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Buyers are out in force for gold and silver

Commentaries & Views

As we sit here holding short positions in Gold and Silver, the last couple of days have been painful. Yesterday, we wrote that a much bigger selloff was coming both Gold and Silver tried to accommodate selling off from their highs only to be up sharply this morning.

We will be short through today and will not change until the earliest Sunday night. The price action looks like a mix between short-covering and chasing. However, it would be nice to be long instead of short, but we are mechanical traders and will not have an official change until the close of business today.

Days like today combined with big price moves usually leads to disaster for those who get too emotional. Traders must learn to accept losses and being wrong. You must trust your methods, know your win percentage and live with the trades your model provides.

Those who continue to trade the news and try to pick tops and bottoms always end up in the bread line wondering how they flushed their money down the toilet. Emotions and opinions have no place in the world of investing. For the rest of the day, we will be short Gold, Silver and long Platinum.

Here is the recording of Options Training Session 3 – The Next Step. We have also included a registration link for session 4 on Saturday February 5th at noon est.

2021-01-23 Recording: Options Training Session 3

2021-02-06 Options Training Session 4 Register here

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.