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I am actually bearish, VERY short term, at these levels. It simply rose too fast over the past few weeks. Friday, the gold chart completed a bearish Butterfly pattern, which normally causes a very strong reversal. I imagine margin rates will be increased this week as Jackson Hole happens on Friday and they'll try to take it down a few hundred points. I have some GLD 165 puts as a hedge. Could be some buying opportunities in the next few weeks. End of the year, it wouldn't surprise me to see $2200-2400.
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