Issue #46
Dear Member,
Gold and silver remain under the influence of the cycles I’ve previously discussed, which point lower into October 3. Gold is down some $16 as I pen this issue; silver about $0.38.
Keep an eye on the $1,290.70 level in gold, and the $20.30 support level in silver. If those give way, and I expect they will soon, then the decline should pick up even more momentum.
Importantly, on Sunday, Angela Merkel handily won a third term as Germany’s Chancellor. In the weeks ahead, that’s not going to be taken lightly by the euro countries that are deep in debt. Another term for Merkel means continuing austerity for Europe’s peripheral economies, which is undoubtedly going to lead to a renewed euro crisis.
Hold your positions in the ProShares UltraShort Gold (GLL) and the ProShares UltraShort Silver (ZSL). I continue to monitor the stop levels and risk for you, so that you don’t tip your hand.
I may also soon add to these positions. And I should have new recommendations too, so stay tuned.
Best,
Larry
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