Global financial markets have been in near-total meltdown mode, but our portfolio of positions has held up well, even in spite of gold's inexplicable lethargy. Uncertainty in the Eurozone and the ongoing panic in China are putting extreme pressure on "risk-on" assets and sending investors to traditional safe-havens like U.S. Treasurys and the Japanese yen. Our dollar play, long a loser, came within a penny of its +20% price target on Tuesday, and our play on the S&P 500 utilities sector easily notched 25% gains before more than doubling that same day. All the while, of course, the S&P 500 has been trending lower, which has been good for our puts – only our pair of plays on gold have suffered, and I remain confident that gold will catch a bounce before we head into September. ...

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