Issue #171
Dear Member,
| 1. SELL half of your shares of ProShares UltraShort Silver, symbol ZSL, at the market, and simultaneously reduce the number of shares for your protective sell stop at $97.87, by half.
2. SELL half of your shares of VelocityShares 3X Inverse Gold ETN, symbol DGLD, at the market, and simultaneously reduce the number of shares for your protective sell stop at $61.85, by half. 3. If you own the SPDR Gold Shares Jan-15 118 Puts, symbol GLD150117P00118000), SELL half of your put options at a price of $7.05, or better, good till canceled. |
Gold and silver continue to get hit hard, with gold down another $23 as I pen this issue and silver down over $0.56. As I told you in my last issue, major support levels have been busted, and the trend as projected, has unfolded precisely as expected.
More declines are forthcoming for the precious metals. But for now, very short-term support levels have held, both metals are deeply oversold, and a bounce can occur at any time.
Therefore, the smart thing to do is to grab gains on half the above positions, which, based on yesterday’s closing prices, are as much as 14% on ZSL … 15.8% on DGLD, and a whopping 120% gain, or roughly $3,850.
Grab gains on half your positions, per the above table.
I am watching the market closely. My strategy will be to use any bounce to add back bearish positions — for the next leg down in the precious metals will be even more severe than the downleg that just unfolded.
Hold all other positions and related stops and stay tuned!
Best wishes,
Larry
