Gold, silver, mining stocks and the general stock market declined yesterday, whereas USD Index rallied - as indicated - and basically everything that we wrote in yesterday's Premium Update remains up-to-date.
Based on the weekly closing prices we might suggest increasing the size of the speculative short positions or even suggest selling/hedging the long-term investment capital that is currently in the precious metals sector, however, it's too early to suggest any of these actions at this time.
To summarize:
Trading – PR: Half position: short position in gold, silver and mining stocks.
Long-term investments: A half position in gold, silver, platinum and mining stocks. As far as long-term mining stock selection is concerned, we suggest using our tools before making purchases: the Golden StockPicker and the Silver StockPicker
Stop-loss orders for the above-mentioned speculative short positions:
- Gold: $1,392
- Silver: $23.90
- HUI Index: 268
- GDX ETF: $28.80
As always, we'll keep you - our subscribers - updated should our views on the market change. We will continue to send out Market Alerts on a daily basis (except when Premium Updates are posted) and we will send additional Market Alerts whenever appropriate.
As a reminder, Market Alerts are posted before or on each trading day (we usually post them before the opening bell, but we don't promise doing that each day). If there's anything urgent, we will send you an additional small alert before posting the main one.
Thank you.
Sincerely,
Przemyslaw Radomski, CFA
