Dear Member,
Gold and silver continue to rally, with gold reaching as high as the $1,297 level early this morning. I was clearly wrong on the strength of the recent bounce.
Nevertheless, unless gold can close above the $1,308 level, the downtrend should soon resume. There have been no major changes in trend.
You are merely witnessing a short covering rally, triggered largely by a lot of background noise in the markets.
I recommend holding your current positions in the inverse ETFs ProShares UltraShort Gold (GLL) and ProShares UltraShort Silver (ZSL), and maintaining your protective stops. If stopped out, I will look to reenter the short side of gold and silver provided gold does not close above the $1,308 level.
Stay tuned. A lot more action is coming soon.
Best wishes,
Larry
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