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Gold made a new record high close yesterday along with a 30-year high in silver. The upside explosion we have been waiting for is beginning. I expect the momentum to continue building, which should put the XAU and HUI mining stock indices at new records this week.
Gold
1) Long from $1162.00 bought on July 29, 2010. Stop-out point: sell at an intraday stop-out point if Comex spot gold trades at $1284.00. If stopped out, then re-buy if the Comex spot price the same day closes above $1294. (updated 24 September 2010)
2) Long from $1290.20 bought on September 22, 2010. Stop-out point: sell at an intraday stop-out point if Comex spot gold trades at $1286.00. If stopped out, then re-buy if the Comex spot price the same day closes above $1288. (updated 24 September 2010)
Silver
1) Long from $18.369 bought on the Comex spot close on August 24, 2010. Stop-out point: sell at an intraday stop-out point if Comex spot silver trades at $20.78. If stopped out, then re-buy if the Comex spot price the same day closes above $20.82. (updated 25 September 2010)
2) Long from $21.383 bought on the Comex spot close on September 24, 2010. Stop-out point: sell at an intraday stop-out point if Comex spot silver trades at $21.24. If stopped out, then re-buy if the Comex spot price the same day closes above $21.38. (updated 25 September 2010)
Gold/Silver Ratio – traders are short the ratio (i.e., long silver and short an equal dollar value of gold) from 67.4, the June 11, 2010 close in New York. Stop-out point: none for the moment (updated 1 July 2010)
Comex options (options are high-risk and therefore not for everyone):
Long one Dec’10 Comex 1200 gold call from $67.30, the February 26th Comex close.
Long one Dec’10 Comex 18.00 silver call from $1.419, the February 26th Comex close.
Long one Dec’10 Comex 1200 gold call from $40.60, the July 29th Comex close.
Long one Dec’10 Comex 18.00 silver call from $1.020, the July 29th Comex close.
Hold these calls without any stop-out point. (updated 3 August 2010)
US Dollar Index – Short from 79.83 sold on the New York close on September 22, 2010. Stop-out point: none for the moment. (updated 23 September 2010) View all Trading Comments >>
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