My covered calls on GDX and FXI expired unexercised and I renewed each position. I'm still a recovering addict from the China bull story but I just can't surrender my long FXI position; it's there for diversification. Gold still belongs in my portfolio as a hard asset hedge against hyperinflation and a stock ETF is the vehicle I choose instead of bullion. I have written a cash-covered short put position under GDX for the first time in recent memory, because I wouldn't mining owning more of the large-cap gold mining sector if the rest of the equity universe goes down the tubes.
I have no fixed income holdings and that's the way the Alpha-D is going to stay until the U.S. gets past whatever hyperinflationary episode is coming. My cash pile is looking prettier every month as the premiums from the options I write build it up. It awaits whatever trigger I deem necessary - the end of the euro, a run on the dollar, or some other financial cataclysm - for deployment. The market crash I expect will be the buying opportunity of my lifetime and I will ready to add energy, defense, and transportation stocks to my Alpha-D at bargain prices.