Silver moved sharply and unexpectedly higher and closed out position in it. We are not re-opening it right away, as based on the momentum, it could rally even more before it turns around. As we wrote previously, silver tends to outperform right before the decline, so this could be what we have just seen. The points made in today’s alert regarding the USD remain up-to-date and we are keeping the positions in gold and mining stocks intact.

As always, we’ll keep you informed.

Thank you.

Sincerely,
Przemyslaw Radomski, CFA
Founder, Editor-in-chief, Gold & Silver Fund Manager

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