Well, I just couldn’t bear to end the day with a woe-is-me post, so I’m going to do one last one before I call it a day. Simply stated, I think gold has a good chance of closing its gap at about $1350 (it’s on a tear as I’m typing this, up nearly $40, even though a big portion of the EUR/USD post-Bernanke pop has faded). I put in a small short position on GLD on Wednesday, but I closed it out soon after at a tiny loss ($100 on a $30,000 position). I’m glad I did, since it’s obvious gold is heading higher.
But if we manage to get to $1350………..step aside, because I am going to short a ton of this stuff. Until then, bear and bull alike can be happy. For bulls, I think there’s plenty more room to go higher, and for bears, I think a tasty opportunity is in the works. We just have to wait.
