The signal coming from the mining stocks is clear - lower values of precious metals and miners are just around the corner.

Once again, we will begin today's chart discussion with the picture featuring mining stocks. Miners plunged on Wednesday, right after we increased the size of our short position, and they moved up yesterday. Is the move higher a reason to be concerned?

Absolutely not. If anything, it's actually a bearish confirmation. Why? Because gold moved higher visibly, and miners moved up only barely. In fact, they declined on an intraday basis, what Stockcharts marks with black. And there's something very specific about this black candlestick right now.

On Wednesday, we wrote the following:

The thing that we would like to add today is the note about similarity between the price patterns that we saw between mid-February and early March and the last few weeks. The areas marked in red are identical. As you can see, the shape of the price moves is very similar, and so is the timing of the price extremes. In fact, the latter is almost identical. "Almost", as it seems the move lower started one day earlier this time.

It's just like if the PMs and miners got fed up waiting for the USD's rally and stock market's decline and are moving lower even without them. This is the perfectly bearish situation, because once we do get the above-mentioned signs, the decline is likely to simply accelerate.

The specific thing about yesterday's black candlestick in the GDX is that the same type of candlestick formed on March 10^th - three days after the high in terms of the closing prices, two days after the first daily decline, and one day after the very interim bottom.

Back in March, this session was the very definition of the calm before the storm. What followed in the next three trading days, was truly epic. And yet, just then, this session might have appeared not to be a big deal at all. At least to many of our bullish colleagues.

And just as we had suggested a huge, 250% short position in miners (we also had it in gold and silver at that time) in our March 10^th Gold & Silver Trading Alert, we are shorting the precious metals sector with a huge position once again.

So far, the moves lower in the GDX were smaller than the ones in March, but please note that back then, miners had bearish support from the action in the main stock indices, which were falling. Right now, the general stock market does appear to be ready to fall, but it hasn't moved lower just yet.

Let's keep in mind the monthly May reversal in the HUI Index. Gold stocks have already declined shortly after May ended, but the size of the decline has been barely noticeable on the monthly chart where the reversal took place. Consequently, it seems that the move has only begun.

Gold rallied yesterday, and it's declining today. It's not a bearish sign on its own, but we want to show you that after the initial decline in March gold also corrected before sliding most profoundly. Back then, the move took form of an intraday move higher and this time we had a daily upswing, but the similarity is intact in general. This means that yesterday's rebound is not necessarily a bullish development.

Silver has more or less paused which is also very similar to what happened right after the initial top. It then continued its decline shortly.

As you can see, PMs and miners are repeating their March performance to a considerable extent, but they are repeating slightly different parts thereof. Why would that be the case? For instance, because of the situation in the related markets: USDX and the general stock market is somewhat different, especially in case of the latter.

The situation is more similar to what we saw in early March in case of the USD Index. The US currency is after a sizable decline also this time. Right now, it's not as big, but it's a bit longer. People now are starting not to fear Covid-19, but the second wave seems to be just around the corner.

In fact, it's clear that it's already here globally - please note the rise to new highs in new daily Covid-19 cases. As far as the US is concerned, right now people are still not focusing on the economic implications of "mass gatherings" of various kinds, including protests and riots. We'll expand upon that thought on Monday, but for now let's say that given the similarity to early March, it's quite natural to see moves that are a bit less volatile and that take a bit longer.

Moving back to the USD Index chart, please note that the RSI is below 30. Even the close proximity to this level used to trigger rebounds in the past months, and these signals have been very effective. The implications are very bullish for the USDX. Please keep in mind that gold plunged in March when the USDX started its volatile rally, which in turn started right after the decline that's so similar to what we've seen in the past few weeks.

The S&P 500 didn't decline yesterday and in today's pre-market trading, the S&P 500 futures moved above the March highs and the 78.6% Fibonacci retracement level. If confirmed, this will be a very bullish development for the stock market. The key word here is: if.

For now, I strongly doubt that stocks will be able to rally even more without a bigger decline first. In fact, given the economic damage that is being done, it doesn't seem to me that the stock market has ended its decline either.

The decline in the stock market is what would likely add fuel to the bearish fire, particularly in case of silver and mining stocks.

The fact that gold miners (brown line in the lower part of the above chart represents the HUI Index) moved visibly lower despite a decisive move higher in the S&P, is already a strong bearish sign. Once stocks decline and so does gold, gold stocks are likely to truly slide.

