Eoin Treacy's view

One of the questions subscribers as most often is how to find details of my open trades. To make it easier I will simply repost the latest summary daily until there is a change.

I sold my long investment position in the copper miners’ ETF a couple of months ago because I worried that the failed upside break in March was suggestive of a broader topping pattern.

I have been waiting to short because I was still hopeful the $4 area would hold. That level was broken yesterday, so I opened a short position this morning in the September contract at 386.49 including spread-bet dealing costs. The chart pattern looks like a completing type-2 top formation. With copper breaking downwards investors are pricing in significantly slower global economic growth.

Slowing global growth is a net negative for the industrial sector and suggests lengthy base formation development is more likely than a quick recovery. I sold my investment long in Rolls Royce today at 81.84p against my average purchase price from my original purchases in 2020 of 54.63p.

I increased my Nasdaq-100 short on June 13th selling an additional unit of the September contract at 12,165 including spread-bet dealing costs. That accompanies my original sales at 15,039 on March 31st and reshorting of a half position at 13,323 on June 1st.

I remain of the view that we should expect volatile swings both up and down as the battle wages between the strong buy-the-dip instinct and the growing desire to take profits as monetary conditions tighten.

I increased my platinum long on August 27th paying $1002 for another position. My existing platinum longs were purchased at $1072 and $885. I remain of the view that precious metals are still cheap and are to be bought on significant dips.

I also continue to hold my silver trading position, initiated at $23.7. I will buy more if the current reaction deepens.

I have been saying for months that I have purchase orders below the market in gold and silver. The first of these was triggered on August 9th. I was filled at $1702.3 including spread-bet dealing costs. My original positions were opened in Q4 2020 at $1879.2 and $1818.6. That reduces by average purchase price to $1800.

I still have additional bids in the market below prevailing prices in gold and silver and will leave them in place to take advantage of any possible additional volatility. These are leveraged trading positions rather than medium to long-term investments.

With baby steps trading one must have high conviction prices will recover and the patience to buy on weakness before eventually being proved right; hopefully.

My original position in the VanEck Vectors Gold Miners ETF was purchased on March 25th 2020 at $20.12. I bought another unit at $35.79 on December 1st 2020. I continue to shop for opportunities in the gold sector.