Simple – – – my GDX and GLD shorts.
I know I've flip-flopped on precious metals here on the blog more times than I can count, but my core belief – – the risks of being squished by Gary aside – – is that the precious metals hype is akin to the NASDAQ hype of early 2000. Everyone is breathlessly rushing around talking about gold going to $10,000 per ounce or more. Their reasons (fiat money, inflation, etc., etc.) sound rational, but when I see gold bulls featured on the cover of the New York Times, I really have to wonder.
In any case, on a day like this when everything else is up, the gold bugs must be really ticked off, because anything that shines is acting like a pig.
