I want to start looking towards longer-term positions.
The correction has probably run its course.
It looks due for a retest of the lows.
Has GLD has taken on a life of its own?
I remain a timid bull at this juncture -- though I don't expect gold to broach the 2011 high anytime soon.
Short-term interest rates are going to stay low for longer than most people think.
Here is how we would trade it using a longer-dated options strategy.
Excessive fear will quickly turn into excessive greed.
It's hard to expect investors to regain confidence in gold after this shock to the system.
Losses are painful, but that pain can help determine what happens next.