Direxion Daily Junior Gold Miners Index Bull 2X Shares (JNUG)

[Montanore]

I'm not a day trader (not any more) otherwise I'd be tempted to bail--some damage is being done here. On the other hand, gold needs a bounce after being down nearly a week.

I'll reassess things on Monday.

Funny--I just had a conversation with a friend the other day who is a big silver bug. He knows I'm a 'former' silver bug who is now cynical about it, but he made a good case for higher silver prices. "JPM is in big trouble because they colluded to drive silver prices down!" Or something like that. "The US Mint is out of silver!" Or something like that. "China and Russia have bought and are still loading up on gold!" Or something like that.

No, JPM will get a slap on the wrist at best. The central bankers are never in trouble because they own and control our monetary system. If they want to drive gold and silver down, it will go down regardless of shortages, collusion, or Russia and China. This is why I've been more comfortable with a short angle.