With Labor Day nearing, an 8-week rally has taken gold right back to its Memorial Day level, with a big move today (GLD +1.6%) bringing the yellow metal within cents of $1,400 per ounce.
It's been a great run, but Weeden's Michael Purves is advising clients to take profits on a bullish options strategy he drew up just 10 days ago. He notes "considerable resistance" at the $1,410 level, and is "approaching the next leg of this rally with some caution."
The late-summer move in silver (SLV +4%) is even more impressive and it's returned back to levels seen at the start of May.
GLD, IAU, SGOL, PHYS, AGOL, DGL, UBG, DGP, UGL, DZZ, GLL, DGZ, UGLD, DGLD, GLDI, SLV, SIVR, AGQ, DBS, USV, ZSL, USLV, DSLV, SLVO.