I fasten on my suit of armor as I dare speak anything against Everyone's Favorite Long – gold.
This is particularly timely, considering the good-natured tongue-lashing Gary Savage gave me in the comments section last night (which 13 of you up-voted……..I think that's a record). My biggest loser today? My long position in GLD! My biggest winner? My short position in GDX! (I would note I dumped gold even before the opening bell, but I still deeply resent the yellow metal).
Anyway, the intermediate-term uptrend is broken, and I remain short GDX. As for crowded trades, I think the bulls in early 2000 NASDAQ had nothing on the gold bugs these days. $5,000/ounce is a foregone conclusion, yes?