Before summarizing, we would like to reply to the questions that we just received.

From the Readers' Mailbag

Q1: I think there must be a trigger that will be the cause of the decline. There is no clear cause for this decline. The first drop was also caused by a virus called Corona. In my opinion, this trigger seems to be a problem due to the crisis of the emerging countries. What do you think is the trigger?

A1: We both: agree and disagree about the necessity of seeing some kind of trigger. In general, we disagree. The prices can fall just like that and - in fact - that's exactly what mining stocks have been doing recently. Did the USD rally, or did the stock market plunged? No, and yet, the market is falling simply because it rallied too much.

When the market does move more profoundly, people might say that it happened because of something that happened on that single day. And there will be multiple events that will seem like they caused the move. There's a saying in statistics that "if you torture the dataset long enough, it will confess to anything". There might be 20 economic reports released in different parts of the world when gold does something major. Will any of the events be the real cause of the decline? If China invaded Russia today, gold would almost certainly soar because of that. But what kind of event has caused gold to both: rally, decline, and then rally more in February and March? The big development was the same for all of them, but people changed the way in which they reacted to it.

The trigger that you want to see might already be here, but people have not yet managed to start reacting to it in a bearish way. Or actually they did, but not in the way that's profound just yet. The trigger that people are not yet fully reacting to might be the economic damage caused by the second wave of the Covid-19 or by significantly longer single wave. Longer lockdowns, more deaths, both: in the US and globally. That's what was the reason behind the March rally in the USD and what could be behind the next one.

The question is when the press starts covering the rising numbers of new cases - which are almost guaranteed to rise. Once that happens, people will recall that they are actually in the middle of the pandemic and the fear might return - as the perceived scale of pandemic would increase beyond what people already got used to.

Stock market's recent strength is my view something very emotional as if people were in the "it's all over, let's get back to the way everything was" mode. But it's neither over, nor the reality is going to be the same as it used to be. People don't seem to realize the vast cost of this pandemic.

Q2: You said it would be similar to the March move, when oil and stocks were already the first move. (This is known as a typical downturn pattern.)

Oil (01/08)> Stock Price(02/20)> Precious Metal(02/25)> Dollar(03/10)

But this time, oil and stock prices are not moving.

Do you think the dollar will plunge again without oil and stock movement?

Or do you think these will go down eventually?

Or do you think these are separate movements and there will be no adjustments?

A2: The pandemic - the direct trigger for the moves that were likely to take place (at least in case of the PMs) anyway - is not something the market has experienced in the past decades.

Consequently, the order in which all markets react to it doesn't have to be aligned with how it used to be.

The current inter-market links have been working differently than in March, for instance in case of the stock market and crude oil. The two are likely connected, by the way. However, we wouldn't say that this is a major deviation from a certain rule. For instance, after the 1980s top in gold, the next major top was in early 1983. Gold then declined from above $500 to below $300. Stock were moving up during this time and crude oil was moving sideways.

All in all, I think that the USD Index is the more important driver of the precious metals sector in general and it's link with gold is quite similar to what happened earlier this year (PMs topped first, but their decline would accelerate once USDX bottoms and starts to soar).

Q3: There may be a move for the benefit of option holders during the volatile period of the remaining nine days (based on market open days) until June 17, the third Wednesday of June, the same day as the closing date for futures options called 4 Witch Day.

In March, there was definitely a move.

Do you think there will be such a dramatic move this June?

Have you analyzed Gold's option positions?

I don't know it.

But I think you need to check it out.

From what I've heard, I've heard that there is no big difference in the position on the stock price yet.

A3: The options' expiration dates are often associated with extra volatility. The more options expire, the greater the possible volatility, for instance during the triple or quadruple witch days (that's the name when more than one set of derivatives expire on the same day). We're taking this factor into account while preparing our True Seasonal patterns as it's something that we can know in advance. We looked into that and we are applying the implications to the above-mentioned patterns so that both: time-dependent are accessible on the same chart. The current implications of these charts are bearish for the precious metals sector.

Also, we think the link between gold and the USD Index in March was much stronger than the link between gold's price and the date of the options' expiration.

Q4: If only the March movement of precious metals is analyzed, in the case of silver, the highest point has already been touched on the 24th of the previous month and the full decline began on the 25th.

Then the first rebound ended on Monday, March 9 (Monday 2) at 17.615.

