Gold down 5.6% since the top

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scoutaz_2003

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Gold down 5.6% since the top

posted on Jan 20, 2011 11:00AM

and the HUI is down 16%...

At this rate the HUI will be at zero when we get to $1000 in gold...

Of course that is absurd...But it shows how the leverage is working at the beginning of the correction....We did get to the 500 level on the HUI in quick order...I'm guessing we will fall below that level until the metals find support....

I'm hoping for 1325 and 25.00 but it could be a far bit lower. JIMHO

The hard part is picking when to grab the falling knife...But I bet the market will tell us.