Sliding FCX, Soaring Silver & Profits from Both

Investorideas.com (www.investorideas.com
Newswire) The enormous decline in FCX that I featured in Wednesday’s intraday Gold Trading Alert just got even bigger.

FCX declined by over 6% yesterday and it’s down over 20% this
week.

Your profits here soared quickly, and they are likely to increase even
more.

Why? Because copper seems to have completed its correction by rallying
a bit above its 38.2% Fibonacci retracement and then failing to hold
above this level.

The previous move lower was huge, and copper’s long-term technical picture favors huge declines. FCX is a perfect (or worst, depending on
how you look at it) position to magnify this decline.

The other key thing that’s happening in the precious metals and
related areas is the silver’s unstoppable rally.

Yesterday, it moved above its second 2011 high, and today it’s
moving even higher.

Silver just jumped to almost $46 level.

This is the key moment for the white precious metal as well as for
other related markets. If the current breakout (above $44.14) is
invalidated, silver will likely slide immediately. If not, then silver
would be likely to rally all the way to its $50 resistance provided by
its 2011 and 1980 all-time nominal highs.

As we have no trading position in silver, and we have full
positions in gold and silver in the insurance capital, and we have a significant
silver position in the investment capital, both: declines in FCX and
rallies in silver are working on our favor.

Silver’s big picture provides an interesting possibility for the medium-
and long-term. Namely, the entire 2011 – now period looks like a
giant cup of a cup-and-handle pattern. The upcoming decline in silver
would likely create the “handle” part of the pattern.
Then, once the decline is over, and the pattern is complete, silver
will likely be ready to finally break above it’s all time high,
and… Well, soar in an exceptional manner.

Yes, I’ve been writing about silver’s likelihood to
decline along with the rest of the precious metals sector for some
time, but let’s keep in mind that this has always been about
medium term. I kept writing that silver has great long-term potential, and I continue to be convinced about that.

The way I see it resolving right now, is as above – we’ll
likely get a slide from here either right now, or after silver moves
to $50, and then – once silver bottoms – it could be
“sky’s the limit” for the white metal – with
$100 being the lowest of possible upside targets.

But, for now, it looks like silver will start a decline either right
away or soon – after moving to $50 or so.

The USD Index pulled back a bit, but it’s still after a breakout
and after a comeback above its April low. This is a very bullish
combination – especially that the USD Index’s revival is
taking place amid rate cut discussions and while Fed’s independence is being questioned. In other words, the USD Index is managing
to rally despite everything being thrown at it.

The previous big rallies in the USD Index and the previous big
declines in the precious metals were aligned, but not to the letter.
The declines in the PMs and miners started or picked up once it became
clear that the USD Index is indeed in the rally mode once again. AT
this moment, I wouldn’t say it’s clear to most. Most
people would likely say that the USDX is stuck in the 96.5 –
100/102 trading zone. Even if the precious metals sector doesn’t
react to the initial part of the USD’s rally, it’s likely
to react (and then catch up in a profound manner) when USD’s
rally is clearer.

And yes, the profits on the short position in the FCX are likely to grow
significantly regardless of whether it corrects today or
not.

Thank you for reading my today’s free analysis. There’s
more (including trading details) in the full version of my analysis
– today’s Gold Trading Alert. Those, along with 11 other
premium services are included in Golden Meadow®’s Diamond Package.

Just yesterday, we posted a comprehensive “how to take advantage of the top
performing signals with options” report – it’s available exclusively to Diamond Members.
You can get those details and two weeks of premium access for just
$19. Go Diamond today.

Thank you.

Przemyslaw K. Radomski, CFA

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