Gold Beat-Down

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Yesterday I noticed something interesting: the Japanese Yen (as represented by FXY) tagged its symmetric triangle.

recent strength of the Japanese Yen

My view was that this meant a good shorting opportunity related to precious metals. I took a look at the GDX and witnessed a similar setup:

repulsion off the trendline

I thus bought a very large quantity of GDX March 2019 $21 puts at 92 cents. Considering how gold is responding to the jobs report this morning, this pla is going pretty well. I’m hoping to hang on to the options until GDX gets down to about $18 or $19.

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