| Recommendation: If you did NOT purchase the ETF ProShares Ultra Gold yet …
1. Buy 100 shares of ProShares Ultra Gold, symbol UGL, at the market. Place a protective sell stop, good-till-cancelled, at $48.57. Also… 2. Cancel your open order to buy ProShares Ultra Silver (AGQ) at $19.44 or better. 3. Cancel your open order to buy shares in Exeter Resource Corp. (XRA) at $0.89 or better. 4. Cancel and replace your protective sell stop in Market Vectors Junior Gold Miners ETF, symbol GDXJ, at $35.03 and raise the protective sell stop to $41.51, STOP. This order is good-till-cancelled. |
Issue #25
Dear Member,
Gold and silver are both consolidating right now, and it looks like there might be one more pop higher in the short-term.
But I am not liking the action all that much. It appears that the intermediate-term cycles — which point to a low in September — may now be gaining the upper hand, keeping a lid on the current rally.
That said, if you did not yet buy the ETF ProShares Ultra Gold (UGL) — it is okay to buy now per the above instructions to take advantage of one more pop higher. Be sure to place a protective sell stop, good-till-cancelled, at $48.57.
Meanwhile, all members should cancel their open orders to buy ProShares Ultra Silver (AGQ) and Exeter Resource Corp. (XRA).
Reason: I want to err on the side of caution right now and let the precious metals prove themselves a bit more before getting too aggressive.
Lastly, if you are long the Market Vectors Junior Gold Miners ETF (GDXJ), hold — but raise your protective sell stop from $35.03 to $41.51, good-till-cancelled.
Best wishes,
Larry
