Have no fear

Gold is here. Bought 3000 AUY @ 12.95, 300 GDXJ @ $34

If all they can do to Gold is down a quarter of a percent, I laugh at them

Liquidating Miners

$GOLD price action looks scary to me today, might be due for a nasty pullback. I unloaded 1200 AUY @ $12.96. Still have a 1000 left. Got a nice 20% gain in. Of course I will buy back with lower prices.

Wrote covered calls on all of the GDXJ I own, as well.

Inverse H&S on the Junior Gold Miners (GDXJ)

The Junior Gold Miners appear to have carved out a nice inverted Head & Shoulders pattern on the daily chart, with the neckline at roughly 40 and the head at 33. This would indicate a pattern completion around $47, or roughly 20% higher from today's close.

Some new positions in the past week

Bought:
Freeport McMoran (FCX) @ $103 (S @ 98.7)
Emerging Markets ETF (EEM) @ $46.81 (S @ $42)
Junior Gold Miners ETF (GDXJ) @ 41 (NS)

Sold:
300 Ultrashort S&P 500 (SDS) @ $26 for a 1% loss, will sell the rest at a more substantial loss ($25 stop -- 300 shares left).

Took profits across all gold miners

Sold 1000 AUY @ $12 (2000 left, 13% profit on the 10 lots sold)
Sold 200 GDXJ @ $41 (100 left, 46% profit on the 2 lots sold)
Sold 200 GG @ $48 (out of this position, 9% gain from a cost basis of $44)

Taking profits, Initiating new trend positions

Bought Ultrashort 20+ Year Gov Bonds (TBT) @ $34 (Stop @ $31) ; Target $37
Bought Agrium (AGU) @ $86.68 (Stop @ $83)
Bought Rosetta Stone (RST) @ $21.14 (NS)

Sold a lot of GDXJ @ $36, 25% total return
Wrote covered calls on all my long gold stock positions (except AUY) capped at 5% additional upside

Gold looks toppy

Gold (GLD) looks toppy here. We've tested $1250 3 times now and failed. There are no triple tops -- so Gold will eventually surmount this challenge. But there may be a pullback to the upper $1100s in the meantime.

I'd use this opportunity to write near-month (June) covered calls on any gold miner positions (GDXJ, GDX, GG) and to accumulate phyiscal Gold (PHYS).

I like the $31 June calls on GDXJ, the $55 June calls on GDX, and the $49 June calls on GG.