Silver is still holding the 14 yr trendline for the moment and gold is still acting well, so I'm still holding positions in futures. However, with the breakdown in miners under the lows from last month, I'm getting much lower projections. For example, I think XAU has a reasonable chance of running down to 23.30 area at some point. So I dumped all the miners and mining share ETF positions. Stop on silver remains at weekly close under 13. If the pattern and trendline continue to hold together for silver, I don't really think it moves up much until crude bottoms. In my work, that isn't scheduled to occur until about the end of the month give or take a few trading days.
Kim Rice 1/19/16
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