This is just a quick note to let you know that we are adjusting our stop-loss levels for GDX ETF and DUST ETN. The new levels are:

GDX: $18.74
DUST: $35.28

The previous stop-loss level for DUST was very insignificantly broken earlier today, so in this case it seems that re-entering the short position is a good idea.

Today’s strength of the mining stocks might seem encouraging, but it still looks like a temporary phenomenon. Gold’s correction was smaller and the one that we’ve seen in silver is the smallest one. The USD Index has still further to go, so it seems likely that we will see another short-term decline in the precious metals sector.

However, there’s a change in our outlook based on today’s price action - it now seems more likely than not that miners will move to their Nov low when the USD Index moves to it’s 2009 or 2010 high (and probably forms at least a temporary top), instead of moving significantly below them.

We want to deliver this message to you as soon as possible, so we won’t get into details here. We will analyze the situation thoroughly over the weekend (we will have more details including the weekly volume levels) and will provide you with up-to-date outlook and adjusted exit orders in Monday’s alert.

Thank you.

Sincerely,
Przemyslaw Radomski, CFA
Founder, Editor-in-chief

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