That recent day when gold was up while oil was down surely got a lot of fish to bite and buy in. The decline after that day has been vicious and today the mining stocks took on more water. The HUI gold bugs index down another 4% below round number support at 300. Next stop looks to be 275 (HUI chart).
This is not the time to be a hero and call bottom. It is a time to accumulate gold, especially physical gold for the long term. Trading a waterfall decline on the long side is dangerous and risky. Shorts must also be on their toes as rallies tend to be sharp.
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