Equities see a bit of a relief rally overnight as ES futures trade up above 1150. The beat down on the metals however has continued. Gold Futures traded as low as $1535, experiencing a remarkable range of more than $131 in a volatile overnight session. Gold has since rallied to trade back above $1600. Silver Futures also saw a continued smack-down trading as low as $26.15. Silver futures have not seen the same recovery as Gold and currently trade down 8% off Friday's close. Silver is now down over 42% off the April Highs and more than 35% off the high on August 23d.
The key to trading in times like these is to make sure and have cash on hand to be able to take advantage of potential lower prices. If you trade on leverage and get into a losing position, you get into trouble. The market will present rallying opportunities and it is necessary to have cash on hand to take advantage of cheaper prices.
I am currently long SLV. You can follow that position here.
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