Gold and Silver took some pretty stiff corrections as the jobs data provided a very temporary rally in stocks, but higher rates to the bonds, and with that some strength to the US dollar.
So far all this is well within our expectations. We bought back some of the trading positions which we sold on 2 December around 1225 when gold hit 1166 today, but will wait now to see if this support holds.
Later: Fresh update on the chart. Very quick move down to support levels. I will consider adding to the small position we bought back if gold can hit the 50 percent retracement level around 1150 on the daily.
Last: It did hit 1150 and I did execute some buys. The mining positions are hedged with SDS and TWM, but the bullion is a straight up buy.
