This is a confirmation that our entire speculative long position (in gold, silver and mining stocks) was closed and profits were taken off the table. In today’s first Gold & Silver Trading Alert we wrote the following:

“(…) we are changing the initial target levels to final profit-take levels. Triggering such a level will close the position automatically, without an additional confirmation. Moreover, if any of the targets in the base instruments (gold, silver, GDX) touches its profit-take level, we think that the long positions in the remaining instruments should also be closed and profits taken off the table.

(…)

For instance, if gold moves to $1,282, the positions in gold, silver and mining stocks should be closed. If silver moves to $16.48, the positions in gold, silver and mining stocks should be closed.”

Silver’s intraday high reported by kitcosilver.com is $16.51 and the intraday high reported by finance.yahoo.com is $16.485. Either way, silver moved above the profit-take level of $16.48, which automatically closes the entire position.

In other words, the market provided us with early presents in the form of pre-Christmas profits.

Is the top in? It will probably be a bit higher than the current prices, but the additional 10 - 15 cents or so in silver doesn’t seem to be worth the risk of keeping the position open. It is often said that the last few cents are hardest to let go of, but it is usually a good thing to exchange them for the certainty of having the profits fully cashed.

We are not re-opening the short positions at this time yet and we remain on a lookout for bearish confirmations that the top is in.

As always, we’ll keep you - our subscribers - informed.

Thank you.

Sincerely,
Przemyslaw Radomski, CFA
Founder, Editor-in-chief, Gold & Silver Fund Manager

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