Tues 19th - nothing to report. NAV 117.9

I'm increasingly convinced that the correct trade is to replace a yen short with a short in gold (both against usd). Gold trades as though the stampede for the exit is just beginning - the trepidation is almost tangible in the price action - whereas in yen I'm starting to find myself buying highs and selling lows, which tells me the trend is faltering and it's entering a range for a while. Time to head to the exit on gbpjpy and usdjpy then.