In the previous weeks we saw relatively strong performance of mining stocks – they multiplied gold’s gains and held up well when gold declined. This action made many traders believe that the rally that we were seeing was a beginning of another strong upleg in the precious metals sector. However, it seems that the tables have turned – miners have just declined visibly even without gold’s decline and in spite of the USD’s decline. Is this just a pause or was the recent upswing just a short-term correction?

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More than a week ago we analyzed gold’s price targets for the final bottom of this prolonged decline (the one after which gold finally soars). In today’s alert we’re going to focus on silver. The situation in the case of the white metal is more difficult to project because of silver’s volatility, but it doesn’t mean that estimating price targets is impossible. In today’s alert we’ll do exactly that and we will also discuss the potential for increasing the profits on the current short-term trade.

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Gold and (especially) silver moved visibly higher early in yesterday’s session and so did mining stocks but ultimately both miners and silver erased most of their early gains. Is the corrective upswing already over?

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Gold rallied initially last week only to slide back down and end it $2.70 lower. It seems that the market heavily overestimated the Fed’s willingness to change their current approach and the consequences on gold. It soon became obvious that nothing changed and gold resumed its previous trend, as we expected. Will it slide even further or is it high time for a rebound?

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Gold, silver and mining stocks plunged yesterday and this move caught many by surprise. No wonder – most analysts heralded the beginning of another big rally this week. We didn’t – we viewed this week’s rally as a temporary and rather implication-less event. We didn’t have to wait for long for the market to agree with us. What does it tell us now, after a sharp decline?

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