In the previous weeks we've been featuring multiple factors that are likely to usher in a sizable gold, silver and mining stocks' moves. Has the very recent downswing been the opening act? The USD Index closed flat on Friday, yet the metals declined across the board. Is it a meaningful clue of upcoming action?

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Gold and silver declined this week and the latter is currently testing this month's lows. We warned you that silver's short-term outperformance is not likely to last long and it didn't. The white metal is currently leading the way lower, and the previous months' strength was actually one huge show of outperformance. Silver tends to outperform gold strongly on a very short-term basis when it indicates short-term tops. Silver outperformed on a medium-term basis, which has likely indicated a medium-term top. The white metal is already more than $2 below its September high and its outperformance is already over. And what about the recent slide in the gold to silver ratio? It was just a pullback. No market can move up or down in a straight line and periodic corrections have to happen every now and then. That's what happened in the gold to silver ratio. Let's dig into details.

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As the Fed turned dovish this year, not only did the short-term interest rates move down - the long- and very-long-term ones also declined. Why would this be the case? After all, the long-term rates are set by market forces, not through Fed's direct decision... More importantly, though, why should you, the precious metals investor, care? What kind of signal does it send to the gold market for the following months and years?

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Silver soared and the rest of the precious metals sector moved higher yesterday as well. Definitely a lot happened. But did as much change? When we described the situation in yesterday's Alert, silver was already high, but it ended yesterday's session even higher, invalidating the breakdown below its rising support line. Will the bullish implications come into play shortly?

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