With gold below $1,280, silver below $16.60, and GDX at new monthly low, we have one important word to say to you.
Congratulations.
It was very difficult to stay cool in spite of overwhelming monetary-news-induced emotionality, but you did exactly that. And you’re now reaping the rewards. More precisely, you’re just starting to reap them as the big slide seems to be only beginning.
The important thing that we see right now is the slide in the HUI Index below the long-term rising support line that we featured on HUI’s long-term chart. It was featured in Tuesdays’s alert, for instance:
The line is currently at about 178, while the HUI is trading at 177.27. That’s not very far from the line, but its visibly below it and there are only a couple of hours left until the end of the session and until the end of the trading week. Consequently, it seems likely that we’re going to see this critical bearish confirmation shortly. This breakdown is likely to lead to a quick slide, which in turn could mean breakdown below the previous 2018 lows.
We know it may be hard to believe after 2 months of back and forth movement, but the big slide that we’ve been waiting for seems to be really starting. Buckle up and enjoy the ride.
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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