The speaker entered a buy position in IAU (iShares Gold Trust) today via options expiring in about 30 to 40 days in November, expecting a bounce in gold. He sees a speaker pattern with near coin-toss odds that is slightly more likely to move gold down, so he is not ready to short and puts little weight on it.

I'm in a gold deal, I made a gold deal, and I took a very small position in a silver deal. Now, I'm going to tell you exactly what my strategy is, guys. So, let's move on and turn to the gold chart .

Now, we have a " speaker" pattern starting to take shape here. So, the speaker pattern, as you know, you can see it expanding and becoming slightly larger. The movements get louder, just like a loudspeaker.

Now, I have written the probability. It's very close to tossing a coin, so, you know, I don't attach much importance to this. We like to see multi- factor settings so that we can reach a probability of 80-85%.

This style is hardly better than flipping a coin. Now, the probability is, and again, this is very, very close to 50/50, so don't bet everything you have on this move, but when you do fall into the speaker pattern, it is likely to go down .

Now, again, this is very, very close to a coin toss, so don't put too much weight on it because I'm actually in a buying position here. I'm not sure, and I'm not ready to short sell in this move just yet, guys.

And so I think, as you know, we may get a nice, good bounce on the gold chart. What gold deal am I making ? They are not precious metals , you know, on the spot market. I don't go to a pawn shop to buy an unlucky man's ring, then show up two months later when the price of gold is a little higher .

This is not the kind of deal we make here. It's the IAU. This is the iShares Gold Trust. This is essentially a gold exchange-traded fund. We entered into a buy position today, so as you know, I got some options for this position with a future date of about 30 to 40 days, i.e., in November.