dollar bounce seems to be why oil is struggling to make news highs supply is fairly tight for this time of year so if the dollar was falling oil would be soaring much higher than it is now. I switched last year part of my Gold holding to Cotton as expected Gold to top and about $850 but it went all the way to $1030 and I sold the Cotton to early so didn't really benifit from the switch I had the right idea but timed it wrong. Link to comment Share on other sites More sharing options...
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