GLD Chart for Red-Hot Commodity ETFs
If you think the US dollar has another leg down -- and I do -- then GLD shows real potential. If we are seeing a 'bull pennant' pattern, then it's best to remember the old saying: "flags and pennants fly at half mast." That would take the GLD up to 96 or so.
There is a more leveraged way to play gold, the DGP, but like everyone else, I think it's best to limit our risk at this time.
And remember, I could be wrong. The US dollar could take off like a rocket and gold could crater. Why? Because this market is plumb crazy, that's why.