Therefore, it would not have been difficult to manage the crisis because there was no big rebound above the 18th.

However, gold and silver were different.

Gold eventually broke through the highs on the 24th again on 03/09 Monday.

If you look at the current situation, it means that there may be a retracement above 05/18 1787.5 (but it will not exceed 1800).

I'm worried about this, and I'm going to wait until the 06/08 Monday and decide on the other half of the investment (of course I also check the start of the dollar rebound the next day).

Isn't there a guarantee that silver is not applicable like gold?

If there is a rebound in the period, it seems to be from Thursday to next Monday, but I think there is a possibility that it will go down without rebound.

Because this time the depth to go down is greater than last March, shouldn't we be busy going down?

A4: Silver's and miners' performance is likely connected with the performance of the general stock market. While the key driver for the entire precious metals sector is still the USD Index (that's what was the key to the entire March decline and what directly triggered the final slide in 2008), the relative valuations within the PM sector are connected with what the stocks are doing.

If stocks top here, silver and miners are likely to be affected and they are likely to decline much more than gold - just like what we saw in March. If stocks simply continue to rally, miners and silver could decline, but not as significantly as they did in March.

Naturally, there are absolutely no guarantees in any market, whatsoever, including that silver will or will not move along with gold. However, we presented above what we view as likely based on our expertise.

Also, please keep in mind that we are not getting married to the downside target levels. They are likely at this time, but not more than that. Gold, silver, or miners don't have to reach our targets for the outlook to become bullish. If gold proves its ability to rally back up after being beaten by soaring USD Index - while the USDX is still rallying, it will be a strong sign that the bottom is already in. At that time, we would probably go long and we might even suggest getting back into the market with one's long-term investment capital, regardless of the price levels at which it would happen.

Q5: Is there any reason you're almost sure the drop you're talking about is now?

A5: You will find many of those reasons in this week's Alerts and in particular in the flagship Gold & Silver Trading Alerts (link to the latest one) that we are usually posting on Mondays. Also, we are not sure, but we think the downturn in the PMs here is indeed very likely.

Q6: A lot of people say it will fall in the second half, but why do you think it is now?

A6: Again, we also cover the issues of timing in our Alerts, also in today's analysis. For instance, based on the similarities to how the situation developed in March. "Second half" here might imply that the downturn would take place once June ends - this might also be the case, but based on the confirmations that we already got from silver (strong short-term outperformance of gold) and miners (clear underperformance of gold, and a repeat of the early-March price pattern), it seems that we won't have to wait that long.

Q7: Also, if there is a scenario where the decline doesn't reach your target and rises again with the bottom between 11 and 15 in the middle (...)

A7: As we outlined in the previous paragraph (the one that we put in bold), our targets are guidelines and what we think as most likely as of this day, this hour, and this minute. If we see very strong bullish signs before our targets are reached, we might change the outlook and the positions. We're monitoring the market and we'll report to you - our subscribers - accordingly.

Summary

Summing up, the very bearish situation became extremely bearish as silver's fakeout became crystal-clear and gold miners continue to show weakness to gold, and the latter is showing weakness relative to what's happening in the USD Index (yesterday's session seems to have been more of an exception than a rule - also it was quite similar to the March 9^th session).

In our view, the above, plus GLD's triangle-vertex-based reversal, gold's seasonal patterns and other factors that we outlined in this week's flagship Gold & Silver Trading Alert, makes huge short position justified from the risk to reward point of view.

Thank you for reading today's free analysis. There are major trading implications of the new signals that we just got, and the full version of our report includes them. That's the detail, we think you might enjoy, want, and need right now. In order to read more, we encourage you to subscribe today.

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Przemyslaw Radomski, CFA
Editor-in-chief, Gold & Silver Fund Manager

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Gold doesn't exist in a vacuum, and is sensitive to cues from other sectors of the precious metals realm, greenback or the stock market in general. What's going on? Miners' breakdown and weakness as well as silver' invalidation of its all recent short-term breakouts confirms the bearish narrative. The USDX confirms it too.

It all indicates that gold is indeed likely to break below the above-mentioned strong support level.

We realize that "this time is different" is usually a costly thing to say, but this time it really is different. This time, gold approached the strong support even without USD's help (and actually despite its decline) and we saw very clear bearish confirmations from mining stocks, silver, and - as we discussed on Monday - from platinum and palladium.

