GLD

Um gold and gold is probably the most messy of the charts. My preference in gold would be to hold here, and then begin and then break out and begin your wave one of what's either a C wave or wave three.

That has yet to be decided. Minimally, you're looking up here. But, I'd like to see this wave one take us back towards the recent highs. Okay? That's what I'd like to see. And it makes the most sense if this begins the rally pretty soon.

I know that we always talk about gold and silver. We'll get to that in a moment, but what percentage are you allocating here?

So, while we hedge with physical metals, I know that you described in your memo this as the best position for gold that you have seen in over 50 years of trading the metal. It is clear that you have not traded in it for 50 years, but in the 50-year history of trading, what makes this current environment fundamentally different from previous gold bull markets ?