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Traders were stopped out of their gold positions with good profits. Traders had no positions in silver. Long-time readers know that I do not like to try bottom-picking, but the big sell-off the last two days makes gold and silver prices here irresistible. So I see the current sell-off as an opportunity to buy and again begin re-building long positions in anticipation of higher prices.
Gold
1) The position bought at $1528.70 on the Comex spot close in New York on July 6, 2011 was sold on September 22, 2011 at $1755.00, which was its stop-out point. Profit: $226.30
2) The position bought at $1512.30 on the Comex spot close in New York on July 5, 2011 was sold on September 22, 2011 at $1739.20, which was its stop-out point. Profit: $226.90
3) The position bought at $1497.00 bought on July 5, 2011 was sold on September 22, 2011 at $1739.20, which was its stop-out point. Profit: $242.20
4) Buy one position at the market. Gold is trading at $1685.00 as I write, so I will use that price for record keeping. Stop-out point: sell on a stop if Comex spot gold trades at $1656.00. (updated 23 September 2011)
5) Buy one position on the first Comex spot gold close above $1715.00. Stop-out point: sell on a stop if Comex spot gold trades more than $24 below your purchase price. (updated 23 September 2011)
Silver
1) Buy one position at the market. Silver is trading at $32.57 as I write, so I will use that price for record keeping. Stop-out point: sell on a stop if Comex spot silver trades at $32.08. (updated 23 September 2011)
2) Buy one position on the first Comex spot price close in New York above $33.00. Stop-out point: sell on an intraday stop if Comex spot silver trades at more than 55¢ below your purchase price. (updated 23 September 2011) View all Trading Comments >>
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