We have gold stocks that just formed a huge monthly reversal candlestick.

Yes, mining stocks have already declined shortly after May ended, but the size of the decline has been barely noticeable on the monthly chart where the reversal took place. Consequently, it seems that the move has only begun.

And speaking of non-PM markets, the USD Index has just moved to new intraday high.

This may seem like nothing to call home about, but it's actually the first time in 8 trading days that we saw a new intraday high. This is an early indication that the bottom for the USDX is already in. It also fits what we wrote yesterday:

In yesterday's analysis, we emphasized that the length of the current decline is very similar to the length of the February - March decline that we saw right before the big USDX run-up. We also argued that the situation is relatively similar on the fundamental front. To clarify, there are obvious differences, but the key similarity is that it's relatively clear that the Covid-19 cases are going up and the economic implications are going to be more severe than it is currently perceived in general, but the numbers don't yet reflect that. Which is probably why the USDX is still not soaring and stocks are not yet declining. Again - it's a "yet" in my view.

What we would like to add to the above today is that in March, the USDX bottomed on the third day after breaking below the previous important support (the January low). Today is also the third day when the USD Index moved below the important support in the form of the 61.8% Fibonacci retracement. It could be the case that the big run-up is just around the corner. And since gold is already declining despite the lack of USD's help, such an USDX rally would likely have a devastating effect on the precious metals sector.

So far, the move up in the USDX is tiny, but it seems to be first crack in the dam. What comes next might not be small at all.

The implications for the precious metals market are bearish.

Thank you for reading today's free analysis. There are major trading implications of the new signals that we just got, and the full version of our report includes them. That's the detail, we think you might enjoy, want, and need right now. In order to read more, we encourage you to subscribe today.

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Przemyslaw Radomski, CFA
Editor-in-chief, Gold & Silver Fund Manager

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The precious metals sector was likely to decline, and it did exactly that. And based on what we just saw, it's likely to decline even more.

Once again, the situation yesterday and so far today developed quite in tune with what we wrote yesterday, so today's analysis will take form of a broad update. Let's take a look at the GLD ETF. In yesterday's and Monday's analyses, we described it in the following way:

[Monday] As far as the short-term is concerned, we have a good indication from the GLD ETF that the rally is about to end today. This is the case due to the triangle-vertex-based reversal that we have right now. This trading technique has proven to be useful many times in the previous months, so it seems to be worth to pay attention to its indications also this time.

[Tuesday] The GLD ETF has indeed moved higher yesterday (less than 0.5%, though), and gold futures are moving lower in today's pre-market trading (so far declining by about 0.3%). This might have indeed been the top, especially that silver invalidated its tiny breakout above the previous 2020 highs and gold showed weakness relative to declining USD Index.

GLD ultimately declined by 0.65%, which means that it erased more than Monday's gains. The triangle-vertex-based reversal technique seems to have worked once again. This is further confirmed by the fact that gold is once again down in today's pre-market trading - despite lower USD Index values.

In yesterday's analysis, we emphasized that the length of the current decline is very similar to the length of the February - March decline that we saw right before the big USDX run-up. We also argued that the situation is relatively similar on the fundamental front. To clarify, there are obvious differences, but the key similarity is that it's relatively clear that the Covid-19 cases are going up and the economic implications are going to be more severe than it is currently perceived in general, but the numbers don't yet reflect that. Which is probably why the USDX is still not soaring and stocks are not yet declining. Again - it's a "yet" in my view.

What we would like to add to the above today is that in March, the USDX bottomed on the third day after breaking below the previous important support (the January low). Today is also the third day when the USD Index moved below the important support in the form of the 61.8% Fibonacci retracement. It could be the case that the big run-up is just around the corner. And since gold is already declining despite the lack of USD's help, such an USDX rally would likely have a devastating effect on the precious metals sector.

As you can see on the above chart, silver is now visibly below the previous highs, and it's now crystal-clear that silver's small attempt to break to new 2020 highs was invalidated. This is something that we often see as a confirmation that the top is already in, and it seems that this is the case also this time.

Please note that the huge slide below $12 in silver futures started from almost the same levels and it took less than a month for the white metal to move there. If the first part of the slide is similar to what we saw previously, we can expect to see a decline below $17 shortly.

Miners' performance also suggests that another slide is starting. And it's not only because of HUI's profound monthly reversal, or the invalidation of its breakout above the 2016 highs.

