Today’s alert is going to be rather short as almost (?) everything developed as we described it yesterday and the analysis remains up-to-date. We wrote that silver’s short-term outperformance is likely a topping sign and that it just reached a resistance level (March lows) – silver declined shortly thereafter. Gold reversed as well and ended the session only $2 higher. The most interesting thing happened in mining stocks – we wrote that their rally (also relative to gold) is likely over or very close to being over and they actually moved a bit lower despite a small move higher in gold. What's next? You'll find more details in today's alert.

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The gold stocks to gold ratio reached an important resistance line on Friday and it appears that it could have been the local top. What does the above imply for the following days and weeks?

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In yesterday’s alert we wrote that the strength in the mining stocks relative to metals made it somewhat likely that we would see a turnaround in the entire precious metals sector and we discussed when that could happen and what the trigger could be. However, based on yet another day when metals didn’t do much and miners rallied, it could be the case that the scenario discussed yesterday will be replaced by a different one.

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The mining stocks moved higher yesterday and this move can be explained neither by a move higher in gold or silver, nor by a substantial rally in the main stock indices. Does the miners’ strength indicate a looming turnaround?

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In yesterday’s alert, we discussed a development that was likely to substantially increase the volatility in the precious metals sector. Based on yesterday’s session, it became even more likely that this would take place shortly. Will gold really plunge in the following weeks even though it has already fallen quite visibly?

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