Hi Dan, I think the bottom line is to never lose one's core position in the PMs as we have clear long-term sailing based on fundamentals. As long as we're doing that we can amuse ourselves on the margins to make a few extra bucks...
As for HGSI, I recall that last April/May Hulbert was concerned that as gold shares were dropping advisors were becoming more bullish, and concluded that they had further to fall. If I had followed that advice I'd be feeling pretty sad right now! I'd say it increases the odds that there's still a final blowoff move to come though.