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I don’t want to get greedy here. Gold is near its all time high of $1227.50 an ounce set on December 3, 2009. You don’t have to look far to find the reasons: the euro debt crisis and inflation fears in China come to mind. I think gold could run higher from here. The euro crisis isn’t over what with the credit rating companies that haven’t rated Greek government bonds as junk threatening to do so. And I think we’ll see at least one more spasm of fear from China.

But I think the risk reward ratio is shifting.

Gold is getting closer to the end of its rally and emerging market stocks are getting closer to the beginning of their recovery.

So I’m going to exit this trade to raise some cash for an eventual move into China and other emerging markets. Not yet, mind you, but soonish. For more on China’s bear market in stocks and what’s behind it see my post .

As of May 11, I’m selling Market Vectors Gold Miners ETF with a 10.3% gain since I added it to the Jubak’s Picks portfolio on April 8, 2010.

Full disclosure: I don’t own shares of any stock or ETF mentioned in this post.