Last Friday we took an initial position in GLD in the Premium Service, a relatively conservative bet vis a vis the Jun $500C. The aggressive side of this precious metals bet is Silver, via the May 15th $70C Spot Silver Daily The key question that remains unanswered is whether or not Wave 4 is complete, or another dive to new lows needs to occur before we get the 5th Wave advance to new highs. This bet says the corrective wave is over and its much higher, sooner rather than later. The timetable for new highs is June-July-August with prices well above $130/oz. Buy SLV May $70C on a Spot Silver breakout, i.e., a Spot Silver close above $75.00 SLV May $70C SLV Daily Its about 60-40 that Wave 5 has started, not huge probabilities, so tread lightly. We will add on an SLV close above dashed mid-line of Wave 4 channel and again on a close above the Wave 4 parallel channel. First 1/3 on Spot close above $75.00.
