Przemyslaw Radomski, CFA's Instablog Przemyslaw Radomski, CFA (PR) is a precious metals investor and analyst who takes advantage of the emotionality on the markets, and invites you to do the same. His company, Sunshine Profits, publishes analytical software that anyone can use in order to get an accurate and unbiased view on the current situation. Recognizing that predicting market behavior with 100% accuracy is a problem that may never be solved, PR has changed the world of trading and investing by enabling individuals to get easy access to the level of analysis that was once available only to institutions. High quality and profitability of analytical tools available at www.SunshineProfits.com are results of time, thorough research and testing on PR's own capital. PR believes that the greatest potential is currently in the precious metals sector. For that reason it is his main point of interest to help you make the most of that potential. As a CFA charterholder, Przemyslaw Radomski shares the highest standards for professional excellence and ethics for the ultimate benefit of society. Przemyslaw Radomski, CFA http://seekingalpha.com/author/przemyslaw-radomski-cfa/instablog Sunshine Profits: Timing The Final Bottom In Silver http://seekingalpha.com/instablog/422923-przemyslaw-radomski-cfa/1890621-sunshine-profits-timing-the-final-bottom-in-silver?source=feed 1890621 Timing the Final Bottom in Silver

Based on the May 24th, 2013 Premium Update. Visit our archives for more gold & silver articles.

We would like to start with a question from one of our subscribers today, as we believe that it is a good way to show the distinction between tools that help you spot what direction the market is about to move and those that are better suited to time the exact reversal point, which is - in current circumstances - the final bottom in gold, silver and the whole precious metals sector.

Q: (…) One thing that I do is to look for price divergence with RSI and MACD and that is evident in the charts. Price has hit a lower low and RSI and MACD have hit a higher high/low. To me that indicates a possible good time to buy GDX, GDXJ and mining stocks. This is a volatile time so it would be difficult to hold through this period. (…) Also $BPGDM is at zero and can't go any lower. (…)

There are divergences in numerous indicators now - such as RSI and MACD - on numerous precious metals-related indices and for individual mining companies. This, however, has been the case for some time. For instance on the GDX ETF chart you can see that the early April low was accompanied by a higher low in the RSI indicator, and preceded by a move higher in MACD. The early March bottom was also accompanied by a higher low in the RSI indicator.

The point is that divergences are good in showing that a given move may be running out of steam, but are not that good when it comes to determining whether the bottom is in or not. With a reverse parabola in gold and a long-term cyclical turning point that we wrote about in our last essay, we are quite certain that the end of the decline is near, and that's all that the divergences confirm. They don't suggest whether or not the bottom is already in.

The Gold Miners Bullish Percent Index was indeed at the 0 level and it couldn't go any lower (it's a bit higher today). That's true. But miners can. This index was at 0 in 2008 when the final bottom was formed - that's true. However, that's just a one-time event. It has some predictive power, but it's not all that strong as it's not a tendency. Statistically, we would have to see about 30 cases or more to speak of an existing relationship. But putting statistics aside, we would have to see at least a few cases with the same or similar outcome to say that this could be a tendency. Consequently, while the Gold Miners Bullish Percent Index being at 0 is a contrarian bullish factor, we think that other methods of analysis are more important right now.

Having briefly discussed some of the tools to time the final bottom, let's see such tools in action. Let's move on to today's chart section with the analysis of the silver market. We will start with the very long-term chart (charts courtesy by stockcharts.com.)

(click to enlarge)

In this chart, we saw particular intra-week volatility but prices overall are not much higher, increasing by just $0.25. The week was pretty much flat and very little changed with respect to price or outlook.

Getting a closer look at this chart shows further similarities with the declines of 2008. We saw a 3 week consolidation period after the initial plunge before prices moved lower once again. Note how silver moved lower back then after initially correcting and closed the week close to the previous local low that ended the previous sharp decline. This is about where we are right now.

Based on weekly closing prices, we already have a breakdown below the early April low which is another confirmation of the similarity between now and 2008. The self-similarity now suggests increased volatility and a big decline ahead.

Now, let's turn to silver:gold ratio as it is yet another tool that - thanks to self-similarities - helps us time the upcoming bottom.

(click to enlarge)

We saw no significant underperformance of silver this week. The ratio has pretty much traded sideways for several weeks now. Although there was a bit of inter-week under- performance, it is much less visible than what we would expect based on the declines seen in 2008. The implication is that the final bottom is probably not yet in.

(click to enlarge)

In the short-term SLV ETF chart, once again we see that prices moved higher early in the week and this move was strongly invalidated on Wednesday with volume levels nearly as high as Monday and Tuesday combined. Prices did move higher on Thursday but volume levels were pretty much average, actually a bit weak if compared to volume levels of the past week, and less than one-fourth of what they were the previous day, so the move to the upside did little to change the overall outlook here.

Summing up, the situation on the silver market does not look all that bullish. The cyclical turning point suggests a bottom in a week or so but we feel a need to see this confirmed by other markets. Placing our trust in this tool alone does not seem sufficient at this time. Even though we see divergences between many indices and particular mining stocks and main technical indicators, they only support the claim that the final bottom is about to form, but give no direct clues as to when exactly it is going to be formed. Here, the self-similar patterns seem more reliable and the best idea in our opinion is to wait for more decisive signals.

To make sure that you are notified once the new features are implemented, and get immediate access to our free thoughts on the market, including information not available publicly, we urge you to sign up for our free gold investment newsletter. Sign up today and you'll also get free, 7-day access to the Premium Sections on our website, including valuable tools and charts dedicated to serious Precious Metals Investors and Traders along with our 14 best gold investment practices. It's free and you may unsubscribe at any time.

Thank you for reading. Have a great and profitable week!

Przemyslaw Radomski, CFA

Founder, Editor-in-chief

Gold Investment & Silver Investment Website - SunshineProfits.com

* * * * *

About Sunshine Profits

Sunshine Profits enables anyone to forecast market changes with a level of accuracy that was once only available to closed-door institutions. It provides free trial access to its best investment tools (including lists of best gold stocks and silver stocks), proprietary gold & silver indicators, buy & sell signals, weekly newsletter, and more. Seeing is believing.

Disclaimer

All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

]]> Fri, 24 May 2013 11:48:46 -0400 Timing the Final Bottom in Silver

Based on the May 24th, 2013 Premium Update. Visit our archives for more gold & silver articles.

We would like to start with a question from one of our subscribers today, as we believe that it is a good way to show the distinction between tools that help you spot what direction the market is about to move and those that are better suited to time the exact reversal point, which is - in current circumstances - the final bottom in gold, silver and the whole precious metals sector.

Q: (…) One thing that I do is to look for price divergence with RSI and MACD and that is evident in the charts. Price has hit a lower low and RSI and MACD have hit a higher high/low. To me that indicates a possible good time to buy GDX, GDXJ and mining stocks. This is a volatile time so it would be difficult to hold through this period. (…) Also $BPGDM is at zero and can't go any lower. (…)

There are divergences in numerous indicators now - such as RSI and MACD - on numerous precious metals-related indices and for individual mining companies. This, however, has been the case for some time. For instance on the GDX ETF chart you can see that the early April low was accompanied by a higher low in the RSI indicator, and preceded by a move higher in MACD. The early March bottom was also accompanied by a higher low in the RSI indicator.

The point is that divergences are good in showing that a given move may be running out of steam, but are not that good when it comes to determining whether the bottom is in or not. With a reverse parabola in gold and a long-term cyclical turning point that we wrote about in our last essay, we are quite certain that the end of the decline is near, and that's all that the divergences confirm. They don't suggest whether or not the bottom is already in.

The Gold Miners Bullish Percent Index was indeed at the 0 level and it couldn't go any lower (it's a bit higher today). That's true. But miners can. This index was at 0 in 2008 when the final bottom was formed - that's true. However, that's just a one-time event. It has some predictive power, but it's not all that strong as it's not a tendency. Statistically, we would have to see about 30 cases or more to speak of an existing relationship. But putting statistics aside, we would have to see at least a few cases with the same or similar outcome to say that this could be a tendency. Consequently, while the Gold Miners Bullish Percent Index being at 0 is a contrarian bullish factor, we think that other methods of analysis are more important right now.

