Wow, if it weren't for that massive DUST hedge, I would have been smacked hard this morning.

Thanks for the info, Gary. I follow you on TM and always look forward to reading your blogs. I usually use Elliot waves and Optix sentiment with GDX, but I probably need to start paying more attention to HUI/GDX ratios as well. That $22-23 target should be a gift for gold bulls.

I can definitely see what you mean, Gary. My plan has been to hold these hedges through mid to late October at the very longest. I'm kind of hoping it will just drop to that $22-23 range relatively soon, so I can drop the hedges and add to longs. Seems like sentiment is still too high on the optimistic side right now.

I've been holding it for a couple of weeks as a hedge against my long term mining positions. I'm only holding until there is a more clear sense of direction. My personal guess is that GDX sees the lower $20's before it returns to $31+.

I worry about GDX dropping to around $22. I've been holding a massive hedge (DUST) in order to avoid the possibility of that happening. Some Elliot wave counts see the miners as being in a (2) corrective wave that should see one more big drop.

I agree that we are setting up for a big run in #gold soon. But given that we could see some downside in the miners over the coming weeks, I just can't see buying a leveraged instrument like $JNUG and riding it down if there is more correction to come. People who want to hold on to something like JNUG should be willing to buy some $JDST as a hedge until the correction plays out. Had I not bought $DUST and JDST as hedge, my gold mining positions would have led to a big draw down in my account.

I like gold and gold miners long term, but "load up on gold" right now? It looks like it still has some potential downside ahead IMHO. A break of $1300 could lead to some serious whipsaw action for gold investors looking to buy here.

I could see GDX going up to $28's, forming a perfect H&S before dropping down to fill the gaps in the $20-$22's. GDXJ could also top around $49-$50 and drop as well. I like the mining stocks long term, but I wouldn't be looking to back up the truck at this point in time.

This would require the gold miners to gain over 30% over the next two days, all the while the dollar is in rally mode. This is a VERY highly unlikely scenario.

Excellent video analysis! I have begun to build a small position in $UWTI and $USO calls.