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Following on from my last comments, the correction was more than “a one or two-day event”, but gold indeed held support at $1,600. If my summer explosion thesis holds, look for both gold and silver to start accelerating from here.
Gold
1) Long one position from $1497.00 bought on July 5, 2011. Stop-out point: sell at stop-out point if Comex spot gold closes in New York below $1572.00. (updated 29 July 2011)
2) Long one position from $1512.30 bought on the Comex spot close in New York on July 5, 2011. Stop-out point: sell at stop-out point if Comex spot gold closes in New York below $1572.00. (updated 29 July 2011)
3) Long one position from $1528.70 bought on the Comex spot close in New York on July 6, 2011. Stop-out point: sell at stop-out point if Comex spot gold closes in New York below $1596.00. (updated 29 July 2011)
4) Long one position from $1548.80 bought on the Comex spot close in New York on July 11, 2011. Stop-out point: sell at stop-out point if Comex spot gold trades at $1602.00. (updated 29 July 2011)
5) Long one position from $1588.50 bought on July 20, 2011. Stop-out point: sell at stop-out point if Comex spot gold trades at $1602.00. (updated 29 July 2011)
Silver
1) The position bought at $39.175 on July 20, 2011 was sold on July 22, 2011 at $38.88, which was its stop-out point. Loss: 29.5¢
2) The position bought at $40.113 the Comex spot silver close in New York on July 20, 2011 was sold on July 28, 2011 at $39.563, which was its stop-out point. Loss: 55.0¢
3) Long from $38.148 bought on the Comex silver spot close on July 12, 2011. Stop-out point: sell at an intraday stop-out point if Comex spot silver trades at $38.82. (updated 29 July 2011)
4) Buy one position at the market, which is presently $40.15 as I write. So I will use that price for recordkeeping. Stop-out point: sell at an intraday stop-out point if Comex spot silver trades at $39.50. (updated 29 July 2011)
5) Buy one position on the first Comex spot price close in New York above $40.60. Stop-out point: sell at an intraday stop-out point if Comex spot silver trades at more than 55¢ below your purchase price. (updated 29 July 2011)
Gold/Silver Ratio – Traders are short the ratio (i.e., long silver and short an equal dollar value of gold) from 43.2 on June 30, 2011. Stop-out point: unwind this trade on the first Comex close in the ratio in New York above 43.2. (updated 29 July 2011) View all Trading Comments >>
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