Gold and silver are down hard again. Gold down now nearly $41, breaking the prior low at $1,243 and trading roughly at $1,225. Silver is also down hard, over $1.25, trading at $17.48.
The bad news: The move down in gold and the potential, as mentioned this morning, for a cycle inversion into a low in December/early January 2017 – possibly even to a record new low below $1,000.
The semi-good news: Silver has not broken its equivalent October 7 cycle low at $17.11. This noon-confirmation is important. If a cycle inversion is taking place, silver too needs to break its October 7th low.
Put another way, if silver can hold its ground and not break its October 7 low, then we could see one heck of a move back up, a slingshot type move higher, like the Dow when it became apparent Trump had won.
So for now, we’re going to have to sweat it out. Continue to hold all metal related positions.
Meanwhile the dollar continues to rally, great for our bullish dollar ETF.
Stay tuned, and as hard as it may be, don’t worry about gold and silver. If a cycle inversion is in the cards, we can make plenty of money from it.
Best wishes,
Larry
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