I've been a goldbug and bear over the years. No longer in the bug camp because I had trouble trying to grasp the fundamentals of the goldbugs. You make some very accurate points here. When oil was $140 a barrel, all I heard from Peter Schiff was how historically an ounce of gold bought a barrel of oil, and he supported $1,400 gold all day long. He also made a comparison to a silver dime buying a gallon of gas historically, so when silver was $30-$48 an ounce, he made his claim that gas at $3-4.50 made perfect sense. Funny, when oil dropped to $30, he wasn't on the circuit calling for $300 gold and when silver was recently $14, where was his call for $1.40 gas?? Goldbugs have every reason why gold should be up, every reason to justify it when it is going up, and when it is down, they look for the market manipulation. What a group! And if the doomers think gold will be exchanged in a civilized marketplace when we reach this Mad Max world they are praying for, good luck with that too!
I started this nightmare February with my first DUST buy at $6.25 and added to this mess down into the $3's. I finally pulled the plug yesterday and I'm down about $50K between DUST and JDST, and a few grand on GLL and DZZ. I made a ton on silver a few years ago, and started to short too soon and got clobbered on ZSL. You would think I would learn by now, that's the part I'm mad about, I did this to myself once again. There is just so much emotion with the metals and when the gold bugs get teamed up with bulls, look out, there's no quick turn to this ship. I agree, wait and reassess where to go with this fiasco later. I'm also sitting on SDS, UVXY and DWTI with some nice lumps.
I feel for you, I am in the same boat. I had to cut my loses today and sold my gold shorts, GLL, DZZ, DUST and JDST. I too racked up substantial loses on these trades in a very short time and when I finally dumped them, that pit in my stomach started to subside. It's just time to move on from this trend of buying more of a decaying stock and not getting very much upside and ultimately losing more and more money week by week. Last week NUGT was up 37%, I am not winning here. I didn't sell soon enough in the past when I was wrong and I learned from that, big time. I made it all back and then some, but it was an emotionally draining event. I don't set-up stops as good as I should, shame on me. And yes, Yellen threw a complete monkey wrench in this mess with her 180 degree turnaround dovish stance. So, don't feel foolish on that, we were hit by surprise and if I had sold a month ago and the dust settled after her meeting, and gold and miners started to retreat, like all the data points I saw indicated, then I would have felt foolish. So now, I am trying to play with some VIX and S&P shorts and I won't play ball for long if in fact the cards are stacked against me yet again. Take care and count your blessings. These are just "numbers" we are managing and hopefully in the end we like the