Gold down, silver down, government down…

Posted on Oct 02, 2013 by in Letters

 

http://stockcharts.com/h-sc/ui?s=GLD&p=D&yr=0&mn=9&dy=0&id=p79177025382&a=255869372

That devilish bar 9 days ago -- a fake out power bar -- chased us from our short position.  Today gold (and silver) gapped down and we put on a scale in short (in both).  We read both as sell signals and will increase our positions as the chart warrants.  Note that our exit was not the most patient practice.  But power bars against our position always get our attention.

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