This is just a quick note to let you know that we are not making any adjustments to our trading positions today. In today’s regular Gold & Silver Trading Alert, we wrote that we may be increasing the size of the current trading position shortly, so we thought that you’d appreciate an update even if nothing happened.

Indeed, almost nothing happened today on the precious metals market, so we can’t really say that we saw any important reversal. The reversal dates for gold are Feb 4- 6 and the date for silver is Feb 7th. We expected the turnaround in the USDX to trigger reversals in both precious metals as well, but we saw no confirmation thereof so far. The major tops are likely already in for this rally and that’s why we are keeping the short position intact with a significant (150% of the regular position size) exposure. However, without seeing a confirmation first, we don’t want to increase the exposure further. We are likely to see it shortly, perhaps tomorrow, but it’s not here yet.

As always, we will keep you - our subscribers - updated.

Thank you.

Sincerely,

Przemyslaw Radomski, CFA