I should take my own advice next time and sell more. At least I went short Oil.

June 15th

"My gut says the general market will probably take us down to the 1.94 - 2.05 range.

Time to short oil I guess."

We are now trading out of the upward trend on the bottom. I'm keeping the faith as we also traded above the upward trend on the top which signalled a sell and it came back inside the trendline. Hopefully gold holds up because leverage to gold on the downside sucks.

From Gartman today

Finally, regarding gold we are told, but we cannot
confirm (and we are hoping that one or two or more of
our clients around the world shall be able to confirm or
deny this report), that the Obama Administration has
given its approval, and Congress has agreed, to allow
the sale of gold the IMF holds. More properly,
Congress has agreed that the US will vote in favour of
allowing IMF gold sales, and this is important given
that the US holds just a bit less than 17% of the IMF
gold reserves and under the IMF’s own rules any vote
to sell its gold reserves required 85% agreement on
the part of all of the “gold” held. Heretofore, the US
has effectively vetoed any IMF gold sales by not
allowing its nearly 17% to vote in favour of such
actions.

As we understand it, any gold sales done will be within
the Central Bank Gold Agreement, which limits annual
gold sales to 400 tonnes. At first blush this would tend
to mitigate the bearishness of the “news,” however, we
must remember that the current Gold Agreement ends
at the end of September and thus far there’s been no
movement to extend that Agreement for yet another
year. In the past, this Agreement has always been
extended by now, and so we are left to wonder if this
shall be the last year. If the Agreement does end this
September, will IMF gold sales therefore become
larger and more aggressive after September 30th? We
simply do not know, but the gold bulls cannot be
feeling all that comfortable this morning.

Please do remember we cannot confirm this report and
as we write we are obviously hoping that this is not true
and that this is merely rumour and nothing more and
so we shall not act upon this in any fashion and would
not suggest that our clients/readers/friends do either.
Just be careful out there!