gold, page-4353

Yeah, but think about it in broader context of its relationship to gold. Obviously, the case for being exposed to USPOG is increased if you think December was the bottom. If you factor in that HUI's recent leverage to gold is biased upwards and it is still holding trend since that move, then IMO, probabilities suggest that USPOG increase will continue. If probabilities suggested USPOG to be weak going forward, then I would expect HUI divergence to the downside, not upside as it sits now.