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Originally Posted by
Bullitt
Sold out at the open today in GDX with a 70% gain at an average cost of $28; most of which qualifies for LT cap gains.
The bullish commodity story is front page news now. China imported record amounts of oil in December and now claims gold is too expensive. I believe the dollar is done going down only because the consensus now believes that the US will hit hyperinflation with gold doubling from today's prices. Not to mention that nice bearish candle in GDX last night, the party is over. The keg is nearly kicked. I lost my mojo in 2007-2008 and I've finally feeling it coming back.
I think there is some more upside to gold, maybe to 1180 or 1200 tops, but this rally is completely out of control. Absolutely, completely out of control. Don't ever fall in love with a stock or ETF, no matter what your gains may be. The gold story is a bunch of BS in my opinion. People become buy and holders when they get ruined or fall in love with a position and buy and hold doesn't work in the metals market since you don't collect a meaningful dividend.
Good luck to any longs out there.