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The probability continues to improve that the correction in the precious metals has ended and gold and silver’s long-term uptrends have resumed. Another retest of $1500 and $35 remains possible of course. But continued strength over the next few days will provide meaningful evidence that a new record high in gold is imminent and that $40+ silver is coming soon. I am attempting to build up a large trading position in anticipation of a spectacular rise in gold and silver prices this summer.
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 trades at $1507.50. (updated 6 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 trades at $1521.50. (updated 6 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 $1521.50. (updated 6 July 2011)
4) Buy one position on the first Comex spot close in New York over $1,548.00. Stop-out point: sell at an intraday stop-out point if Comex spot gold trades at more than $16 below your purchase price. (updated 6 July 2011)
Silver
1) Long from $34.170 bought on July 5, 2011. Stop-out point: sell at an intraday stop-out point if Comex spot silver closes in New York below $34.950. (updated 6 July 2011)
2) Long from $34.820 bought on July 5, 2011. Stop-out point: sell at an intraday stop-out point if Comex spot silver trades at $34.950. (updated 6 July 2011)
3) Long from $35.050 bought on July 5, 2011. Stop-out point: sell at an intraday stop-out point if Comex spot silver trades at $34.950. (updated 6 July 2011)
4) Long from $35.402 bought on the Comex spot silver close on July 5, 2011. Stop-out point: sell at an intraday stop-out point if Comex spot silver trades at $35.475. (updated 6 July 2011)
5) Buy one position on the first Comex spot price close in New York above $36.80. Stop-out point: sell at an intraday stop-out point if Comex spot silver trades at more than 55¢ below your purchase price. (updated 5 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 44.6. (updated 6 July 2011) View all Trading Comments >>
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