Yep. Was looking at gold a few weeks back.
I wrote this a bit back on Nov 19 2011, 11:20 PM
"I was looking at some charts and studies all day, and I think gold is DONE. Like grains in 2008 done, and if not then cotton in early 2011 done. This whole run up after the selloff earlier this year is on such abysmal volume. Pull up the weekly and you will see what I mean. Would at a minimum expect that low from week of 9/30 @ 1535 to get tested, but this thing looks much lower to me. Seems like a good spot for a position trader to get short GLD. If it were me, I would look for one of the 2X bull ETF's like UGL. I looked at that 3X one UGLD, but its really too new and thinly traded. Do your own research for your instrument, but I am just saying if you were to hold for some weeks/months and let the decay and gyrations work for you. If it were me, try to get a bounce on UGL, a little bit over $100, and then slam it and walk away. I see this thing being 1/2 of what is now ($97) in 6 months. I was also very right about Silver when it crashed, and had AGQ shorted at $380 and it dropped under $250 in 4-5 trading days. I had a long term thesis but was not able to monetize the trade properly, in no doubt my biggest regret on 2011. But this is not like that trade, this is truly more slow money."