(November 2, 1997) METALS: The metal markets are still reeling from the effects of gold prices falling to a 12-year low on October 24. Following that low, gold prices rose a bit but on this Friday, prices slumped once again with nearby futures dropping $5 an ounce. The gold market is a mess!

In my website I bought (11) December silver this week at $4.69 and took profits a few days later at $4.87. I mention that only to illustrate the approach I am taking with the metal complex at this time. Silver can be bought somewhere around the $4.69 level for a quick trading turn towards higher levels. But the weakness in gold prices suggests that profits on silver positions be taken quickly.

Jerry F. Welch

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