MLR - Today's market action concerning precious metals
As we discussed in our recent webinar last week, one possible action would be to sell one's precious metals holdings before Friday's close on July 29, then rebuy them today at a lower price.
When the debt ceiling agreement was reached over the weekend, the general market gapped up while precious metals gapped down in futures trading.
We would use this gap down as a buying opportunity to either add to your existing positions in precious metals or to buy back what you sold last week.
Keep in mind that the precious metals may go a bit lower over ensuing days so one may decide to scale back into their full position.
That said, we continue to believe that the long term direction of precious metals is up given the highly favorable fundamental backdrop that will send the dollar lower, and stocks and commodities, especially precious metals, higher.
This information is provided by Virtue of Selfish Investing, LLC (VoSI) is issued solely for informational purposes and does not constitute an offer to sell or a solicitation of an offer to buy securities. Information contained herein is based on sources which we believe to be reliable but is not guaranteed by us as being accurate and does not purport to be a complete statement or summary of available data. VoSI reports are intended to alert VoSI members to technical developments in certain securities that may or may not be actionable, only, and are not intended as recommendations. Past performance is not a guarantee, nor is it necessarily indicative, of future results. Opinions expressed herein are statements of our judgment as of the publication date and are subject to change without notice. Entities including but not limited to VoSI, its members, officers, directors, employees, customers, agents, and affiliates may have a position, long or short, in the securities referred to herein, and/or other related securities, and may increase or decrease such position or take a contra position. Additional information is available upon written request. This publication is for clients of Virtue of Selfish Investing, LLC. Reproduction without written permission is strictly prohibited and will be prosecuted to the full extent of the law. ©2016 Virtue of Selfish Investing, LLC. All rights reserved.