The markets are moving back up today, and the shorts are already closed in case of gold and silver. They were not closed in case of the mining stocks, though. This is a sign of weakness - for now (because we don’t know what happens in the final hours of the session) - but we want to see the closing prices before estimating whether getting fully back on the short side of the precious metals market is justified from the risk/reward perspective. For now, it seems that keeping the short position in miners intact is justified.

Thank you.

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

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