Monday's rally on low volume was followed by a bigger decline on visibly bigger volume. GDX has almost erased three days of gains, declining more on a relative basis than GLD did during the same time. This serves as yet another confirmation that the top is already in.

The thing that we would like to add today is the note about similarity between the price patterns that we saw between mid-February and early March and the last few weeks. The areas marked in red are identical. As you can see the shape of the price moves is very similar, and so is the timing of the price extremes. In fact, the latter is almost identical. "Almost", as it seems the move lower started one day earlier this time.

It's just like the PMs and miners got fed up waiting for the USD's rally and stock market's decline and are moving lower even without them. This is the perfectly bearish situation, because once we do get the above-mentioned signs, the decline is likely to simply accelerate.

Thank you for reading today's free analysis. There are major trading implications of the new signals that we just got and the full version of our report includes them. That's the detail, we think you might enjoy, want, and need right now. In order to read more, we encourage you to subscribe today.

Sincerely,
Przemyslaw Radomski, CFA
Editor-in-chief, Gold & Silver Fund Manager

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The precious metals situation yesterday and so far today developed quite in tune with what we wrote yesterday. Let's take a look at the GLD ETF. In yesterday's analysis, we described it in the following way:

As far as the short-term is concerned, we have a good indication from the GLD ETF that the rally is about to end today. This is the case due to the triangle-vertex-based reversal that we have right now. This trading technique has proven to be useful many times in the previous months, so it seems to be worth to pay attention to its indications also this time.

The GLD ETF has indeed moved higher yesterday (less than 0.5%, though), and gold futures are moving lower in today's pre-market trading (so far declining by about 0.3%). This might have indeed been the top, especially that silver invalidated its tiny breakout above the previous 2020 highs and gold showed weakness relative to declining USD Index.

Meanwhile, the USD Index is moving lower and its yesterday's decline was just as long as the one that preceded the big run-up in it, and the big slide in stocks and PMs. Plus, our yesterday's comments on the above chart remain up-to-date:

Back in March, the final two days of the decline were when the USDX closed below the previous low, and then it declined sharply on the following day.

Well, on Friday, the USD Index closed below the late-March high and it even moved temporarily below the 61.8% Fibonacci retracement level. It is moving sharply lower today. Of course, it looks bearish at face value, but a very similar situation in March marked the exact bottom.

That's not a reason to expect a rally on its own with a high degree of confidence, but given the positive long-term USD Index chart that we featured yesterday and somewhat similar circumstances in general, a repeat of what we saw in March does appear to be in the cards.

In late April, we wrote the following:

The official US Covid-19 death toll at the moment of writing these words is about 55k (up by 16k since the last week), and there are officially 965k Covid-19 cases in the US (up by 231k from the previous week).

Some countries are starting (!) to get back on track, while some are seeing the explosion in new cases. Overall, things are not improving globally.

Almost every official out there, claims to be data-dependent and wants to reopen the economy once the situation regarding the Covid-19 virus is under control, and the number of new cases and new deaths is low and after a steady decline. At the same time, global protests are putting pressure on the leaders to reopen the economies. In most cases, the protesters are not adhering to the social distancing rules, they don't wear masks etc. The latter is the factor due to which the spread of the virus is likely to increase, and it should show in the statistics within the next few weeks.

All this means that the economies will either be reopened way too soon (as the officials give in the to the protesters), or we might even see riots and possibly the use of the military, in case of more violent cases. In case of the former, the healthcare would likely be overwhelmed, and the death toll would increase dramatically. In both cases, the implications are very bad for the economy. And to make things worse, it's not something that tax cuts or Fed's money printing could fix.

This makes the fundamental case for gold very promising, but in the short run, this could mean another big wave down, just as people sell most assets and raise cash - just like they did in March. At some point, the precious metals market will be able to rise regardless of the above and despite strongly rising US dollar.

It seems that we might have both: economies being re-opened perhaps too soon (it's not the same thing with all countries and states) and we have protests-turned-into-riots in the US. The two are not independent from each other. Naturally, the direct cause of the riots is entirely separate, but we would argue that if people were not living in constant stress and fear for many weeks due to lockdown and were not desperate due to unemployment, the protests might have been much more peaceful and they would not escalate to what we see right now (and to what might come next).

