The stocks have broken to new lows, so it's pretty likely gold will follow.

I know this sounds blasphemous for long suffering gold bugs and gold stock traders, but I'm really hoping for a capitualtion in the next few days. We keep getting close, but there are enough dead cat bounces to keep traders hanging on. But a proper capitulation will set up a nice tradeable rally, methinks.

Meantime, I've finally discovered a good use for the leveraged ETFs - short term hedging (I may have been the last trader to discover this, lol). Instead of shorting GDX as a hedge against the puts I've sold, I've been buying DUST. Because it's 3X leveraged, a relatively small amount of this is an effective hedge.