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The precious metal markets were subjected last week to the buffeting that often incurs during thin holiday trading. No technical damage was done by the big drop on Friday. Yesterday’s quick snap-back – particularly in silver – clearly illustrates the underlying strength prevailing in the precious metals.
The metal markets will probably remain quiet today, given that it is month-end. I expect the next round of upside fireworks to begin tomorrow.
Gold
1) Long two positions from $1352.20 bought on the Comex spot gold close on November 19, 2010. Stop-out point: sell one position at an intraday stop-out point if Comex spot gold trades at $1347.50. If stopped out, then re-buy this position if the Comex spot price the same day closes above $1352.00. Sell the other position at an intraday stop-out point if Comex spot gold trades at $1340.50. (updated 30 November 2010)
2) Buy one position at $1362.00 or on the 30 Nov London PM fix, whichever comes first. Stop-out point: sell at an intraday stop-out point if Comex spot gold trades at $1354.00. (updated 30 November 2010)
Silver
1) The position bought at $25.229 on November 16, 2010 was sold on November 26, 2010 at $26.645, which was its stop-out point. Profit: $1.416
2) One position bought at $27.175 on November 19, 2010 was sold on November 22, 2010 at $27.12, which was its stop-out point. Loss: 5.5¢
3) One position bought at $27.175 on November 19, 2010 was sold on November 22, 2010 at $26.975 [apologies for posting $27.975, an obvious typo], which was its stop-out point. Loss: 20.0¢
4) Buy one position on the 30 Nov London silver fix. Stop-out point: sell at an intraday stop-out point if Comex spot silver trades at $27.02. (updated 30 November 2010)
5) Buy one position on the first Comex silver spot close above $27.28. I’ll set a stop-out price after this position is filled. (updated 30 November 2010)
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