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COMMODITY INSIGHT
152 Ennis Lake Road, Ennis, Montana
(October 26, 1997) METALS: On Friday, gold prices dropped to a 12-year low, sparking a hard break for every metal on the board. The past week has been hard on nearly every market, but Friday was especially hard on the gold market.
The break in gold prices did drive silver prices right to the buy level I suggested in the last issue of this newsletter. On Friday, I went long (1) December COMEX silver at $4.79 with the market closing out the day at $4.78½. Hold this trade but be certain to use a $4.60 intra-day stop.
On a trade of $4.91 or higher, move all intra-day stops up to $4.81, intra-day. Take profits at $5.03.
Here again, it's hard to say what the metals will do in the upcoming week. But my bias is to buy breaks.
Jerry F. Welch
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