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IRA EPSTEIN & COMPANY
223 West Jackson, 7th Floor, Chicago, Illinois
(December 11, 1997) METALS: GOLD–Readers of this report know that I have been advising traders to hold a short position in gold over the past few months. My advice to sell gold short first came about when gold was trading around $335. Gold is now trading around $280.
RECOMMENDATION–I recommend getting short gold this week if you do not already have a position. New sellers of gold should, in my opinion, look for sharp rallies (increases) in price and then sell Gold short.
SILVER–From what I see, silver continues to look strong. If you like to trade metals but do not like to sell short, then silver is the market for you. Silver has been trending higher. In my opinion, this up trend has been based on declining COMEX warehouse stockpiles.
RECOMMENDATION–I recommend traders buy silver at current prices.
COPPER–Copper has been trending lower since June. As I see it, traders who like to sell short should consider copper. At some point, however, copper will become oversold so I will be watching this market closely for a change in trend.
PLATINUM–Platinum has been in a steady decline for the past six weeks. In my opinion, platinum is being dragged lower by gold prices. However, I believe platinum will stay in demand around the world because it is an industrial metal.
RECOMMENDATION–Strong economies have a need for platinum and for this reason, I recommend traders buy platinum near $375.
PALLADIUM–Palladium seems to be stuck in a congested trading range offering no real trading opportunities. If palladium breaks out to the upside, I see $220 as key overhead resistance.
RECOMMENDATION–In my opinion traders should look to sell palladium at this technically important number.
David Drake
Metals |
Energy Complex
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