David Fuller's view Another modest profit slipped through my fingers in gold (weekly & daily) as my purchase of the April contract at $1685.2 on 9th March was stopped out at $1684.6 today. I may resist the temptation to buy back gold and silver, unless prices fall sharply. The current problem in these markets, as I see it, is that we have indifferent chart patterns in ranging markets. Consequently, even purchasing on weakness has a faith-based aspect to it because there are many better chart patterns in stock markets at this time. Why might this be when gold and silver have such outstanding performance records over the last 10 years? My guess is that some of the people who bought precious metals as a hedge against financial disaster are cashing up. Whatever the reasons for current action in gold and silver, I do not have enough confidence at today's prices to use loose stops for choppy markets, while waiting for the next uptrend, and tight stops are very likely to be triggered in this environment. Consequently, I would rather trade in stock markets right now, where price action is currently more orderly and trends consistent.

As mentioned in the email above, I bought Sanofi (weekly & daily) this afternoon, paying €59.21 for a sterling-denominated June contract. I also bought corn (weekly & daily) which was discussed in yesterday's Comment of the Day. This afternoon I paid $6.591 for a May contract.

Prices above include all spread-bet dealing costs.