From now on I will be updating investments I'm adding to my portfolio. Therefore, everyone will have a chance to see where I'm putting my money and can comment on it.
Our fund just bought some PUTS on Gold. We usually do not trade, but we have a huge standard deviation parabolic event, which could correct at least a few hundred dollars.
On Friday we had 98% bulls according to Daily Sentiment Index. Last night was followed by another 98% bulls day. ETF inflows into the SPDR GLD are now at monthly record highs. Recent Merrill Lynch Fund Managers Survey placed Gold into an extremely overvalued position, which was a good guide in previous corrections. I also noticed that SPY ETF now has less net worth than GLD ETF. That is really remarkable. All in all, the current mood makes this quite a contrarian bet for a few months, until the price shakes out weak hands.
As a side note, all day today on CNBC and Bloomberg we had a gold bull after gold bull. CNBC has a poll which is asking if Gold could hit $130,000 levels. Totally insane. All in all, I think we are ovrdue for a serious correction around the next couple of months, despite the strong seasonality that usually happens in September.