David Fuller's view It is tough out there but as a long-term bull of gold I like it more at today's levels than when I last purchased it in March, even though we have yet to see technical evidence that this lengthy corrective phase has moved from the distribution stage, characterised by lower rally highs, to the accumulation period evidenced by higher reaction lows. Consequently gold is still performing like a risk asset rather than a haven. With my position on automatic rollover, the expiring June gold purchased at $1675.9 on 28th March was sold for a loss at $1557 in yesterday's late trading, and an equal-sized long was simultaneously opened in the August contract at $1560. This afternoon I reopened a long in silver, paying $28.255 for a July position. Given silver's greater volatility, I will most likely continue to trade it more actively than gold. Prices above include all spread-bet dealing costs.