Where is gold going?

After the close
Where is gold going? Mike Swanson has some thoughts at Kitco link

Me, I think short term support is at $500 for gold, $8 for silver. I don't know where the stop-loss orders are, but I expect at least a run to take out stops below $500 gold. A person has to be nimble in these kind of situations. I may close my puts out before $500, depending on what it looks like then, that number is not written in stone for me.

Gold stocks closed well off their lows and RGLD (Royal Gold showed a gain). It is tempting to buy puts on RGLD, but it is high risk considering the recent decline from 40 to 33.

I have some money in a gold mutual fund and it is underwater. I consider this long term money, different from my short term money. I will own my mistakes when I make them. The traders that never have a loss and buy at the low of the day and sell at the high of the day are a riot.

Overall stock market closes weaker than it looked midday. This is options expiration week, so I look for volatile swings with many stocks "pinned" to strike prices.