Sorry to bother you again today, but this is important.

Since we sent the previous message, the S&P moved up again, and miners again showed substantial strength. Also, the S&P doesn’t seem to be even halfway done correcting. It once again seems that miners will rally more than we thought previously. We are updating our profit-take levels for GDX and NUGT once again. We are not updating them for the GDXJ and JNUG.

Your profits keep on growing substantially - congratulations.

As always, we'll keep you - our subscribers - informed.

To summarize:

Trading capital (supplementary part of the portfolio; our opinion): Full speculative long positions (150% of the full position) in mining stocks (but not in gold nor silver) are justified from the risk/reward perspective with the following binding exit profit-take price levels:

Senior mining stocks (price levels for the GDX ETF): binding profit-take exit price: $26.89; stop-loss: none (the volatility is too big to justify a SL order in case of this particular trade); binding profit-take level for the NUGT ETF: $17.63; stop-loss for the NUGT ETF: none (the volatility is too big to justify a SL order in case of this particular trade)

Junior mining stocks (price levels for the GDXJ ETF): binding profit-take exit price: $35.37; stop-loss: none (the volatility is too big to justify a SL order in case of this particular trade); binding profit-take level for the JNUG ETF: $13.93; stop-loss for the JNUG ETF: none (the volatility is too big to justify a SL order in case of this particular trade)

Long-term capital (core part of the portfolio; our opinion): No positions (in other words: cash)

Insurance capital (core part of the portfolio; our opinion): Full position

Thank you.

Sincerely,

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