I've been beating the Short GDX drum for a while (with occasional instances of saying Buy GDX, like two afternoons ago). Yesterday afternoon I switched horses again and jumped back on Ol' Shortie. My intent to do so was met with some good-natured rotten tomatoes.
I think $48 is a reasonable target. GLD and SLV are at kind of a decent base for the immediate moment, but the potential for about $7.50 more in losses for GDX is still there.
