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Day 285
·
Feb 9
Shorting $NUGT at 247.24. $NUGT is a leveraged bull 2x ETF on gold miners. My thinking is that we have seen a local top in gold and miners. I am watching GDX (a gold miners ETF), to retrace to 75 (currently 102.89). If GDX goes higher (105-110), I will likely double my short position. This is a risky play, with a 40-50% target profit.
Gold has almost no industrial use; it's all sentiment-based, and my sentiment analysis suggests we could be close to a very long-term top. I might go long on gold miners again if GDX retraces below 80, for a final run-up. I was previously long silver from 20 to 70.