March 15, 224 - (Gold Market Update) - We backed off where we should have after Gold's amazing break out. That is unsurprising after such a vertical ascent. But we haven't really done the "back and fill" we would have expected. It seems like the market is confused, almost paralysed by it's recent break out.

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We have to admit that it is a strange formation. If this persists it is no longer an orderly rally, but it could be symptomatic of something worse. Like system breakdown/reset. We don't really go for "sky falling" dramatics, and it could really just be a total reset at higher prices. That means the rally will continue and the congestion we see now will just be a base. Time will tell.

If, in fact, this turns out to be a reset at anew plateau, and that we won't be filling the gap, as we normally should, it does tell the humble hybrid trader/investor one thing. In a bull market like this - you will need both core positions and a trading position - and they should never be mixed. Otherwise the tree-shakers can take you out to the sidelines while you watch the rally run away from the wings, left behind.

Yes, we've cut 50% of the trading position (only). Core held like iron. We await the 'back and fill'. If it never comes, we re-assess. There is little more that can be done. To say the market is over-bought is an understatement. But stranger things have happened.