http://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=0&mn=6&dy=0&id=p23550335056&a=203282120

All gold does not glitter — or, how does it go?  However it goes the downgap is a trader’s sell signal.  Is there some fundental developent which provokes this action?  No, it’s just traders taking profits — and tired of a one way wave.  This is a trader’s signal on our part.  The trend signal is in Tierra del Fuego (vactioning with Lady Gaga).

Anyway it is October 19 and we always spook on October 19 in honor of the ghosts of market crashes past.

So we sold our gold and silver, and scaled out of some S&P.

Again emphasize, these are trader moves.  If we had just sat on our gold from 2003 instead of trading in and out we would now own Fort Knox.  Actually it’s our evil twin Karnak who makes us do it.

Patient readers, investors, will observe the trend stops in the metals and indices we have previously noted in these letters.