Didn't know Peter thought the gold correction was over. I think we are at a short-term bottom, starting the B wave of an ABC correction. I'm not big on Elliot Wave theory, but the ABC correction is a fairly common pattern. I'm looking for a week or 2 of bounce to relieve the oversold condition, then another leg down. So I guess I'm in the Edelson camp for now.

I'm playing the bounce, but I'll be ready to jump when it turns down again. The GDX puts I sold look really good right now - they have already lost more than half their value & I think they will expire worthless. GDX is just a short term trade - I like it because both the stock and the options have good liquidity.