Since this is only a daily cycle high and not a monthly cycle high I am not only holding I am buying into this correction. Buy and Hold will work if the long term means 3 years or longer
Everything I look at right now is signalling a sell in the sector on a daily chart basis, while the weekly moves more slowly. Since I don't know what kind of pullback is in store, I take the cautious stance in this sector at all times. May 2005 seemed like a decent place for buy & hold, but right now it is a trade for me. I still have my overseas funds and some silver juniors, but the big positions were gone on Friday.
Personally I think it is too early to buy, and it is better to wait for a buy setup. Due to the volatility in this sector, I would rather trade lightly then just hold everything through this. Been there before (2004) and it can be quite hard. The bullion we own stays put of course.
cheers,
john