I have received a few e-mails over the last couple weeks about my long term relationship with GLD...

Your Name: (removed)

Your Email: (removed)

Subject: GLD

Message:

Jeff,

i am curious about how you are trading gld. do you still own shares or did you get out already. i know you have owned it for a long time but i keep hearing about a possible pullback. please let me know. thanks

- Show quoted text -

This is one of several e-mails asking the same question. To satisfy the few requests that asked about GLD, if I still own, where I entered, where I will exit, etc...

Hell yes I still own GLD! If you weren't reading my blog or listening to the Marketcast back in August/September of last year you walked into my world not knowing the Addict stance on the yellow metal. Here is a link from "the old site" that discusses the trade/pattern set up that warranted buying shares of GLD.

http://optionaddict.blogspot.com/2007/09/closing-thoughts.html

The next question I am commonly asked is what my exit point is.

I am convinced that Gold will strike $1000, just as Oil struck $100. My time frame is March/April. I have a unreal cost basis in GLD, and have added to this position 4 different times along the way.

Looking at this chart, stop placement ought to be obvious. However, since I can be a little "vague" to my novice complainers...My stop rests below the NOV high at $83. Mental...not mechanical (being specific).

The 5 year chart suggests the trend is in tact, but volume is a little lower on this rally (holiday volume noted). Make sure you are keeping a close eye on things.

Just because Dennis Gartman decided to sell half his position does not mean I am selling mine. In fact, I'd be willing to buy his shares here, and sell them to top tickers in several weeks/few months.