Having briefly discussed some of the tools to time the final bottom, let's see such tools in action. Let's move on to today's chart section with the analysis of the silver market. We will start with the very long-term chart (charts courtesy by stockcharts.com.)

(click to enlarge)

In this chart, we saw particular intra-week volatility but prices overall are not much higher, increasing by just $0.25. The week was pretty much flat and very little changed with respect to price or outlook.

Getting a closer look at this chart shows further similarities with the declines of 2008. We saw a 3 week consolidation period after the initial plunge before prices moved lower once again. Note how silver moved lower back then after initially correcting and closed the week close to the previous local low that ended the previous sharp decline. This is about where we are right now.

Based on weekly closing prices, we already have a breakdown below the early April low which is another confirmation of the similarity between now and 2008. The self-similarity now suggests increased volatility and a big decline ahead.

Now, let's turn to silver:gold ratio as it is yet another tool that - thanks to self-similarities - helps us time the upcoming bottom.

(click to enlarge)

We saw no significant underperformance of silver this week. The ratio has pretty much traded sideways for several weeks now. Although there was a bit of inter-week under- performance, it is much less visible than what we would expect based on the declines seen in 2008. The implication is that the final bottom is probably not yet in.

(click to enlarge)

In the short-term SLV ETF chart, once again we see that prices moved higher early in the week and this move was strongly invalidated on Wednesday with volume levels nearly as high as Monday and Tuesday combined. Prices did move higher on Thursday but volume levels were pretty much average, actually a bit weak if compared to volume levels of the past week, and less than one-fourth of what they were the previous day, so the move to the upside did little to change the overall outlook here.

Summing up, the situation on the silver market does not look all that bullish. The cyclical turning point suggests a bottom in a week or so but we feel a need to see this confirmed by other markets. Placing our trust in this tool alone does not seem sufficient at this time. Even though we see divergences between many indices and particular mining stocks and main technical indicators, they only support the claim that the final bottom is about to form, but give no direct clues as to when exactly it is going to be formed. Here, the self-similar patterns seem more reliable and the best idea in our opinion is to wait for more decisive signals.

To make sure that you are notified once the new features are implemented, and get immediate access to our free thoughts on the market, including information not available publicly, we urge you to sign up for our free gold investment newsletter. Sign up today and you'll also get free, 7-day access to the Premium Sections on our website, including valuable tools and charts dedicated to serious Precious Metals Investors and Traders along with our 14 best gold investment practices. It's free and you may unsubscribe at any time.

Thank you for reading. Have a great and profitable week!

Przemyslaw Radomski, CFA

Founder, Editor-in-chief

Gold Investment & Silver Investment Website - SunshineProfits.com

* * * * *

About Sunshine Profits

Sunshine Profits enables anyone to forecast market changes with a level of accuracy that was once only available to closed-door institutions. It provides free trial access to its best investment tools (including lists of best gold stocks and silver stocks), proprietary gold & silver indicators, buy & sell signals, weekly newsletter, and more. Seeing is believing.

Disclaimer

All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

]]> gld slv gdx uup udn spy dia dgp dzz dgz ubg ubm usv ptm ptd jjm jjn iau gdxj Gold Silver Gold Stocks Silver Stocks Mining Stocks Precious Metals Precious Metals Stocks Sunshine Profits: Important Breakout In The Dow To Gold Ratio And Its Implications For Gold http://seekingalpha.com/instablog/422923-przemyslaw-radomski-cfa/1890581-sunshine-profits-important-breakout-in-the-dow-to-gold-ratio-and-its-implications-for-gold?source=feed 1890581 Important Breakout in the Dow to Gold Ratio and Its Implications for Gold

There are several indications that the currency war is heating up, the gloves are coming off and new players are piling into the barroom brawl. First, Australia unexpectedly cut interest rates, then both the Swedish and New Zealand central bank governors were making their moves. Way down under, New Zealand's central bank last week acknowledging that it had intervened in foreign exchange markets to try to fight any further appreciation of the country's currency, known as the kiwi. The New Zealanders are worried about a runaway property market driven by global money rushing into the country.

Wait a minute... that's exactly the same scenario in Israel.

This week the Bank of Israel stepped up its efforts to curb the appreciation of the shekel surprising the markets by unexpectedly cutting its interest rate and announcing a program to purchase foreign currency. A weaker currency boosts exports, driven by cheaper prices. The smaller economies are reacting to all the quantitative easing by the world's large economies.

Israel's central bank, headed by Stanley Fischer, one of the most accomplished central bankers in the world, cut the key interest rate by a quarter of a percentage point to 1.5% to a three-year low.

Fischer told Bloomberg that the move came "in light of the continued appreciation of the shekel, taking into account the start of natural gas production from the Tamar gas field, interest rate reductions by many central banks - notably the European Central Bank, the quantitative easing in major economies worldwide and the downward revision in global growth forecasts."

Despite the global financial threats, the Israeli economy is still in the black and healthier than the economies of many European countries. The shekel has risen by nearly 9% over the past six months, making it one of the best-performing currencies in the world, after the Mexican peso. Israel's central bank also plans to buy around $2.1 billion in foreign currencies.

Israel's economy is heavily dependent on exports, and a strong shekel weakens the competitiveness of Israel's products abroad.

It was Japan this year that shot off the latest round in the currency war after announcing monetary stimulus of historic proportions. Recent steps by the world's third-largest economy have become a central concern. The impact of the country's aggressive new monetary policy has been making central bankers around the world lose sleep. Is the Bank of Japan trying to influence exchange rates to give its exporters an advantage? Other countries might react in kind, which is exactly what happens in currency wars.

Actually, this is not surprising to us. The global increase in the money supply and lowering of interest rates is not surprising because countries will have to keep doing that in order to keep their exports competitive. It is a currency war and those who inflate first, get the most benefits. They are short-lived because other countries will follow and the ultimate result will eventually be huge inflation on a global scale, but, again, on a short-term basis, the monetary authorities are pressed not to stay behind others. The comments about the lack of currency war are not surprising either. Speaking publicly about it would simply encourage other countries to join it sooner, and those that are already printing more money don't want that to happen as it means that the above-mentioned advantage that they gained would disappear.

Implications for gold? Bullish in the long run, nonexistent in the short run.

As we can see, the great fundamental outlook for precious metals is intact. Let's move on to the chart section of today's essay to see how gold's current technical situation looks like and therefore how gold can trade in the following weeks. Before we proceed to the yellow metal itself, let us begin with the Euro Index long-term chart (charts courtesy by stockcharts.com.)

(click to enlarge)

The index has declined for the past two weeks and it seems now that we should consider the possibility that the head-and-shoulders pattern will be completed here. Such a completion would take the Euro Index much lower.

The size of the projected decline after the breakdown and completion of the pattern is roughly the same size as the height of the head in the pattern. If this decline is attached to where the breakdown occurred, the projected downside target level will be about equal to the 2012 low (in the 121 - 122 area). Such a move would likely contribute to a USD Index rally. All of this could also be bearish for gold in the medium term if it all does indeed materialize.

Let's move on to gold's very long-term chart now.

(click to enlarge)

In this chart, we see a situation quite similar to the declines to 2008, where a sharp pullback was followed by a continuation of the severe decline. The most bearish factor here is the shape of the decline, which is a reverse parabola. This formation results in accelerated declines and makes it difficult to tell how low prices will go. Although the declines will likely end shortly, the increased volatility could result in prices moving very low quickly while still being in tune with the trading pattern. This reverse parabola has been in place since last October.

The very long-term cyclical turning point suggests that a local bottom will be seen soon - within the next month, probably about 2 weeks from now. Keeping both of these factors in mind, we should prepare for even bigger declines.

Let us have a look at the Dow to gold ratio chart, as an important technical development took place there.

(click to enlarge)

Here, we saw an important breakout above the declining long-term resistance line. This has bearish implications for gold. Please note that the breakout above the previous - much less significant - resistance line (the red declining line on the above chart) was followed by major declines in gold.

The next resistance level for this ratio is at 12.5 and with it currently at 11, declines in gold will surely be needed in addition to higher stock prices in order for the ratio to move this much higher (it seems that a move higher in the general stock market will not be enough for the ratio to move that high soon). The implications are, of course, bearish.

