From the May, 25th edition:

Gold. In the context of its secular bull market, and given that absolutely nothing has gotten better about the sovereign debt crisis - only worse - gold's correction is nothing to be concerned about.

I know the technical types will point to levels such as $1,540 as important resistance points - and there's no question that if gold was to break decisively below that level, and especially below $1,500 - that a lot of autopilot trades would kick in and put further pressure on gold.

Yet, when you view the market through the lens of hard realities, which is to say, by focusing on the intractable mess the sovereigns have gotten the world into... in Europe, in Japan, in China and here in the US... then viewing gold at these levels as anything other than an opportunity is a mistake.