The Artist Formerly Known as Goldust
Got in at 1.36 based on the fundy thesis. Also bought some Sep 30 193 calls based on the chart thesis. Double bottom. Looks so much like it (and SLV) did back in May and heading into June. History doesn't have to repeat itself but as you said, r/r is attractive. Will take the small losses if support is lost. A ~15% move to test last years highs this summer ain't the unlikeliest thing in the world IMO. Cheap bet to make for me.I bot the GLD 240C that expire 06.17.22. 1.40 each. 20 of them for $2800
My thesis is this asset class has done nothing for 10 yrs...and with all the Fed money printing pushing every asset class and alternative investment you can dream of to bubble levels, I think good old gold will eventually get its day and rip to all time highs and beyond.
Spot Gold is at 1779 today. If it doesn't hold 1700, I'll sell my calls and take a $500-$700 loss.
But I see 2200 as my first target. So the r/r is quite attractive.