Monday, March 2, 2009

Out of gold mining shorts

Closed my NEM and GFI puts today. They may both go lower but I'm taking the money and running and getting ready for my next moves. I'll be looking to start scaling into long call option plays on RGLD as early as tomorrow morning (already at target levels) and possibly GG tomorrow if it gets clobbered.

I don't think the S&P 500 is done going down, I am holding my KSS and AZO puts, and I am still looking for a $VIX spike to at least the 58-60 range to help stop this brutal 2nd panic leg down in the general markets. Gold miners will bottom before gold price, so this will also help time my next purchase of physical gold.

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