Gold has fallen off a cliff with December contracts trading at $1793 an ounce. They say when gold corrects it corrects hard but damn! I want to short the GLD but I think we'll get a slight bounce tomorrow. But when something corrects as fast as gold is, it's hard to find an entry point. I'm still a fan of gold long term and will start buying again around the $1650 level. I expect gold to touch $1500 by October.
This is not a recommendation to buy or sell any securities. DAK had no positions in the securities mentioned at the time of publication but positions can change at anytime.
Update: Gold is $1775 an ounce
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