Gold, silver and mining stocks continue to decline this week and the yellow metal is down over $40 in the last 7 trading days. Since no market can move in a straight line, either up or down, it’s only a matter of time when the price reverses. Where could that take place and what action appears justified once the nearby downside targets are reached?

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Mining stocks broke below their rising support line about a month ago, but we didn’t see the breakouts in gold and silver until this week. Is the outlook really as bearish as it appears based on the breakdowns?

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When Yellen delivered a speech on Friday and reassured the markets that interest rate hikes were really on the table, the markets reacted in quite a specific way. The stock market didn’t do anything, the precious metals market moved higher and the USD Index declined substantially – was the decline in PMs only a matter of uncertainty and have we just seen a reversal?

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In yesterday’s alert, we discussed the stock market rally and its impact on the precious metals market through, i.a., the silver market. We wrote that if silver declined, it would flash an important signal – and that’s exactly what happened. What are the immediate implications?

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The biggest news yesterday was the stocks’ profound daily rally. Both the DJIA and S&P 500 soared and the latter even touched the 2400 level. Since in today’s globalized economy and integrated financial markets no market can move truly on its own, it’s natural to expect that the big move in stocks will have some kind of impact on other markets – including gold and silver. In today's alert we examine what kind of impact this really is.

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