Due to an emergency we may not be able to post the update today before the markets close in the US. Nonetheless, we can still provide you with the main points right away:

Gold, silver and mining stocks have reacted positively to small weaknesses seen in the USD Index and the general stock market. This, along with other technical details more than confirm points made in the latest Market Alert.

In other words - the counter-trend rally that we mentioned in the alert is now even more likely to materialize than was the case just a few days ago. While we still believe that this was not the final bottom for this summer, this counter-trend rally appears to be worth betting on with one's speculative capital. The target for gold is around the $116 level for the GLD ETF ($1,190 - $1,200 for spot gold), $18 for the SLV ETF ($18.40 for spot silver), and $50.5 for the GDX ETF (460 for the HUI Index).

We will strive to post the whole update supporting the above conclusions as soon as possible, but at this moment we cannot guarantee that it will happen today. Thank you for understanding.

Sincerely,
Przemyslaw Radomski