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Weekend update

Gold update

Gold: Short squeeze update

This was the banks last chance to at least slow down the bleeding. They hit gold with another 15,000 contracts this morning. I don’t think they will be able to stop the intermediate advance, but they may be able to trigger a pause or mild pullback for a day or two.

Gold update

It’s been my feeling that one of the big bullion banks has gotten trapped into a huge short position and that is going to fuel a major short squeeze in the metals. Most traders will take profits way too soon because they don’t understand what is going on in the metals, and they’ve become conditioned to take profits quick. They won’t be prepared for a change of character and they won’t be able to adapt fast enough to the change to profit from it.

Challenge results for May

We’re coming down to the wire now. Only one more month to go.

  1. Orman F +113%
  2. Mustang Sally +90% But heavily underwater on the current trade and running out of time to recover.
  3. Dale S +87%
  4. Michael G +81% But deeply underwater on current trades and running out of time to recover.
  5. The SMT stock portfolio +80%

The SMT metal portfolio is up 47%.