Gold, Silver and Platinum have seen a volatile start to the week, opening lower on Sunday night and now working higher. With the election tomorrow, market conditions promise to be volatile. As the winds blow on the politicians, markets will move quickly in both directions.

The exchanges and brokerage firms have been hiking margins for the past couple of weeks and are making special margin arrangements for the next couple of days which will prevent many day traders out of the markets. The increased margins may also cause some forced liquidations creating even more volatility.

However, the metals remain in a downtrend, volatile markets do not change the overall trend. We will stay short Gold, Silver and Platinum until the trend changes. Do not get yourself trapped trying to guess the results of the election or where the bottoms are. Only price action can change the trend and until then do not fight the tape.

Remember if you are not willing to be short Gold, Silver and Platinum do not guess the bottom. Be patient and wait for the trend to change to bullish. Some of the best trades that are made are the ones that are not.

Todd Horwitz Chief Strategist
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