USD and US Riots

The relationship works both ways: does anyone really care about social distancing anymore in the middle of a protest? Maybe so, but what about during a riot? There are exceptions, but if you look at the many pictures and videos of protests-turned-riots right now, you'll see that people have practically forgotten that... We still have a pandemic!

When it was pretty obvious that the virus will hit the US significantly in February and early March, the USD Index was still declining. The US stock market reacted relatively late as well. When did it all change? When the number of new Covid-19 cases spiked, especially in the US.

Look at what's going on - the virus is still out there, and people are acting not only as if nothing happened, but as if they wanted to actually spread the virus by gathering in large groups. Of course, (hopefully) nobody means that, but that's the end effect anyway.

Once again, we are in a situation where it's quite obvious that the number of Covid-19 cases will rise, that more people will die, and that the final economic implications will be even worse. But the numbers are not yet showing it, and the media are focused on the riots and their social and political implications, so people are kind of ignoring the repeat of the very recent history. For now.

And again - what did the USD Index do in March when the Covid-19 cases started to soar? It soared as well, as a safe-haven currency. The riots don't undermine US dollar's credibility compared to other currencies, even though it might seem to be the case at first sight.

It seems that we're going to get a repeat of what we saw about 3 months ago and the initial reaction of the precious metals market is likely to be analogous as well - they are likely to fall.

Thank you for reading today's free analysis. Please note that it's just a small fraction of today's full Gold & Silver Trading Alert. The latter includes multiple details, but most importantly, it includes the clear discussion of what will be the sign telling one that gold's move lower is almost certainly completely over. That's the detail, we think you might enjoy, want, and need right now.

Subscribe at a discount today and read today's issue ASAP.

Sincerely,
Przemyslaw Radomski, CFA
Editor-in-chief, Gold & Silver Fund Manager

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There is a laser-precision technique that tells us whether the precious metals market is going to move higher or lower, and it could take form of a confirmation or invalidation of a major breakout. We just had the make-or-break situation in gold mining stocks, and previously described the HUI Index - flagship proxy for the gold miners - in the following way:

The HUI Index declined significantly, and then it rebounded significantly.

Both are likely linked. Miners first declined more sharply than they did in 2008, so the rebound was also sharper. Based on the stimulus and gold reaching new yearly highs, miners also rallied, and tried to move to new yearly highs. It's not surprising.

However, if the general stock market is going to decline significantly one more time, and so will gold - and as you have read above, it is very likely - then miners are likely to slide once again as well. This would be in tune with what happened in 2008.

At this time, it may seem impossible or ridiculous that miners could slide below their 2015 lows, but that's exactly what could take place in the following weeks. With gold below their recent lows and the general stock market at new lows, we would be surprised not to see miners even below their 2020 lows. And once they break below those, their next strong resistance is at the 2016 low. However, please note that miners didn't bottom at their previous lows in 2008 - they moved slightly lower before soaring back up.

Please note that the HUI Index just moved to its 2016 high which serves as a very strong resistance. Given the likelihood of a very short-term (1-2 days?) upswing in stocks and perhaps also in gold (to a rather small extent, but still), it could be the case that gold miners attempt to rally above their 2016 high and... Spectacularly fail, invalidating the move. This would be a great way to start the next huge move lower.

And what happened last week?

The HUI Index invalidated the breakout above its 2016 high in terms of the weekly closing prices and also in terms of the monthly closing prices.

This is a perfectly bearish sign, especially since the HUI Index has been forming an extremely clear monthly shooting star candlestick. This is a clear formation with clear implications - gold miners are likely to decline in June.

It's important to note that on a daily basis, miners have barely moved higher on Friday. They had a good reason to do so - even two reasons. Both: general stock market and - most importantly - gold / GLD moved higher so miners should have rallied as well. They didn't, which shows that they are much more likely to decline in the short term instead.

Combining two key gold trading tips: silver's exceptional strength with miners' exceptional weakness provides us with a great trading opportunity.

Thank you for reading today's free analysis. Please note that it's just a small fraction of today's full Gold & Silver Trading Alert. The latter includes multiple details, but most importantly, it includes the clear discussion of what will be the sign telling one that gold's move lower is almost certainly completely over. That's the detail, we think you might enjoy, want, and need right now.

Subscribe at a discount today and read today's issue ASAP.

Sincerely,
Przemyslaw Radomski, CFA
Editor-in-chief, Gold & Silver Fund Manager

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