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Gold, silver and platinum take a beating

Commentaries & Views

Just as we reversed our gold position, it got clobbered on Wednesday. Gold at the lows was down almost $50.00 at one point and close the day down about $33.00 for the day. Obviously, we are not thrilled with the action, but at the same time, we are not concerned.

Silver continues lower and we remain short. On Tuesday, silver came awfully close to reversing to the long side; fortunately for us, we stayed short. We never argue with the algorithm, nor do we infuse our opinions into reversals and new trades. We will remain short silver until the algorithm changes.

After peaking last Friday at $1,093, January futures Platinum has sold off about 7% this week. However, we remain long and see platinum at support. What we see in platinum is a natural pullback to a major support level and an opportunity to add to our long position.

The bottom line is news, opinions and outside noise have no place in the trading world. Trading must be automatic based on facts of whatever system you are using. Follow your plan and the rules that are included in the plan you are using. There are no exceptions to the rules.

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Disclaimer: The views expressed in this article are those of the author and may not reflect those of Kitco Metals Inc. The author has made every effort to ensure accuracy of information provided; however, neither Kitco Metals Inc. nor the author can guarantee such accuracy. This article is strictly for informational purposes only. It is not a solicitation to make any exchange in commodities, securities or other financial instruments. Kitco Metals Inc. and the author of this article do not accept culpability for losses and/ or damages arising from the use of this publication.