Time 11:32

Stocks: GLD, SLV

Gold and Silver are both giving strong 60 min. sell signals. They are both up against resistance of the 50 day ma and the 50% retracement lines where the stocks have failed 2x before in this current down trend. Fundamentally speaking the G7 are meeting this weekend and who knows what type of manipulation they dream up that hits the metals. We want to protect our CEF position during this current down trend, so every signal like this must respected. As long as the daily charts are on a negative signal we must error on the side of protection. Remember we hope to lose money on t he hedge cause that will mean we are up in the account.