Ed Note: Below is a small excerpt from Mark Leibovit’s Daily VR Trader. The VR Gold Letter is published WEEKLY

We’re Approaching The Important 50% Retracement Level At Dow 10,300+ – Caveat Emptor!

Michael Campbell will be hosting and I will be presenting at the ‘All-Star Trading Super Summit’ on Saturday, October 24, at the Sheraton Wall Centre in Vancouver, British Columbia. Below is his formal invitation. Vancouver is always fun and I get all the salmon I can eat. Hope to see you there. Sign up today!

Precious metals ended yesterday mixed, even though the Dollar fell, as traders exited their “safety” holdings, including Treasuries, the Dollar, and gold. Gold was down 1.40 to 1062.70 after hitting a new record high of 1071.80 yesterday morning. Silver was up 0.10 to 17.88 after setting a recovery high of 18.13. Platinum was up 3 to 1359 and set a new high of 1371. Palladium was up 1 to 327.

I am overall still very bullish, but I was looking for a move in Gold to find resistance (if not a temporary top) near the 1080 level. If we go through there, 1120-1130 is the next benchmark.

From Yahoo.com:

“Famed investor Jim Rogers is “quite sure gold will go over $2000 per ounce during this bull market.” Still, “I wouldn’t buy gold today,” Rogers says. “I think I’ll make more money in other commodities, which are cheaper,” as discussed in more detail here.“

Marks Comment From Tues Oct. 13th

Gold futures held by speculators reached a record high in the most recent week as prices climbed to an all-time high above $1,060 an ounce, raising worries that a possible switch in positions could lead to a slump in gold prices. On the Comex division of the New York Mercantile Exchange, net long, or buying, positions held by speculators rose to 239,668 contracts in the week ended Oct. 6, according to the market regulator, the Commodity Futures Trading Commission. That’s up 6.7% from a month ago and nearly doubled the level at the end of last year, when gold was trading below $900 an ounce. The CFTC’s weekly Commitments of Traders report, released late Friday, also showed that speculative net long positions accounted for 50% of open interest, or the amount of total contracts outstanding. Speculative net long positions topped 50% for the first time ever in mid-September, when gold prices rose to an 18-month high above $1,000. The percentage has since stayed around 50%.

The weekly VR Gold Letter focuses on Gold and Gold shares. The letter is available to Platinum subscribers for only an additional $50 per month and to Silver subscribers for only $70 per month. Email me at mark.vrtrader@gmail.com.

Marks VRTrader Silver Newletter covers Stock, TSE Stocks, Bonds, Gold, Base Metals, Uranium, Oil and the US Dollar.

More kudos – Mark Leibovit was named the #1 Intermediate Market Timer for the 10 year period ending in 2007; the #1 Intermediate Market Timer for the 3 year period ending in 2007; the #1 Intermediate Market Timer for the 8 year period ending in 2007; and the #8 Intermediate Market Timer for the 5 year period ending in 2007. NO OTHER ANALYST SURVEYED APPEARED IN ALL FOUR CATEGORIES FOR INTERMEDIATE MARKET TIMING AS PUBLISHED IN TIMER DIGEST JANUARY 28, 2008!
For a trial Subscription of The VR Silver Newsletter covering Stocks, Bonds, Gold, US Dollar, Oil CLICK HERE

The VR Gold Letter is available to Platinum subscribers for only an additional $20 per month, while for Silver subscribers the price is only an additional $70.00 per month. Prices are going up very shortl, so act now! Separately, the VR Gold Letter retails for $1500 a year! The VR Gold Letter is published WEEKLY. It is 10 to 16 pages jam-packed with commentary and charts. Please call or email us right away. Tel: 928-282-1275. Email: mark.vrtrader@gmail.com .

Marks VRTrader Silver Newletter covers Stock, TSE Stocks, Bonds, Gold, Base Metals, Uranium, Oil and the US Dollar.

More kudos – Mark Leibovit was named the #1 Intermediate Market Timer for the 10 year period ending in 2007; the #1 Intermediate Market Timer for the 3 year period ending in 2007; the #1 Intermediate Market Timer for the 8 year period ending in 2007; and the #8 Intermediate Market Timer for the 5 year period ending in 2007. NO OTHER ANALYST SURVEYED APPEARED IN ALL FOUR CATEGORIES FOR INTERMEDIATE MARKET TIMING AS PUBLISHED IN TIMER DIGEST JANUARY 28, 2008!
For a trial Subscription of The VR Silver Newsletter covering Stocks, Bonds, Gold, US Dollar, Oil CLICK HERE