Several minutes ago, we completed writing an intraday Alert in which we wanted to move the profit-take for GDX to $20.32, but the market broke through our profit-take level before we had the chance to send it to you. Those, who are very short-term oriented might want to enter into an intraday position with this target in mind, but we definitely don't suggest doing so for most people.

At this time both positions in mining stocks: GDX and GDXJ are already closed as you took (huge) profits off the table.

Parts of positions in gold and silver remain in the market. Silver was just 1 cent above our profit-take level, so those of you, who are risk-averse might want to close both positions: the one in gold, and the one in silver.

Those, who are more risk-tolerant (we fall into this category) might move the profit-take level to $14.33 and the profit-take level for the DSLV ETN to $27.88.

Once silver hits $14.33, we think it would be a good idea to also close the remaining short position in gold and gold-related ETNs.

The reason that we wanted to move the profit-take level in the GDX ETF and that we are moving the profit-take level in silver is that the general stock market seems to have finished correcting, and is now moving lower (having formed a bearish shooting star candlestick in terms of the 4-hour candlesticks). Since stocks have further to fall (to about 2,320 or so), it seems that mining stocks and silver will fall as well (that's what's been taking place so far this week, so it would be likely to continue in the next several hours).

(by the way, we also profited on this quick rebound in stocks in today's Stock Trading Alerts, having exited at 2625 in the S&P)

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

Thank you.

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