I am now accumulating new bullion positions for the intermediate to long term.
I may hedge those positions if I feel there is a higher than normal probability of a general market liquidation.
I tend to agree with Ted Butler and others that the bullion banks are setting up the technical and momentum funds, shifting their physical short positions.
The physical market remains robust despite the short term paper price manipulations. The gold and silver markets for retail physical are in their nascent phase, largely conducted from large internet sites with little local presence other than a few coin shops and jewelers buying scrap.
I proceed with caution, as I may be incorrect. The markets are opaque, and the currency war adds additional risk.