Gold just broke out of a double top for the year; almost an identical situation to the S&P 500 late last week. In actual gold terms (rather than the ETF) this was around $1007 which was hit in the winter; next test is the 2008 highs.
I am going to add some exposure to my Powershares DB Gold Double Long ETF (DGP); silver continues to outperform though as it was up another 30 cents yesterday.
Similar to the S&P 500 I'll be content with the new exposure as long as the double top holds and is not broken as a support level.
I am incredibly fascinating that the market is shrugging off the move in gold (as it shakes off everything) - obviously market participants believe it to be an inflationary breakout rather than a 'flight to safety' breakout.
p.s. also dumped the October calls, and 3x long ETF I had into this morning's spike. Going to sit back and assess the market for now - wanting to play the dark side if the market gives an opening. Stalking...
Long Powershares DB Gold Double Long in fund, no personal position