Articles


  • Making a stealth leveraged bet on gold



    Talk about some volatility. We’re watching 2%-3% daily moves in the U.S. stock markets and 5% plus daily moves in Asia. When volatility is this high, and when you were buying VIX calls (as outlined for you guys in Bulls & Bears in a Cliffhanger) back when volatility was extremely low just a few weeks ago, it’s time to take profits and close the trade. I’m closing out my VIX VIX long position today.

    Meanwhile, you know that I don’t trust the gold exchange-traded funds and other precious metal “paper” trading vehicles (see Game Plan for a Completed Corrupted Market). But I do think the Market Vectors Gold Miners ETF GDX is valid since it’s promising stock shares in publicly traded companies and not promising physical gold and silver which might or might not actually be owned and in the vaults. In the last couple years, I’ve often advised against owning gold miner stocks because they are often high-beta versions of gold itself, meaning when gold drops 30% like it has, gold miner stocks will drop maybe twice that much, 60% or more.


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