Yesterday a 5% GLD tranche was sold short at $170.05. Consider taking profit on this tranche before the market close today in the zone of $165 to $167. The reason the zone is so wide is because there is no way to predict what GLD will do going into the close. As of this writing GLD is at $166.85.
Our stance on gold has not changed. This reduction in quantity is simply a risk control measure. After this exit 35% of the full core position size will be held.
