Gold is taking a major hit today down $65 to $1808 per troy ounce. I sold half my Spyder Gold Trust ETF (GLD) SEPT 179 puts for a nice profit. I think gold still has some more downside, but when you catch a double overnight you should never be greedy. The markets are rallying with the DOW up 170 and the S&P up 20. I'm not doing much today as I'm not sure where this rally goes. Does it get stronger? Does it fade? I'm don't know so I'm just gonna watch and be ready to put my cash to work if we break out either way.
This is not a recommendation to buy or sell any securities. DAK was short GLD at time of publication but positions can change at anytime.
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