You already read earlier today about the interpretation of the strength in silver, but when things get hot it’s easy to lose the perspective and we thought that you’d appreciate a few extra words.

Silver soared almost 50 cents today, while gold moved only $7 or so. That’s a very clear sign of the outperformance of the white metal. This multiplies the bearish implications of the analogous sign that we saw yesterday, when silver moved higher by 11 cents.

In light of silver’s upswing and no change in the outlook (in fact today’s outperformance makes it even clearer that the next really BIG move is going to be to the downside), we are moving the stop-loss levels for silver higher. The stop-loss levels for gold and mining stocks remain unchanged.

The new stop-loss level for silver is $18.06, the stop-loss for the DSLV ETN is $19.27.

Again, the outlook remains bearish as nothing really changed except for silver’s strength, which by itself (when it’s visibly outperforming gold) is not a bullish factor, but a bearish one.

As always, we’ll keep you - our subscribers - informed.

Thank you.

Sincerely,
Przemyslaw Radomski, CFA
Founder, Editor-in-chief, Gold & Silver Fund Manager

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