Summing up, the situation remains bullish for the USD Index. The recent declines in the Euro Index along with the breakout in the USD Index will likely keep the current bullish outlook in place for the coming weeks. The implications of the bullish situation here, especially for the medium term, are bearish for the precious metals. Gold prices declined last week and pulled back on Thursday but it still does not seem that this period of decline is completely over.

To make sure that you are notified once the new features are implemented, and get immediate access to our free thoughts on the market, including information not available publicly, we urge you to sign up for our free gold newsletter. Sign up today and you'll also get free, 7-day access to the Premium Sections on our website, including valuable tools and charts dedicated to serious Precious Metals Investors and Traders along with our 14 best gold investment practices. It's free and you may unsubscribe at any time.

Thank you for reading. Have a great and profitable week!

Przemyslaw Radomski, CFA

Founder, Editor-in-chief

Silver Investment & Gold Investment Website - SunshineProfits.com

* * * * *

About Sunshine Profits

Sunshine Profits enables anyone to forecast market changes with a level of accuracy that was once only available to closed-door institutions. It provides free trial access to its best investment tools (including lists of best gold stocks and silver stocks), proprietary gold & silver indicators, buy & sell signals, weekly newsletter, and more. Seeing is believing.

Disclaimer

All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

]]> Fri, 24 May 2013 11:45:55 -0400 Important Breakout in the Dow to Gold Ratio and Its Implications for Gold

There are several indications that the currency war is heating up, the gloves are coming off and new players are piling into the barroom brawl. First, Australia unexpectedly cut interest rates, then both the Swedish and New Zealand central bank governors were making their moves. Way down under, New Zealand's central bank last week acknowledging that it had intervened in foreign exchange markets to try to fight any further appreciation of the country's currency, known as the kiwi. The New Zealanders are worried about a runaway property market driven by global money rushing into the country.

Wait a minute... that's exactly the same scenario in Israel.

This week the Bank of Israel stepped up its efforts to curb the appreciation of the shekel surprising the markets by unexpectedly cutting its interest rate and announcing a program to purchase foreign currency. A weaker currency boosts exports, driven by cheaper prices. The smaller economies are reacting to all the quantitative easing by the world's large economies.

Israel's central bank, headed by Stanley Fischer, one of the most accomplished central bankers in the world, cut the key interest rate by a quarter of a percentage point to 1.5% to a three-year low.

Fischer told Bloomberg that the move came "in light of the continued appreciation of the shekel, taking into account the start of natural gas production from the Tamar gas field, interest rate reductions by many central banks - notably the European Central Bank, the quantitative easing in major economies worldwide and the downward revision in global growth forecasts."

Despite the global financial threats, the Israeli economy is still in the black and healthier than the economies of many European countries. The shekel has risen by nearly 9% over the past six months, making it one of the best-performing currencies in the world, after the Mexican peso. Israel's central bank also plans to buy around $2.1 billion in foreign currencies.

Israel's economy is heavily dependent on exports, and a strong shekel weakens the competitiveness of Israel's products abroad.

It was Japan this year that shot off the latest round in the currency war after announcing monetary stimulus of historic proportions. Recent steps by the world's third-largest economy have become a central concern. The impact of the country's aggressive new monetary policy has been making central bankers around the world lose sleep. Is the Bank of Japan trying to influence exchange rates to give its exporters an advantage? Other countries might react in kind, which is exactly what happens in currency wars.

Actually, this is not surprising to us. The global increase in the money supply and lowering of interest rates is not surprising because countries will have to keep doing that in order to keep their exports competitive. It is a currency war and those who inflate first, get the most benefits. They are short-lived because other countries will follow and the ultimate result will eventually be huge inflation on a global scale, but, again, on a short-term basis, the monetary authorities are pressed not to stay behind others. The comments about the lack of currency war are not surprising either. Speaking publicly about it would simply encourage other countries to join it sooner, and those that are already printing more money don't want that to happen as it means that the above-mentioned advantage that they gained would disappear.

Implications for gold? Bullish in the long run, nonexistent in the short run.

As we can see, the great fundamental outlook for precious metals is intact. Let's move on to the chart section of today's essay to see how gold's current technical situation looks like and therefore how gold can trade in the following weeks. Before we proceed to the yellow metal itself, let us begin with the Euro Index long-term chart (charts courtesy by stockcharts.com.)

(click to enlarge)

The index has declined for the past two weeks and it seems now that we should consider the possibility that the head-and-shoulders pattern will be completed here. Such a completion would take the Euro Index much lower.

The size of the projected decline after the breakdown and completion of the pattern is roughly the same size as the height of the head in the pattern. If this decline is attached to where the breakdown occurred, the projected downside target level will be about equal to the 2012 low (in the 121 - 122 area). Such a move would likely contribute to a USD Index rally. All of this could also be bearish for gold in the medium term if it all does indeed materialize.

Let's move on to gold's very long-term chart now.

(click to enlarge)

In this chart, we see a situation quite similar to the declines to 2008, where a sharp pullback was followed by a continuation of the severe decline. The most bearish factor here is the shape of the decline, which is a reverse parabola. This formation results in accelerated declines and makes it difficult to tell how low prices will go. Although the declines will likely end shortly, the increased volatility could result in prices moving very low quickly while still being in tune with the trading pattern. This reverse parabola has been in place since last October.

The very long-term cyclical turning point suggests that a local bottom will be seen soon - within the next month, probably about 2 weeks from now. Keeping both of these factors in mind, we should prepare for even bigger declines.

Let us have a look at the Dow to gold ratio chart, as an important technical development took place there.

(click to enlarge)

Here, we saw an important breakout above the declining long-term resistance line. This has bearish implications for gold. Please note that the breakout above the previous - much less significant - resistance line (the red declining line on the above chart) was followed by major declines in gold.

The next resistance level for this ratio is at 12.5 and with it currently at 11, declines in gold will surely be needed in addition to higher stock prices in order for the ratio to move this much higher (it seems that a move higher in the general stock market will not be enough for the ratio to move that high soon). The implications are, of course, bearish.

Summing up, the situation remains bullish for the USD Index. The recent declines in the Euro Index along with the breakout in the USD Index will likely keep the current bullish outlook in place for the coming weeks. The implications of the bullish situation here, especially for the medium term, are bearish for the precious metals. Gold prices declined last week and pulled back on Thursday but it still does not seem that this period of decline is completely over.

To make sure that you are notified once the new features are implemented, and get immediate access to our free thoughts on the market, including information not available publicly, we urge you to sign up for our free gold newsletter. Sign up today and you'll also get free, 7-day access to the Premium Sections on our website, including valuable tools and charts dedicated to serious Precious Metals Investors and Traders along with our 14 best gold investment practices. It's free and you may unsubscribe at any time.

Thank you for reading. Have a great and profitable week!

Przemyslaw Radomski, CFA

Founder, Editor-in-chief

Silver Investment & Gold Investment Website - SunshineProfits.com

* * * * *

About Sunshine Profits

Sunshine Profits enables anyone to forecast market changes with a level of accuracy that was once only available to closed-door institutions. It provides free trial access to its best investment tools (including lists of best gold stocks and silver stocks), proprietary gold & silver indicators, buy & sell signals, weekly newsletter, and more. Seeing is believing.

Disclaimer

All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

]]> gld slv gdx uup udn spy dia dgp dzz dgz ubg ubm usv ptm ptd jjm jjn iau gdxj Gold Silver Gold Stocks Silver Stocks Mining Stocks Precious Metals Precious Metals Stocks Sunshine Profits: Bullish Picture For The USD And Stocks And Its Implications For Gold And Silver http://seekingalpha.com/instablog/422923-przemyslaw-radomski-cfa/1868641-sunshine-profits-bullish-picture-for-the-usd-and-stocks-and-its-implications-for-gold-and-silver?source=feed 1868641 Bullish Picture for the USD and Stocks and Its Implications for Gold and Silver

Based on the May 17th, 2013 Premium Update. Visit our archives for more gold articles.

The latest World Gold Council Gold Demand Trends report shows that the gold market is driven by diverse global demand, and the appetite for owning gold jewelry, bars and coins continues to grow.

"The price drop in April, fuelled by non-physical moves in the market, proved to be the catalyst for a surge of buying that has left many retailers short of stock and refineries introducing waiting lists for deliveries," said Marcus Grubb, Managing Director of Investment at the World Gold Council. "What these figures show is that even before the events of April, the fundamentals of the gold market remain robust with; growing demand in India and China, central banks consistently adding gold to their reserves and strong buying of investment products such as gold bars and coins."

