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Stepping to the Sidelines on Gold Miners

|Includes: AU, SPDR Gold Trust ETF (GLD), KGC, NEM, NGD

While Gold certainly has a long way to go upwards, the bullishness for the yellow metal has gotten out of control. Following my contrarian investment philosophy, we got into Gold a few months ago when market participants were still high on equities and rode this smooth wave up for over 20% gains.  Now that the masses are joining in the trade, I think it's time to step away from this trade for a while and wait for a correction.

Specifically, this call also ties in with my expectation that the dollar may rally, leading to a drop in commodities, and a correction in stocks.  I'm not going to short this metal but step to the sidelines.

GLD: 106.8