This is just a quick message with our thoughts on today’s move higher in the precious metals sector. This move is not meaningful just yet. It’s close to be one, but it’s not. The reason is that gold moved to its previous 2015 low ($1,084.10) - in terms of the daily closing prices - but it didn’t break above it. The fact that gold is above the previous intra-day low of 2015 is not that meaningful. It will be important where gold closes today’s session and what volume will accompany today’s moves in gold, silver and mining stocks. Based on this data, we may make adjustments in our current trading position and perhaps take profits off the table (the current short position was opened when gold was at about $1,150), but we think it’s too early to do so now.

All in all, the outlook for the precious metals remains unchanged despite today’s temporary move to $1,085 in gold (it’s at $1,083 at the moment of writing these words).

If anything changes, we’ll let you know.

Thank you.

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

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