The report, for the period between January-March 2013, shows that total jewelry demand was up 12% year-on-year in Q1 2013, driven mainly by Asian markets. For example, jewelry demand in China was up 19% on the same period last year and stood at a record 185 tons. Demand in both India and the Middle East was up 15% respectively and in the US, demand showed a significant increase, 6%, for the first time since 2005.

Demand for gold in China and India was also fuelled by an increase in bar and coin sales - up 22% year-on-year in China and a whopping 52% in India. The US also saw a growing hunger for bars and coins-- up 43% compared with the same quarter in 2012.

There's significant investment demand for physical gold bullion at the current prices - what does it mean for the market? That it's going higher in the long run and that the current move down is just a correction. It doesn't imply, however, that the bottom is already in or that it will form without additional temporary downswing.

To gain some insight into short- and medium-term picture of the market, let's take a look at the charts. In today's essay we will discuss the implications of the current situation in the USD Index and the general stock market for, gold, silver and mining stocks, and we will also provide a follow-up to our recent essay on gold stocks and gold. We will start with the very-long-term USD Index chart (charts courtesy by stockcharts.com.)

(click to enlarge)

In this chart, we see that more moves to the upside took place this week. As we stated in our essay of two weeks ago:

The index has actually confirmed a breakout above the very long-term resistance line. It has closed above it now for three consecutive months (yes, months). While a correction to the 80 level is still possible in the short term, an eventual move to the upside is now more likely than not.

This week's price action was in tune with what we expected after the recent breakout and the situation remains bullish.

Let us move on to the general stock market.

(click to enlarge)

The stock market (S&P Index in this case) continues to move higher this week as expected. The situation is overbought on a short-term basis, but we do not expect to see a move below 2007 high. If anything, we could see stocks move back to this level, which could further verify the breakout and allow them to gather strength in advance of the next rally. After all, the breakout above the 2007 high was confirmed.

To see how the situation in the USD and stocks may translate into the prices of gold and silver, we now turn to the intermarket correlations.

(click to enlarge)

The Correlation Matrix is a tool which we have developed to analyze the impact of the currency markets and the general stock market upon the precious metals sector, (namely: gold correlations and silver correlations).

The short-term situation here is mixed and no real implications can be drawn at this time. The medium-term correlations are negative for the precious metals with both the USD Index and the general stock market. The precious metals are still pretty much anti-asset at this time. The medium-term odds, which favor a rally in the USD Index and the general stock market, have now painted a bearish picture for gold, silver and the precious metals mining stocks.

To finish off, let us have a look at the situation in gold stocks relative to the yellow metal itself.

(click to enlarge)

On the above chart, the situation hasn't changed much this week. Hence, comments made in last week s essay remain up-to-date at this time and the bearish outlook continues to be supported by this chart:

The trading channel and the next horizontal support intersect at a point much lower than where this ratio is today. Of course, the existence of a target level by itself is no indication that it will be reached; the trend has to be in place as well. The point here is that the ratio has already broken below the previous late 2008 major low and is now a bit more than 5% beneath it. This is a major breakdown and it was confirmed. The implication is that the trend is still down.

With the trend being down and accelerating and the recent breakdown being confirmed, there is a good possibility that the miners will decline significantly once again. This makes the previously mentioned target level a very important one. At this time it seems likely that the ratio will move to its 2000 low - close to the 0.135 level.

If gold stocks decline relative to gold as they did late in 2000, and gold declines to $1,300 or slightly higher, the target level for the HUI Index would be slightly above the low of 2008 - around the 180 level.

Summing up, the long-term and medium-term outlook is bullish for the USD Index at this time. As for stocks, the situation remains bullish for the medium term, and although a short-term correction is likely not too far off, we don't expect to see it immediately. Finally, gold stocks' performance relative to gold continues to provide us with bearish indications. Overall, it seems that the final bottom in the precious metals market is not yet in.

To make sure that you are notified once the new features are implemented, and get immediate access to our free thoughts on the market, including information not available publicly, we urge you to sign up for our free gold investment newsletter. Sign up today and you'll also get free, 7-day access to the Premium Sections on our website, including valuable tools and charts dedicated to serious Precious Metals Investors and Traders along with our 14 best gold investment practices. It's free and you may unsubscribe at any time.

Thank you for reading. Have a great and profitable week!

Przemyslaw Radomski, CFA

Founder, Editor-in-chief

Gold Trading & Gold Investment Website - SunshineProfits.com

* * * * *

About Sunshine Profits

Sunshine Profits enables anyone to forecast market changes with a level of accuracy that was once only available to closed-door institutions. It provides free trial access to its best investment tools (including lists of best gold stocks and silver stocks), proprietary gold & silver indicators, buy & sell signals, weekly newsletter, and more. Seeing is believing.

Disclaimer

All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

]]> Fri, 17 May 2013 11:32:34 -0400 Bullish Picture for the USD and Stocks and Its Implications for Gold and Silver

Based on the May 17th, 2013 Premium Update. Visit our archives for more gold articles.

The latest World Gold Council Gold Demand Trends report shows that the gold market is driven by diverse global demand, and the appetite for owning gold jewelry, bars and coins continues to grow.

"The price drop in April, fuelled by non-physical moves in the market, proved to be the catalyst for a surge of buying that has left many retailers short of stock and refineries introducing waiting lists for deliveries," said Marcus Grubb, Managing Director of Investment at the World Gold Council. "What these figures show is that even before the events of April, the fundamentals of the gold market remain robust with; growing demand in India and China, central banks consistently adding gold to their reserves and strong buying of investment products such as gold bars and coins."

The report, for the period between January-March 2013, shows that total jewelry demand was up 12% year-on-year in Q1 2013, driven mainly by Asian markets. For example, jewelry demand in China was up 19% on the same period last year and stood at a record 185 tons. Demand in both India and the Middle East was up 15% respectively and in the US, demand showed a significant increase, 6%, for the first time since 2005.

Demand for gold in China and India was also fuelled by an increase in bar and coin sales - up 22% year-on-year in China and a whopping 52% in India. The US also saw a growing hunger for bars and coins-- up 43% compared with the same quarter in 2012.

There's significant investment demand for physical gold bullion at the current prices - what does it mean for the market? That it's going higher in the long run and that the current move down is just a correction. It doesn't imply, however, that the bottom is already in or that it will form without additional temporary downswing.

To gain some insight into short- and medium-term picture of the market, let's take a look at the charts. In today's essay we will discuss the implications of the current situation in the USD Index and the general stock market for, gold, silver and mining stocks, and we will also provide a follow-up to our recent essay on gold stocks and gold. We will start with the very-long-term USD Index chart (charts courtesy by stockcharts.com.)

(click to enlarge)

In this chart, we see that more moves to the upside took place this week. As we stated in our essay of two weeks ago:

The index has actually confirmed a breakout above the very long-term resistance line. It has closed above it now for three consecutive months (yes, months). While a correction to the 80 level is still possible in the short term, an eventual move to the upside is now more likely than not.

This week's price action was in tune with what we expected after the recent breakout and the situation remains bullish.

Let us move on to the general stock market.

(click to enlarge)

The stock market (S&P Index in this case) continues to move higher this week as expected. The situation is overbought on a short-term basis, but we do not expect to see a move below 2007 high. If anything, we could see stocks move back to this level, which could further verify the breakout and allow them to gather strength in advance of the next rally. After all, the breakout above the 2007 high was confirmed.

To see how the situation in the USD and stocks may translate into the prices of gold and silver, we now turn to the intermarket correlations.

(click to enlarge)

The Correlation Matrix is a tool which we have developed to analyze the impact of the currency markets and the general stock market upon the precious metals sector, (namely: gold correlations and silver correlations).

The short-term situation here is mixed and no real implications can be drawn at this time. The medium-term correlations are negative for the precious metals with both the USD Index and the general stock market. The precious metals are still pretty much anti-asset at this time. The medium-term odds, which favor a rally in the USD Index and the general stock market, have now painted a bearish picture for gold, silver and the precious metals mining stocks.

To finish off, let us have a look at the situation in gold stocks relative to the yellow metal itself.

