To boil it down to its core, his point is that we are either going to see a sharp reversal in the dollar in literally the next 2-3 days, or we are at the start of a secular dollar bull market, despite the fundamentals. This should be interesting. I guess we should know by the end of the week (?!)

If gold breaks below $740, the current Elliot Wave target is indeed $650. Although it would take some major cajones to step up to the plate there, I would think this would be the buying opportunity of a lifetime. Based on the HUI/GOLD ratio, gold stocks are already pricing in a gold price of roughly $500/oz.

I am not selling a thing, but am keeping my next round of powder high and dry until we get some clarity on this. I might be buying again with a successful retest of $740 gold, and the stock market staying above the 2002 lows.

H