This is just a quick note to let you know what we think about today’s upswing. In short, not that much changed since we wrote about the outlook earlier today. Gold and silver are a bit higher, but still below the resistance lines (gold remains within the declining trend channel) and levels (May 2015 high in case of silver) so nothing changed. The USD Index didn’t break below the previous lows, so nothing changed on this market either. Mining stocks moved higher and our position in them was automatically closed - we intentionally placed the stop-loss order relatively close, so that we are taken out of the market in case of a move above the 2015 high. Still, it seems unlikely that miners’ rally will continue for much longer. We expect to see an invalidation of this small breakout and once we see it, we will most likely re-enter the short position in mining stocks, but we are not automatically doing so at this time. As always, we will keep you informed.

Thank you.

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

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