(click to enlarge)

On the above chart, the situation hasn't changed much this week. Hence, comments made in last week s essay remain up-to-date at this time and the bearish outlook continues to be supported by this chart:

The trading channel and the next horizontal support intersect at a point much lower than where this ratio is today. Of course, the existence of a target level by itself is no indication that it will be reached; the trend has to be in place as well. The point here is that the ratio has already broken below the previous late 2008 major low and is now a bit more than 5% beneath it. This is a major breakdown and it was confirmed. The implication is that the trend is still down.

With the trend being down and accelerating and the recent breakdown being confirmed, there is a good possibility that the miners will decline significantly once again. This makes the previously mentioned target level a very important one. At this time it seems likely that the ratio will move to its 2000 low - close to the 0.135 level.

If gold stocks decline relative to gold as they did late in 2000, and gold declines to $1,300 or slightly higher, the target level for the HUI Index would be slightly above the low of 2008 - around the 180 level.

Summing up, the long-term and medium-term outlook is bullish for the USD Index at this time. As for stocks, the situation remains bullish for the medium term, and although a short-term correction is likely not too far off, we don't expect to see it immediately. Finally, gold stocks' performance relative to gold continues to provide us with bearish indications. Overall, it seems that the final bottom in the precious metals market is not yet in.

To make sure that you are notified once the new features are implemented, and get immediate access to our free thoughts on the market, including information not available publicly, we urge you to sign up for our free gold investment newsletter. Sign up today and you'll also get free, 7-day access to the Premium Sections on our website, including valuable tools and charts dedicated to serious Precious Metals Investors and Traders along with our 14 best gold investment practices. It's free and you may unsubscribe at any time.

Thank you for reading. Have a great and profitable week!

Przemyslaw Radomski, CFA

Founder, Editor-in-chief

Gold Trading & Gold Investment Website - SunshineProfits.com

* * * * *

About Sunshine Profits

Sunshine Profits enables anyone to forecast market changes with a level of accuracy that was once only available to closed-door institutions. It provides free trial access to its best investment tools (including lists of best gold stocks and silver stocks), proprietary gold & silver indicators, buy & sell signals, weekly newsletter, and more. Seeing is believing.

Disclaimer

All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

]]> gld slv gdx uup udn spy dia dgp dzz dgz ubg ubm usv ptm ptd jjm jjn iau gdxj Gold Silver Gold Stocks Silver Stocks Mining Stocks Precious Metals Precious Metals Stocks Sunshine Profits: Is Crude Oil Ready For A Breakout And Would It Help Gold? http://seekingalpha.com/instablog/422923-przemyslaw-radomski-cfa/1868621-sunshine-profits-is-crude-oil-ready-for-a-breakout-and-would-it-help-gold?source=feed 1868621 Is Crude Oil Ready For A Breakout And Would It Help Gold?

Jim Rogers recently said in an interview to Morningstar, that he is not disturbed by the recent tumble in gold prices.

"Gold had gone up 12 years in a row, without a down year, which is extremely unusual in any asset. Equally important, gold has only had one 30% correction in 12 years. Again, that is extremely unusual. Most things correct 30-40% every year or two. So the action in gold has been very unique and gold needed a correction. The main thing that caused it, as far as I am concerned, was that the market was ready. It needed it and it is good for gold to have a proper correction," said Rogers. We agree. At the same time we would like to point out that this has no implications on the short term.

How does he see the future for gold?

"Certainly, over the course of ten years gold will go much, much higher because I don't see any possibility that governments are going to stop printing money in the next decade," he said. "And as long as that's going to happen then gold is certainly going to go higher and probably much higher." We agree once again.

In a recent interview in the South China Morning Post, George Soros says, "Gold was destroyed as a safe haven, proved to be unsafe. Because of the disappointment, most people are reducing their holdings of gold." However, he also notes that central banks are still buying gold, so he doesn't "expect gold to go down."

One humorous headline asked: "Who's smartest on gold - Chinese housewives or George Soros?"

As weird as this may sound, if we're talking about the long term, we tend to side with the Chinese housewives who have been buying physical gold in unprecedented amounts.

Hong Kong government data this week shows that imports by China from Hong Kong more than doubled to an all-time high in March. India's purchases are set to exceed 100 metric tons for a second month in May as jewelers rush to beat central bank curbs on imports by banks.

Buyers in mainland China purchased 223.52 tons of gold in March, including scrap, compared with 97,106 kilograms in February, according to Hong Kong government data. There were also reports of similar huge surges in demand for physical gold in India, Dubai and many other countries. Just the China purchases would account for roughly 10% of the gold mined each year.

According to the China Gold Association there is a shortage of gold jewelry inventory in the country after consumers bought up supplies.

As we enter the summer, we want to know who is right, George Soros or the Chinese housewives who have been stocking up on gold. Let's take a look at the charts to find out. In today's essay we will focus not only on gold itself, but also on the most versatile commodity - crude oil - and how it could impact the prices of gold in the near future(charts courtesy by http://stockcharts.com.)

(click to enlarge)

When we examine the crude oil chart, we see that another attempt to break out above the declining resistance line based on the 2008 and 2011 tops is underway. If prices move above this resistance line, it could very well trigger a rally in other commodities and in the precious metals prices.

At this time, since the breakout has not yet been completed and verified, and since several attempts have failed in the recent past, we prefer to wait for a confirmation of this breakout before discussing the bullish implications for the precious metals in any detail.

Let us move on to the yellow metal itself and have a look its long-term chart

(click to enlarge)

Here, the situation has changed very little as gold's price pretty much moved back and forth last week. The long-term cyclical turning point is now a few weeks away and could very well coincide with the end of gold's current decline. Whether this holds true or not, it seems likely that gold's current decline will continue for now at least as it appears to not yet be completed.

Let's have a look at Dow to gold ratio chart now.

(click to enlarge)

We see the ratio getting close to a key resistance level. This is due almost entirely to the Dow's rally last week. The "problem" here is that if gold prices decline and stocks continue to rally (a real possibility), this ratio could break out above the declining resistance line and move toward 12.5, thus leading to even bigger declines in gold (below $1,200). We do not feel that such a breakout will be confirmed, however.

Summing up, a decisive breakout in crude oil could trigger a significant rally in gold. However, Since we saw several failed attempts for the crude oil in the past months, it seems best to wait for a confirmation of the breakout before discussing meaningful bullish implications for gold. For now, it still seems that the final bottom is not yet in.

To make sure that you are notified once the new features are implemented, and get immediate access to our free thoughts on the market, including information not available publicly, we urge you to sign up for our free gold newsletter. Sign up today and you'll also get free, 7-day access to the Premium Sections on our website, including valuable tools and charts dedicated to serious Precious Metals Investors and Traders along with our 14 best gold investment practices. It's free and you may unsubscribe at any time.

Thank you for reading. Have a great and profitable week!

Przemyslaw Radomski, CFA

Founder, Editor-in-chief

Gold Investment & Silver Investment Website - SunshineProfits.com

* * * * *

About Sunshine Profits

Sunshine Profits enables anyone to forecast market changes with a level of accuracy that was once only available to closed-door institutions. It provides free trial access to its best investment tools (including lists of best gold stocks and silver stocks), proprietary gold & silver indicators, buy & sell signals, weekly newsletter, and more. Seeing is believing.

Disclaimer

All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

]]> Fri, 17 May 2013 11:29:02 -0400 Is Crude Oil Ready For A Breakout And Would It Help Gold?

Jim Rogers recently said in an interview to Morningstar, that he is not disturbed by the recent tumble in gold prices.

"Gold had gone up 12 years in a row, without a down year, which is extremely unusual in any asset. Equally important, gold has only had one 30% correction in 12 years. Again, that is extremely unusual. Most things correct 30-40% every year or two. So the action in gold has been very unique and gold needed a correction. The main thing that caused it, as far as I am concerned, was that the market was ready. It needed it and it is good for gold to have a proper correction," said Rogers. We agree. At the same time we would like to point out that this has no implications on the short term.

How does he see the future for gold?

"Certainly, over the course of ten years gold will go much, much higher because I don't see any possibility that governments are going to stop printing money in the next decade," he said. "And as long as that's going to happen then gold is certainly going to go higher and probably much higher." We agree once again.

