I tweeted yesterday (Monday) around 11am ET that I felt both gold and silver were putting in short-term tops. I am not calling for the end of the rally or the "bursting of the bubble", however after parabolic gains over the last 2 weeks it is normal to see some profit-taking.
My gold and silver holdings have more than doubled since the original purchase and I will not take profits at this time. I will hold as long as the long-term uptrend remains intact and as a matter of fact, would be a buying on a pullback to support for my clients that are underexposed to the precious metals.
Levels to watch on SLV are: $41, $38.75
Levels to watch on GLD are: $143.85, $140.50
Also keep an eye on Platinum and Palladium as potential buys on more weakness.
Market expert and TV personality Matt McCall blogs about what is really moving the markets. He will emphasize Exchange-Traded Funds (ETFs) and individual stocks throughout the trading day.
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