Special Report: Precious Metals
The following is a Special Report published for our subscribers October 1, 2013.
Our Quick Pivot of August 22nd noted that the surge in Precious Metals had become speculative. The RSI on the silver/gold ratio had reached 79 when anything above 78 indicated "dangerous conditions".
The high for the RSI was 80 and the HUI set its high at 283 on August 27 and SSRI reached 10 on the same day.
The advice was to take some money off the table and that nimble traders could play the short side of the silver market.
Today's low for the HUI has been 223 and for Silver Standard it's been 5.95.
While the move could generate lower momentum readings, nimble traders could cover shorts.