Silver and mining stocks moved higher yesterday, invalidating the previous breakdowns, which seems to be a bullish sign. On the other hand, the size of the comeback was very small when we compare it to the size of the comeback in the main stock indices and the USD Index. Did the outlook improve or deteriorate based on yesterday’s price action?

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Yesterday we saw another big daily decline and it served as an additional confirmation that taking profits on long positions and entering short ones on Monday, at 2PM (when the GDX was at $15) had been a good idea. Will the short positions become more profitable in the future?

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Gold declined once again yesterday and miners plunged in a much more meaningful decline. Is this the beginning of another big slide in the precious metals sector?

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Stocks declined. The USD Index declined. Silver declined. Miners declined. Finally, gold declined as well. If the USD had been rallying, we could be speaking of a major deflationary wave, but it declined as well. What’s going on and, more importantly, what are the implications for the precious metals sector?

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