Precious Metals

The Major Trend Index remains positive and net exposure in both portfolios is 64%. For all of 2013, our average net equity exposure was 60% in each portfolio.

For 25 years we’ve tracked hypothetical industry group portfolios comprised of the previous year’s “Dreams” (20 best performers) and “Nightmares” (20 worst performers).

The Major Trend Index remains positive, but we reduced our target exposure from 62% to 60% using a short ETF as we believe this position will be temporary in nature.