Last week, $Gold closed closed the week at $715.50, up $32.93 on the week. BUT BUT BUT I warned. Spot Gold had dropped -$9.50 last Friday, and I wrote things like:

The $CRB index did not take a breather this week. To the contrary, $CRB jumped a further +2.79 pct to close Friday at 361.75. Actually, Friday was down -1.0 pct, which is what I want to focus you on.

For Crude oil futures, the near contracts known as $WTIC rallied +3.65 pct W/W to close at 72.75. I'm a little surprised actually; I thought they would be headed south in the direction of 67.

This week, $GOLD was up again. A week ago it was up $28.66 (+4.38 pct). This week $GOLD was up 32.95 (+4.82 pct) to $715.50.

I continue to say, "Long-term, gold is probably going to $1,000, but there are always a few steps back along the way. We might be in for one soon. If you want to hold your position for the long term, you might consider buying short-term puts against it for protection."

On Friday this week, $GOLD was off just -$0.23, but spot gold was down -$9.50. I saw signs of weakness. I also watched the prices weaken for many of the solid goldminers, like Glamis (GLG), Barrick (ABX) and Goldcorp (GG or G in Canada).

June Gold is now down to $663.50, which is a loss of $52.00 (-7.3 pct).

Gold has hit the skids. All I can say is I put the writing on the wall.

Isn't it time to study what I am doing, rather than asking me what's going to happen next? The fact is I'm a trader, not a story-teller; so I don't know what's going to happen next.

All I know is that I have learned to write tomorrow's headlines today, and you can as well.