David Fuller's view Suspecting that gold (weekly & daily) has a good chance of maintaining its recent push above lateral trading near $1150, enabling it to follow palladium and platinum higher, and with earlier positions conservatively protected with breakeven stops, I increased my stake by 37.5% today. This afternoon I paid $1156.8 and $1153.6 for two more equal-sized June positions, and this evening I purchased another at $1161.9, all including spread-bet dealing costs. The risks with this trade are as previously stated.

I also reopened a long in AUD/JPY (weekly & daily), paying ¥85.43 for a September position, including spread-bet dealing costs. The main risk is that I am coming in high. However, we know that the Japanese government wants and needs a weaker yen, because they have more or less said so and it makes sense in terms of export competitiveness. Also, AUD/JPY now has a positive interest rate differential of 400 basis points per annum, reflected in the price I paid relative to the spot rate shown on the chart above.