In a recent interview in the South China Morning Post, George Soros says, "Gold was destroyed as a safe haven, proved to be unsafe. Because of the disappointment, most people are reducing their holdings of gold." However, he also notes that central banks are still buying gold, so he doesn't "expect gold to go down."

One humorous headline asked: "Who's smartest on gold - Chinese housewives or George Soros?"

As weird as this may sound, if we're talking about the long term, we tend to side with the Chinese housewives who have been buying physical gold in unprecedented amounts.

Hong Kong government data this week shows that imports by China from Hong Kong more than doubled to an all-time high in March. India's purchases are set to exceed 100 metric tons for a second month in May as jewelers rush to beat central bank curbs on imports by banks.

Buyers in mainland China purchased 223.52 tons of gold in March, including scrap, compared with 97,106 kilograms in February, according to Hong Kong government data. There were also reports of similar huge surges in demand for physical gold in India, Dubai and many other countries. Just the China purchases would account for roughly 10% of the gold mined each year.

According to the China Gold Association there is a shortage of gold jewelry inventory in the country after consumers bought up supplies.

As we enter the summer, we want to know who is right, George Soros or the Chinese housewives who have been stocking up on gold. Let's take a look at the charts to find out. In today's essay we will focus not only on gold itself, but also on the most versatile commodity - crude oil - and how it could impact the prices of gold in the near future(charts courtesy by http://stockcharts.com.)

(click to enlarge)

When we examine the crude oil chart, we see that another attempt to break out above the declining resistance line based on the 2008 and 2011 tops is underway. If prices move above this resistance line, it could very well trigger a rally in other commodities and in the precious metals prices.

At this time, since the breakout has not yet been completed and verified, and since several attempts have failed in the recent past, we prefer to wait for a confirmation of this breakout before discussing the bullish implications for the precious metals in any detail.

Let us move on to the yellow metal itself and have a look its long-term chart

(click to enlarge)

Here, the situation has changed very little as gold's price pretty much moved back and forth last week. The long-term cyclical turning point is now a few weeks away and could very well coincide with the end of gold's current decline. Whether this holds true or not, it seems likely that gold's current decline will continue for now at least as it appears to not yet be completed.

Let's have a look at Dow to gold ratio chart now.

(click to enlarge)

We see the ratio getting close to a key resistance level. This is due almost entirely to the Dow's rally last week. The "problem" here is that if gold prices decline and stocks continue to rally (a real possibility), this ratio could break out above the declining resistance line and move toward 12.5, thus leading to even bigger declines in gold (below $1,200). We do not feel that such a breakout will be confirmed, however.

Summing up, a decisive breakout in crude oil could trigger a significant rally in gold. However, Since we saw several failed attempts for the crude oil in the past months, it seems best to wait for a confirmation of the breakout before discussing meaningful bullish implications for gold. For now, it still seems that the final bottom is not yet in.

To make sure that you are notified once the new features are implemented, and get immediate access to our free thoughts on the market, including information not available publicly, we urge you to sign up for our free gold newsletter. Sign up today and you'll also get free, 7-day access to the Premium Sections on our website, including valuable tools and charts dedicated to serious Precious Metals Investors and Traders along with our 14 best gold investment practices. It's free and you may unsubscribe at any time.

Thank you for reading. Have a great and profitable week!

Przemyslaw Radomski, CFA

Founder, Editor-in-chief

Gold Investment & Silver Investment Website - SunshineProfits.com

* * * * *

About Sunshine Profits

Sunshine Profits enables anyone to forecast market changes with a level of accuracy that was once only available to closed-door institutions. It provides free trial access to its best investment tools (including lists of best gold stocks and silver stocks), proprietary gold & silver indicators, buy & sell signals, weekly newsletter, and more. Seeing is believing.

Disclaimer

All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

]]> gld slv gdx uup udn spy dia dgp dzz dgz ubg ubm usv ptm ptd jjm jjn iau gdxj Gold Silver Gold Stocks Silver Stocks Mining Stocks Precious Metals Precious Metals Stocks Sunshine Profits: Gold Stocks Are Leading Gold Lower http://seekingalpha.com/instablog/422923-przemyslaw-radomski-cfa/1844961-sunshine-profits-gold-stocks-are-leading-gold-lower?source=feed 1844961 Gold Stocks Are Leading Gold Lower

Based on the May 10th, 2013 Premium Update. Visit our archives for more gold & silver articles.

T.S. Eliot called April "the cruelest month" in his famous poem, and without a doubt April was cruel to many gold investors. Sunshine Profits subscribers who followed our suggestions in April avoided a share of the pain. Probably no one suffered more than hedge fund manager John Paulson. He is joined by hedge fund manager David Einhorn whose Greenlight fund took a big hit on its gold miners ETF holdings. Einhorn said recently what we would consider an understatement: "We were somewhat surprised by the swift decline in the price of gold in April." If they were following fundamental valuations and analysis only, then that's not surprising. Paying attention to the breakdown below the key support level at that time provided a sell signal.

According to reports, Paulson's $700 million gold fund lost 27 percent in April due to leveraged bets on gold, when the price of the metal swooned by 17 percent over a two-week stretch. What must hurt is that the majority of the money invested in the Paulson gold fund is believed to be the billionaire's own. Regulatory filings show that at the end of last year Paulson's firm was the largest holder of the SPDR Gold ETF, with 21.8 million shares. Paulson made his fame and fortune after he made $15 billion for his firm in 2007 by betting against subprime mortgages before the housing collapse.

Paulson started his gold purchases in early 2009, betting that gold would rise due to the government money printing machines. Paulson took a $1.3 billion stake in AngloGold Ashanti Ltd. (AU) and $2.8 billion of GLD when the metal was trading around $950 an ounce. He was the biggest holder of both at the end of last year, the most recent figures available. Even with all the negative press gold is still trading more than 50 percent higher than when Paulson started investing in the metal.

To analyze if there is more pain to come for Paulson in the coming weeks let's take a look at one of the more interesting ratios there are on the precious market - mining stocks vs. gold and gold to silver ratio (charts courtesy by stockcharts.com).

Before we being, we would like to point out that we believe that the long-term picture for gold remains bullish, as the fundamentals remain in place. This, however, does not mean that gold can't move even lower temporarily.

(click to enlarge)

The above chart (gold stocks' performance relative to gold) provides a very bearish picture. Please note that the trading channel and the next horizontal support intersect at a point much lower than where this ratio is today. Of course, the existence of a target level by itself is no indication that it will be reached; the trend has to be in place as well. The point here is that the ratio has already broken below the previous late 2008 major low and is now a bit more than 5% beneath it. This is a major breakdown and it was confirmed. The implication is that the trend is still down.

With the trend being down and accelerating and the recent breakdown being confirmed, there is a good possibility that the miners will decline significantly once again. This makes the previously mentioned target level a very important one. At this time it seems likely that the ratio will move to its 2000 low - close to the 0.135 level.

If gold stocks decline relative to gold as they did late in 2000, and gold declines to $1,300 or slightly higher, the target level for the HUI Index would coincide with a Fibonacci retracement level.

(click to enlarge)

The GDX to GLD ratio chart (another way to look at the miners to gold ratio), seems to confirm that the mining stocks are clearly not leading gold higher also from the short-term point of view. Volatile back and forth daily moves have been the norm recently, and overall the situation is unchanged - still looks like a consolidation within a bigger decline and most likely is one.

Additional confirmation comes from the silver to gold chart which is an extension of our analysis from the essay on silver s underperformance against gold.

(click to enlarge)

We see there has still been no sharp drop in the ratio, which indicates that the silver bulls are not giving up just yet (or that lots of short positions are not being opened just yet). This is something, which is usually seen in the final part of a major decline, so it seems that this decline has some time to go yet.

Summing up, the situation for metals and mining stocks remains bearish and the correction is likely still not over. If you're interested in our target levels for precious metals and would like to be informed when to get back on the long side of the market, please join our subscribers.

Thank you for reading. Have a great and profitable week!

Przemyslaw Radomski, CFA

Founder, Editor-in-chief

Gold Investment & Silver Investment Website - Sunshine Profits

* * * * *

About Sunshine Profits

Sunshine Profits enables anyone to forecast market changes with a level of accuracy that was once only available to closed-door institutions. It provides free trial access to its best investment tools (including lists of best gold stocks and silver stocks), proprietary gold & silver indicators, buy & sell signals, weekly newsletter, and more. Seeing is believing.

