Loading ...I have been bearish since the early June-mid July rally was capped at only six weeks up. That is not a natural cycle and I gave it 2 weeks to go back up…it didn’t and I hedged in SLW puts which were sold last Friday. Now, I am looking for a bottom to re-enter in calls. The calls in June gave me 120% and the puts thereafter even better.
That was then and this is now. The primary caution in Gold that I have left is the ever closing NEM gap. So, another smack down Mon and or Tues would not surprise me. Silver however, is already there and should be at or very near the bottom.
So, we may see a bit more near term weakness with a REVERSAL UP by the end of the week. Powder still dry but ready to pounce.