Gold Hammered Again

Yesterday, I mentioned that I started to build my short position on gold. That was when gold was trading at $1,900.

It's now trading at about $1,800. This drop is yet again too fast to be the real one I believe, specially since it's happening in the face of mad action by the Swiss National Bank and falling USD today. Last time, I knew we'd see the highs again. But this time, I'm just making a guess and I might be wrong on this call this time.

The fall of GLD has been so fast and my timing so right, that I am not making good money on the trade, since I structured it in a way that the drop should have been at best mild in the first few days...

Sad but true.

But it's not finished yet, a mild rally in the next few days will make that trade very profitable again.

So now, my only choice is to HOPE that I'll be granted a small rally (joke).
Wait & Pray.