Below you will find a quick summary of the report that we're preparing at this moment and that we will publish later today.

The USD Index seems poised to rally very soon and the general stock market is truly at a crossroads. Precious metals have been moving on their own and it seems that they will be able to move higher before topping out. The targets for this rally didn't change much from our latest Market Alert and are now at:

GLD ETF: $118.5 - $120
Spot gold: $1,210 - $1,225

SLV ETF: $18.5 - $19.5
Spot silver: $18.8 - $19.7
(It seems that looking at gold for trading signals for silver will be a good idea in the following days)

HUI Index: 460 - 470
GDX ETF: $50 - $51.5

Gold is, as usual, the driving force behind the precious metals sector as a whole. Silver and mining stocks mainly react to what happens with gold. Target levels for gold appear to be reachable very soon, perhaps within the next week. This will have profound effects upon silver and mining stocks nearly immediately. After the local top is reached we expect precious metals and corresponding stocks to move lower once again and bottom around the end of August / in early September.

Thank you.

Sincerely,
Przemyslaw Radomski