We've received a lot of questions today - which is not surprising given another downswing in the metals. As you were previously informed, the next Premium Update will be posted tomorrow, which means that we will provide it based on today's closing prices. We have been watching and analyzing markets/charts for a few hours today, and unfortunately we have not much to report so far (other than stating the facts about price moves). It will be very important where precious metals and mining stocks close today and providing detailed analysis before these price levels are known is rather impossible - simply too much depends on them.

Please note that gold and HUI are right now below/close to the critical support levels ($1,600 and 395 respectively) that we mentioned in April 27th Premium Update. We wrote that confirmed breakdowns below these price levels "would likely make us close long positions and/or open short ones - speaking about speculative capital only". Gold is now below $1,600 and HUI is more or less at this price level. However, the first confirmation or non-confirmation of the breakdown will depend on today's closing prices.

The moves below $1,600 (gold) and 395 (HUI) are not big enough so far to confirm the breakdown by themselves (intraday price moves are less important from technical perspective than the closing prices). Consequently, we are not closing our long positions yet.

As always, we'll keep you updated should our views on the market change - even if it means sending another message in several minutes (in case metals/miners move even lower and confirm the breakdown in this way).

 Thank you.