Gold is down 4% now this is a great buying opportunity?
Since last week Gold bounced back from $1075 area, we had news like
Obama's 3.8T budget plan --> More T-bonds selling and Fed printing coming
Obama admin wants to double US export by 2015. --> This spells USD depreciation
Obama wants to get tough with China on currency --> USD will lkiely be down against RMB
Today's job report triggerred broad market selling and it knock down gold by 4%, in addition to yesterday's reversal of gold action.
If gold can't close above $1075, what is the next support? $1040?
I can't resist and bought some 2010 Jun GDX $41 calls @ $4.