Jim Rogers couldn’t have called this better. TBT which we bought is the short of this. Based on this action it could go a lot lower.
Meanwhile smarty pants sold his silver and had to buy it back today. Remains to be seen which was the good trade. We are very suspicious, and think the gold will be held in the trading range — silver? who knows? But the chart says be long.
We could do a lot of second guessing and third guessing and finger crossing. Readers who obeyed our admonition to stick with the trend trade did better. Do we think this is the blast off? No. Do you have to do what the chart dictates? Yes. See you at the bar — pour us a double scotch (or, considering Scotch jingoism, pour us a double scot.) (Ma was Scotch. But no kilts in our clan.)
We would put the stop 3% under today’s low.