Disclaimer

All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

]]> Fri, 10 May 2013 10:06:11 -0400 Gold Stocks Are Leading Gold Lower

Based on the May 10th, 2013 Premium Update. Visit our archives for more gold & silver articles.

T.S. Eliot called April "the cruelest month" in his famous poem, and without a doubt April was cruel to many gold investors. Sunshine Profits subscribers who followed our suggestions in April avoided a share of the pain. Probably no one suffered more than hedge fund manager John Paulson. He is joined by hedge fund manager David Einhorn whose Greenlight fund took a big hit on its gold miners ETF holdings. Einhorn said recently what we would consider an understatement: "We were somewhat surprised by the swift decline in the price of gold in April." If they were following fundamental valuations and analysis only, then that's not surprising. Paying attention to the breakdown below the key support level at that time provided a sell signal.

According to reports, Paulson's $700 million gold fund lost 27 percent in April due to leveraged bets on gold, when the price of the metal swooned by 17 percent over a two-week stretch. What must hurt is that the majority of the money invested in the Paulson gold fund is believed to be the billionaire's own. Regulatory filings show that at the end of last year Paulson's firm was the largest holder of the SPDR Gold ETF, with 21.8 million shares. Paulson made his fame and fortune after he made $15 billion for his firm in 2007 by betting against subprime mortgages before the housing collapse.

Paulson started his gold purchases in early 2009, betting that gold would rise due to the government money printing machines. Paulson took a $1.3 billion stake in AngloGold Ashanti Ltd. (AU) and $2.8 billion of GLD when the metal was trading around $950 an ounce. He was the biggest holder of both at the end of last year, the most recent figures available. Even with all the negative press gold is still trading more than 50 percent higher than when Paulson started investing in the metal.

To analyze if there is more pain to come for Paulson in the coming weeks let's take a look at one of the more interesting ratios there are on the precious market - mining stocks vs. gold and gold to silver ratio (charts courtesy by stockcharts.com).

Before we being, we would like to point out that we believe that the long-term picture for gold remains bullish, as the fundamentals remain in place. This, however, does not mean that gold can't move even lower temporarily.

(click to enlarge)

The above chart (gold stocks' performance relative to gold) provides a very bearish picture. Please note that the trading channel and the next horizontal support intersect at a point much lower than where this ratio is today. Of course, the existence of a target level by itself is no indication that it will be reached; the trend has to be in place as well. The point here is that the ratio has already broken below the previous late 2008 major low and is now a bit more than 5% beneath it. This is a major breakdown and it was confirmed. The implication is that the trend is still down.

With the trend being down and accelerating and the recent breakdown being confirmed, there is a good possibility that the miners will decline significantly once again. This makes the previously mentioned target level a very important one. At this time it seems likely that the ratio will move to its 2000 low - close to the 0.135 level.

If gold stocks decline relative to gold as they did late in 2000, and gold declines to $1,300 or slightly higher, the target level for the HUI Index would coincide with a Fibonacci retracement level.

(click to enlarge)

The GDX to GLD ratio chart (another way to look at the miners to gold ratio), seems to confirm that the mining stocks are clearly not leading gold higher also from the short-term point of view. Volatile back and forth daily moves have been the norm recently, and overall the situation is unchanged - still looks like a consolidation within a bigger decline and most likely is one.

Additional confirmation comes from the silver to gold chart which is an extension of our analysis from the essay on silver s underperformance against gold.

(click to enlarge)

We see there has still been no sharp drop in the ratio, which indicates that the silver bulls are not giving up just yet (or that lots of short positions are not being opened just yet). This is something, which is usually seen in the final part of a major decline, so it seems that this decline has some time to go yet.

Summing up, the situation for metals and mining stocks remains bearish and the correction is likely still not over. If you're interested in our target levels for precious metals and would like to be informed when to get back on the long side of the market, please join our subscribers.

Thank you for reading. Have a great and profitable week!

Przemyslaw Radomski, CFA

Founder, Editor-in-chief

Gold Investment & Silver Investment Website - Sunshine Profits

* * * * *

About Sunshine Profits

Sunshine Profits enables anyone to forecast market changes with a level of accuracy that was once only available to closed-door institutions. It provides free trial access to its best investment tools (including lists of best gold stocks and silver stocks), proprietary gold & silver indicators, buy & sell signals, weekly newsletter, and more. Seeing is believing.

Disclaimer

All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

]]> gld slv gdx uup udn spy dia dgp dzz dgz ubg ubm usv ptm ptd jjm jjn iau gdxj Gold Silver Gold Stocks Silver Stocks Mining Stocks Precious Metals Precious Metals Stocks Sunshine Profits: Further Declines In Gold http://seekingalpha.com/instablog/422923-przemyslaw-radomski-cfa/1844941-sunshine-profits-further-declines-in-gold?source=feed 1844941 Further Declines in Gold

These past few weeks it seems like paper gold is out and physical gold is in.

The fall in the price of gold has triggered a new run on physical gold that shows no sign of abating. Record amounts of money have exited 'paper,' i.e. futures and ETFs, and headed straight to the bank or the mint to be exchanged for coins and bullion bars, that is if one can get them. The strength of physical retail buying has taken dealers and mints around the world by surprise, leaving them scrambling to keep up with demand. The sudden surge is evidence of pent-up demand, particularly from China and India.

There seems to be a growing disconnect between paper and real gold. It's very likely that the paper sellers didn't foresee the rush to physical gold. Could it be the case that the physical market is lagging behind and will eventually catch up and sell off too? Let's look at some of the evidence.

Physical Gold, an investment company, said there were waiting lists of three weeks for some coins, and four to six weeks for gold bars whereas previously all would have been available within a few days.

The US mint had to suspend sales of certain coins as buying increased. It sold an estimated 210,000 ounces of gold coins in April - almost three and half times more than the 62,000 it sold in March.

The Perth Mint worked overtime over the weekend to manufacture enough stock to meet orders, which are at levels last seen in the 2008 financial crisis (confirmation of the 2008 - now analogy).

There are reports that both Istanbul and Dubai are out of investment bars, according to Bloomberg, with wholesale and bulk buyers paying a premium of between $6 and $9 an ounce for kilo bars.

A U.S. coin shop said that sales of Krugerrand have increased 468 per cent last week as investors rush to get the precious metal at what they see as a bargain rate.

The Financial Times wrote that Asia is witnessing one of the strongest waves of physical gold buying in thirty years. 'Buyers Scour Asia for Physical Gold', proclaimed the headline.

Swiss refiners have run out of kilo gold bars (cost around $48,000). There is now a one-month wait for delivery.

Physical stocks of gold held at CME Group's Comex warehouses in New York have dropped to a near-five year low in a further sign that gold's price crash unleashed a frenzy of demand, according to a Reuter's report.

Well…you get the point. The gold bugs are coming out of the woodwork and they want the kind of gold they can bite between their teeth. World over, private investors have taken advantage of the dip to pounce on physical gold. Keep in mind that there is some effort that goes into buying physical gold. It's not like placing an order online for the purchase of ETF shares. Most physical gold buyers are not in it for the short term -- they plan to hold on.

At Sunshine Profits we have always advocated physical gold over the paper kind for long-term investments. If your investment time horizon is more than a year, you want to purchase the physical metal, not somebody's promise to pay you some money down the line based on the price of the metal. For short-term trades, however, ETF shares are ok. On a side, note, if you didn't see it previously, we have two sections that should help you choose the best investment and speculative vehicle: How to Buy Gold and Gold / Silver ETF Ranking.

To see what is in store for the price of gold in the following weeks, let's turn to the chart section - we will start with the yellow metal's medium-term chart (charts courtesy by http://stockcharts.com.)

(click to enlarge)

A closer look shows us that gold has actually corrected to its previous support level (declining, dashed line) and verified this as resistance. At this time, it could just be a pause within a rally, but generally the main short-term trend here is down, although we have had a correction of about one half of gold's recent decline. It seems now that the move to the downside will continue and the RSI suggests this is clearly possible. It is no longer oversold and is pretty much in mid-range levels. Moreover, in last week's essay (Gold Price in May 2013) we discussed the importance of long-term cycles on the gold market - the cycle suggests further declines and formation of the final bottom in the next several weeks.

