Gold rallied back above $1,100 yesterday, which could mean that much higher prices are on the horizon. However, mining stocks are not showing similar strength. Which part of the precious metals sector is showing the real direction?

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Gold and silver didn’t do much yesterday – the latter rallied a bit, but not significantly. The general stock market didn’t do much as well. Consequently, it seemed likely that mining stocks wouldn’t do much as well, right? Wrong. The surprises are to the downside and this is something that one should expect at this time. Mining stocks plunged, broke below MAJOR support levels and closed at the levels not seen in more than 13 years. What are the implications?

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The precious metals sector moved in a very specific way last week. Gold showed strength by closing the week above the mid-2015 low, silver moved back and forth, but finally ended the week below $14 and mining stocks declined and more than erased their previous 2016 gains. Moreover, silver stocks broke well below their previous lows. What’s likely to happen next?

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