Special Update: Sell Signals Triggered in Gold/Silver Mining Shares Today!

Just a quick update this evening relating to the Gold/Silver Mining Shares.

I turned aggressively bullish on Gold/Silver mining shares in May, and by early June I had accumulated substantial positions in several of my favorite names (EXK, AG, GG, and GDXJ).

In this column on June 3rd I wrote the the following Special Update:

"Daily Chart computer-generated buy signals were triggered in the following Gold/Silver mining stocks:

Agnico Eagle Mines (AEM)              $30.48

Gold/Silver Mining Index (XAU)        $84.98

Barrick Gold (ABX)                          $15.97

Endeavour Silver (EXK)                  $  3.90

First Majestic Silver (AG)                 $  8.44

Fortuna Silver Mines (FSM)             $  3.93

Gold Mining Share ETF (GDX)        $22.37

Newmont Mining (NEM)                   $22.82

The sheer number of buy signals here is incredible! Of course, most of these stocks have been annihilated since their early February 2014 highs, but today's buy signals bode well for the group as a whole over the next several months (at least)! In the interest of full disclosure, I have significant long positions in Endeavour Silver (EXK), First Majestic Silver (AG), Goldcorp (GG), and the Junior Gold Mining Shares ETF (GDXJ)."  (Exact copy of paragraph from my June 3rd Column.)

However, ....

Daily chart Sell Signals were triggered by my computer trading system today, July 10th!

While I remain confident that the long term bull market in Gold and Silver has now resumed after several years of retracement and base-building, the rally (and first leg up) in Gold/Silver Mining Shares that began on June 3rd looks like it may have ended today. Recent gains in this sector have been nothing short of spectacular. From its closing price on June 3rd, Endeavour Silver (EXK) surged 61% to today's intra-day high. Fortuna Silver (FSM) jumped a similar amount, and all of the stocks listed above posted exceptional gains over the last five weeks.

However, it's time to take profits and exit all positions in this exciting group. Daily chart sell signals were triggered by my computer system in the following Gold/Silver Mining shares at today's close: ABX, AEM, AU, AG, FXM GDXJ, GDX, GG, HL, NEM, PAAS, PPP, RGLD, SILJ, SIL, SSRI, SLW, and XAU.

Here is a representative stock from the Gold/Silver Mining Sector with all computer-generated buy and sell signals reflected:

First Majestic Silver (AG) Daily Chart with Computer-generated Buy & Sell Signals