Todays lame-o retail report got people hopped up again on dreams of more QE next week. Consequently, precious metals are up again. I think the gold ETF, shown below, is going to encounter some resistance at about 160. I don't believe in this strongly enough to actually do anything about it – – I am maintaining a risk-averse posture until we're done with FOMC next Wednesday – but thought I'd at least point it out.
I remain more comfortable shorting the miners than precious metals. I've got a new trade on GDX, below, with a stop at 47.76: