Hey Ron, of course anything is possible in the markets, especially in the current wild and volatile times we are living in. So, having a few puts certainly can't hurt from an 'insurance' standpoint.

But the one question that absolutely begs to be answered here with this sector right now is this: Since when has a long-term top ever been called for 'any' market in such short order by almost the entire investment community, from analysts/advisors/newsletter writers (Hoye excepted) to a broad spectrum of retail specs? (Even the die-hard gold bugs appear to be 'puking' out there positions in utter disgust.)

To the best of my knowledge, the answer is never! Time will tell of course, but I'm betting on a significant tradable bounce back at a minimum...Hoye's target appears to be a reasonable technical objective. Important to stay alert and nimble here in any case...no doubt many/most are fearing another repeat of 2008, a deflationary collapse that takes almost everything down!