Gold, silver and mining stocks once again showed strength by not declining on Friday, while the USD Index rallied and once again we are reporting that this is a bullish sing. When the USD Index finally does decline (after all, no market can move in a single line forever), precious metals are likely to rally. So, is there anything new that we can discuss today? Yes – there are more markets that need to be taken into account while estimating the outlook than just metals, miners and the USD Index and in today’s alert we also discuss one of them – copper.

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The big decline in the precious metals appears to already be underway (even though we are in a short-term corrective upswing) and it seems that gold will move much lower in the coming months even though it’s likely to move higher in the coming days. The big decline remains to be the most important development for gold and silver investors. Why? Because this decline’s end is likely to present the ultimate buying opportunity for precious metals and for mining stocks. You'll find our take on the million-dollar question in today's alert.

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In the previous few alerts we focused on the price targets for mining stocks as they were (and still are) the part of the precious metals sector that rallied most significantly, but that’s only part of the full picture. In a globalized economy and interconnected financial markets, none of them can move totally independently from each other – usually the opposite is the case, especially within the same sector. Consequently, we can expect gold’s, silver’s and miners’ tops to confirm each other and discussing all of them is necessary - that's what we do in today's alert.

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Yesterday’s rallies in gold and silver were not profound, but the relative outperformance of mining stocks definitely was. Miners rallied almost 4% even though gold moved higher by 0.5% and the USD Index closed practically unchanged. The strong performance of mining stocks suggests that the rally is not over.

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At the first sight, not much happened yesterday on the precious metals market yesterday, but there was a tiny difference in the relative valuations that shows which direction is more likely for the precious metals market in the coming days. We invite you to read the details in today’s alert.

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