Gold Price

I still have gold as being in a price bubble with a top in the neighborhood of $1500 oz. I have
looked at all the arguments in favor of a continuation of the bull run in gold, but I do not have
an imagination strong enough to rationalize these inputs into a higher price, much less the
$1500 level. I just do not posses that golden vision. I continue to short gold periodically as I
have been doing since last Oct. I have a 27% profit via DZZ using a small amount of capital.

Gold is overbought now on RSI, but not on the important MACD measure or on the basis of
premium to the 200 day m/a. 3Yr. Gold Chart. I have no position in the gold market as of now,
but since we have had a mini blow off run, I would be tempted to short it via DZZ if the gold's
5 day m/a were to break below the 10 day m/a. $Gold