Here's a quick update on the precious metals market.

Gold moved very briefly below $1,760 today and this message is to let you know that we didn't view this as a true decline below this price level, especially that miners didn't confirm this move (GDX is well above the $51 stop-loss level). Consequently, if you had trade orders that were just triggered based on this move, please reverse them.

In other words, we believe that the small speculative long position in the mining stocks is still justified.

As always, we'll keep you updated should our views on the market change - even if it means sending another message in several minutes (for instance if gold breaks below $1,760 and stays there for more than several minutes). Thank you.

Sincerely,
Przemyslaw Radomski, CFA