Gold and GDX

Both GLD and GDX options were closed today, with the move in gold on the F_O_M_C policy statement, I wanted to take gains there before Bernie spoke in case he said something distasteful to gold prices, even though Gold went higher after closing the position, I have no problem with the decision and this is something we all need to do a little more often and not kick yourself because you didn't sell at the top, if you have an objective reason, that's the best information you have at the time to make the best decision you can, if you did that, there's no reason to be down on yourself.

GDX was closed as a Sept and December option position as well, NUGT was intentionally added as a longer term trending position and it was opened in equities rather than options so it can withstand pullbacks and corrections.

As you know, both positions saw some severe draw down, maybe around -40% as options have that leverage and theta (time decay), but so long as I have an objective reason to hold the position, I'll stick with it and this was the reason for GDX and NUGT, if I had a long Gold Equity position I would have stuck with that too.

With a leading 15 min positive like that which did nothing but get stronger, why in the world would I abandon that position?

The NUGT position is up +39%  and I think with some corrections here and there, it can move higher.

As for the P/L for these positions, and this shows you how quickly these positions can bounce back...

GLD

GLD Calls came in at a gain of +32%

GDX September $27s (which needed to be sold because of the Theta/expiration, came in at a loss of -7%

The December $26 GDX calls came in at a gain of +33%

The NUGT long is doing well at a +36% gain.