We suggest closing the speculative short positions in gold, silver, and mining stocks. 

USD Index rallied a bit today and metals and miners rallied as well and that's a huge deal in our view. 

This is just a short-term sign of strength, so the decline may continue shortly, but at this time the odds are 50/50 about the short run (whether the big pullback is already underway or not). Consequently, we no longer thing that betting on lower precious metals values in the short term is justified from the risk/reward point of view.

Summing up, no speculative position is suggested at this point (we suggest exiting and realizing profits on the existing short positions and not opening long ones). There are no changes regarding the long-term investments: half position in gold, platinum and mining stocks and no position in silver. We will get back in at least partly into the silver market if the white metal continues to show strength relative to the USD Index. 

The situation may change and we will keep you updated if it does.

Thank you.

Sincerely,
Przemyslaw Radomski, CFA