Yesterday we bailed on our gold and silver positions (personally).  A little more exposition on our reasoning is in order.  There was a stop generated from a new high which was already violated.  The nearby low was taken out.  The volume on the two downgap days was relatively larger.  The news that the IMF was going to seel 400 tons of gold was hanging over the market.  On the other hand the downwave from the top set a Basing Point from which we could calculate a trend following stop –which incidentally has not been hit yet.  We see a pattern of surges in the gold prices followed by extreme sell offs.  This would incline one to use a buy strength, sell strength tactic.  Readers must make their own decisions as to whether adapt the relaxed trading rhythm (almost always a good strategy in the long run) or try to  avoid some of the equity downside brought by this waterfall retracements.  Basing Point and stop shown on chart below.