I’ve been delighted at the ascent of precious metals lately. However, I think it’s awfully stretched at the moment, so I’ve put in a short-term trade (November puts) on GLD in anticipation of a retracement of the gold futures back down to its 50-day moving average.
The above chart is the continuous contract for gold futures over the past few years, while below we see the ETF GLD which, I hope, peaked on Thursday.