Let us move on to the chart of the yellow metal from the non-USD perspective.

(click to enlarge)

Here, gold prices are not at the 50% retracement level but rather lower. Other than that, this chart is similar to the previous gold charts and it seems that the short-term trend here will continue to the downside.

Finally, let's have a look at the Dow to gold ratio chart.

(click to enlarge)

This chart suggests that we will see lower gold prices. The reason for this is that the declining resistance line for the ratio has not been reached.

Summing up, the strength in the physical market suggests that the bull market is intact and that what we're seeing now is just a major correction within the secular bull market. However, it seems that declines in gold prices are not over yet. The bottom appears likely to be a few weeks away and this gives the market plenty of time to move lower. Gold corrected 50% of its decline and could now move lower once again. The Dow to gold ratio indicates a strong resistance line has not yet been reached. This supports the premise that gold's final bottom is not yet in.

To make sure that you are notified once the new features are implemented, and get immediate access to our free thoughts on the market, including information not available publicly, we urge you to sign up for our free gold investment newsletter. Sign up today and you'll also get free, 7-day access to the Premium Sections on our website, including valuable tools and charts dedicated to serious Precious Metals Investors and Traders along with our 14 best gold investment practices. It's free and you may unsubscribe at any time.

Thank you for reading. Have a great and profitable week!

Przemyslaw Radomski, CFA

Founder, Editor-in-chief

Gold Trading & Gold Investment Website - SunshineProfits.com

* * * * *

About Sunshine Profits

Sunshine Profits enables anyone to forecast market changes with a level of accuracy that was once only available to closed-door institutions. It provides free trial access to its best investment tools (including lists of best gold stocks and silver stocks), proprietary gold & silver indicators, buy & sell signals, weekly newsletter, and more. Seeing is believing.

Disclaimer

All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

]]> Fri, 10 May 2013 10:03:08 -0400 Further Declines in Gold

These past few weeks it seems like paper gold is out and physical gold is in.

The fall in the price of gold has triggered a new run on physical gold that shows no sign of abating. Record amounts of money have exited 'paper,' i.e. futures and ETFs, and headed straight to the bank or the mint to be exchanged for coins and bullion bars, that is if one can get them. The strength of physical retail buying has taken dealers and mints around the world by surprise, leaving them scrambling to keep up with demand. The sudden surge is evidence of pent-up demand, particularly from China and India.

There seems to be a growing disconnect between paper and real gold. It's very likely that the paper sellers didn't foresee the rush to physical gold. Could it be the case that the physical market is lagging behind and will eventually catch up and sell off too? Let's look at some of the evidence.

Physical Gold, an investment company, said there were waiting lists of three weeks for some coins, and four to six weeks for gold bars whereas previously all would have been available within a few days.

The US mint had to suspend sales of certain coins as buying increased. It sold an estimated 210,000 ounces of gold coins in April - almost three and half times more than the 62,000 it sold in March.

The Perth Mint worked overtime over the weekend to manufacture enough stock to meet orders, which are at levels last seen in the 2008 financial crisis (confirmation of the 2008 - now analogy).

There are reports that both Istanbul and Dubai are out of investment bars, according to Bloomberg, with wholesale and bulk buyers paying a premium of between $6 and $9 an ounce for kilo bars.

A U.S. coin shop said that sales of Krugerrand have increased 468 per cent last week as investors rush to get the precious metal at what they see as a bargain rate.

The Financial Times wrote that Asia is witnessing one of the strongest waves of physical gold buying in thirty years. 'Buyers Scour Asia for Physical Gold', proclaimed the headline.

Swiss refiners have run out of kilo gold bars (cost around $48,000). There is now a one-month wait for delivery.

Physical stocks of gold held at CME Group's Comex warehouses in New York have dropped to a near-five year low in a further sign that gold's price crash unleashed a frenzy of demand, according to a Reuter's report.

Well…you get the point. The gold bugs are coming out of the woodwork and they want the kind of gold they can bite between their teeth. World over, private investors have taken advantage of the dip to pounce on physical gold. Keep in mind that there is some effort that goes into buying physical gold. It's not like placing an order online for the purchase of ETF shares. Most physical gold buyers are not in it for the short term -- they plan to hold on.

At Sunshine Profits we have always advocated physical gold over the paper kind for long-term investments. If your investment time horizon is more than a year, you want to purchase the physical metal, not somebody's promise to pay you some money down the line based on the price of the metal. For short-term trades, however, ETF shares are ok. On a side, note, if you didn't see it previously, we have two sections that should help you choose the best investment and speculative vehicle: How to Buy Gold and Gold / Silver ETF Ranking.

To see what is in store for the price of gold in the following weeks, let's turn to the chart section - we will start with the yellow metal's medium-term chart (charts courtesy by http://stockcharts.com.)

(click to enlarge)

A closer look shows us that gold has actually corrected to its previous support level (declining, dashed line) and verified this as resistance. At this time, it could just be a pause within a rally, but generally the main short-term trend here is down, although we have had a correction of about one half of gold's recent decline. It seems now that the move to the downside will continue and the RSI suggests this is clearly possible. It is no longer oversold and is pretty much in mid-range levels. Moreover, in last week's essay (Gold Price in May 2013) we discussed the importance of long-term cycles on the gold market - the cycle suggests further declines and formation of the final bottom in the next several weeks.

Let us move on to the chart of the yellow metal from the non-USD perspective.

(click to enlarge)

Here, gold prices are not at the 50% retracement level but rather lower. Other than that, this chart is similar to the previous gold charts and it seems that the short-term trend here will continue to the downside.

Finally, let's have a look at the Dow to gold ratio chart.

(click to enlarge)

This chart suggests that we will see lower gold prices. The reason for this is that the declining resistance line for the ratio has not been reached.

Summing up, the strength in the physical market suggests that the bull market is intact and that what we're seeing now is just a major correction within the secular bull market. However, it seems that declines in gold prices are not over yet. The bottom appears likely to be a few weeks away and this gives the market plenty of time to move lower. Gold corrected 50% of its decline and could now move lower once again. The Dow to gold ratio indicates a strong resistance line has not yet been reached. This supports the premise that gold's final bottom is not yet in.

To make sure that you are notified once the new features are implemented, and get immediate access to our free thoughts on the market, including information not available publicly, we urge you to sign up for our free gold investment newsletter. Sign up today and you'll also get free, 7-day access to the Premium Sections on our website, including valuable tools and charts dedicated to serious Precious Metals Investors and Traders along with our 14 best gold investment practices. It's free and you may unsubscribe at any time.

Thank you for reading. Have a great and profitable week!

Przemyslaw Radomski, CFA

Founder, Editor-in-chief

Gold Trading & Gold Investment Website - SunshineProfits.com

* * * * *

About Sunshine Profits

Sunshine Profits enables anyone to forecast market changes with a level of accuracy that was once only available to closed-door institutions. It provides free trial access to its best investment tools (including lists of best gold stocks and silver stocks), proprietary gold & silver indicators, buy & sell signals, weekly newsletter, and more. Seeing is believing.

Disclaimer

All essays, research and information found above represent analyses and opinions of Przemyslaw Radomski, CFA and Sunshine Profits' associates only. As such, it may prove wrong and be a subject to change without notice. Opinions and analyses were based on data available to authors of respective essays at the time of writing. Although the information provided above is based on careful research and sources that are believed to be accurate, Przemyslaw Radomski, CFA and his associates do not guarantee the accuracy or thoroughness of the data or information reported. The opinions published above are neither an offer nor a recommendation to purchase or sell any securities. Mr. Radomski is not a Registered Securities Advisor. By reading Przemyslaw Radomski's, CFA reports you fully agree that he will not be held responsible or liable for any decisions you make regarding any information provided in these reports. Investing, trading and speculation in any financial markets may involve high risk of loss. Przemyslaw Radomski, CFA, Sunshine Profits' employees and affiliates as well as members of their families may have a short or long position in any securities, including those mentioned in any of the reports or essays, and may make additional purchases and/or sales of those securities without notice.

]]> gld slv gdx uup udn spy dia dgp dzz dgz ubg ubm usv ptm ptd jjm jjn iau gdxj Gold Silver Gold Stocks Silver Stocks Mining Stocks Precious Metals Precious Metals Stocks