The price at which Lin BaoCheng sold was not the day's peak. Gold remained steady above 196 USD per ounce, showing no immediate signs of correction.
Lin BaoCheng wasn't disappointed. It was like trading stocks — selling at the absolute peak was nearly impossible. Selling at a relatively high price was already quite good.
Because the turning point for gold prices was likely in the coming days — either facing resistance and correcting, or breaking through the pressure level — Lin decided to closely monitor the trend, temporarily setting aside other work.
Meanwhile, the staff he had summoned to the U.S. to develop Tank Battle began arriving. Isabella arranged their housing and office space. Lin planned to meet them in a couple of days.
The next day.
Gold rose to 197.46 USD per ounce before falling sharply. Within half an hour, it dropped to 193.62, then rebounded to around 195, fluctuating between 194.5 and 195.5.
Though the decline was less than 4 USD, the percentage drop was significant — nearly 2%. With five‑times leverage, that meant nearly 10%. With ten‑times leverage, nearly 20%.
The fall was swift. By the time Lin received word, gold had already dropped to 196. When he contacted London, it had broken below 195.
In London, Yuan TianFan and An Yuan reported they had sold at 196.5, deliberately pricing slightly below market at 196 to sell quickly. Large long positions absorbed the contracts, and they immediately opened short positions.
Lin didn't object to Yuan's choice. To sell quickly, one had to undercut slightly. He had given Yuan authority to lead operations, with An Yuan only ensuring his decisions didn't harm Lin's interests. Yuan's ability was clearly stronger, and Lin trusted him.
After London, Lin contacted Tokyo. As instructed, Mōri Haruko had also sold contracts around 196.5, selling gradually as prices fell. With only 100 million USD in leveraged capital, the slower pace was manageable. Their average sell price was 196.15. They then opened shorts, though later than London, at a higher cost.
Half an hour later.
Gold hovered near 195. London and Tokyo reported results.
London: All longs sold at 196, with a cost of 188. On 750 million USD, profit was nearly 32 million. Shorts were opened at 195.75. Because of the large volume, they couldn't all be executed instantly. Net profit after fees was 31 million, added to margin. With 181 million USD margin, positions were safe unless gold rose more than 24%.
Tokyo: 100 million USD longs sold at 196.15, cost 189, profit about 3.8 million. After fees, 3.5 million. Shorts opened at 195.1. Because of smaller capital, execution was easier, though later than London. Margin was thinner, but BaiLong Trading had 20 million USD available to top up, so no risk of forced liquidation.
Gold continued to oscillate around 195. Whether this was consolidation before breaking 200, or a genuine correction, was unclear. It could be a trap to lure longs, giving shorts more to feed on. Ultimately, it depended on which side's big capital was stronger. Retail traders and small institutions simply followed the trend.
Lin watched but felt no anxiety. If gold rose, he'd earn more later. If it fell, his shorts were correct. Even if some idle funds showed losses, the long‑term trend remained bullish — he would profit eventually.
Two days later.
Gold fell to around 190, fluctuating there. Though a rebound was possible, the likelihood of further decline was greater.
Lin did not rush to short more. He knew the long‑term trend was upward. Short‑term corrections were possible, but not certain. There was no need to risk further exposure.
By then, Lin stopped watching closely. He instructed Isabella to have staff monitor and report only if gold spiked sharply up or down. Otherwise, a daily check was sufficient.