It is nice to be on the correct side of a gold correction. This is my third time to have covered my margin plays and sell a big chunk of my shares as the prices were topping out.

Ihave my sights set on a number of bench marks as where to look to see if we should buy yet.

1) 200 day moving average of the HUI. Which is also the breakout point from the last run or 500. The 200 DMA is a little below the 500 level but It will be there as the HUI falls to that level.

2) 1325 for gold. That is the best support we have since October. If we fail that then it's 1250. If we fall that far, I would expect it to over shoot.

3) Silver at the .382 fib line @ 27.22 and 50% retrace @ 23.00 of the move up from the low silver price from last February. If we fall through the 27.22 level we will hit the 200 moving average on the way toward the 23.00 level. That will be a key level to buy.

So I have a ton of dry powder and am waiting for the market to come to me....Thanks Jim Sinclair for teaching me how to fade the market!!!