Here is the dramatic metal pull back we have all been waiting for, especially in the miners. Healthy but disheartening at the same time. I’ve revised my stop loss on Gold to $940 and Silver to $13.30.
Yesterday we saw some more modest pull back in the metals, creating a nice setup for buying. I’ve taken advantage of the situation and I’ll hold out the next few days to see if things continue to break upwards. Anything below $968 in gold will test this bull trend. Until then, I’m still loading up.
Silver is looking still looking far more bullish then gold, any pullback below $13.90 can reverse that trend. Until that point I will be loading up on various silver miners and the silver etf, SLV.
- Yamanna (AUY) long position, still holding and buying on pullbacks.
- HMS Holdings (HMSY), exited my short position after a $2.00 drop yesterday.
- GLD and SLV, buying on all pullbacks with a stop loss set around $940 and $13.30 respectively.
- Watching General Electric (GE) for another major pullback, if so, I will enter long.
Happy trading everyone!
According to Bloomberg, Italy’s Finance Minister Giulio Tremonti supports a proposal to use the Bank of Italy’s gold reserves to guarantee loans. With this being said, could the euro zone be collectively considering moving back towards the gold standard?
If this is true, we can expect many other nations to follow suit. With that being said, it could create a fairly incredible spike. I will keep my eyes on any developments pertaining to this.