Gold has gained based on the Fed’s U-turn yesterday. The $64,000 question is: how high has it actually risen vs. how high could (should) it have risen? The market seems to have been caught off guard by the deep change to the interest rate hike projections in the Fed’s dot plot and the announced balance sheet reduction tapering in May followed by stopping them entirely before September is over. In today’s Alert, we explore how yesterday’s events fit into the political, economic and intermarket analysis. Based on these, we’ll present our conclusions about how they affect the current market standing and prospects for the precious metals going forward.

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Gold stocks have repeated their decline once again yesterday while gold and silver soldier on. When will the miners take gold and silver down with them? Underperformance is a critical sign of weakness, there’s no denying that. Would today’s Fed policy pronouncements provide the spark? While waiting, we explored everyone’s favorite subject: the CoT report. While an evergreen, today from an angle you probably haven’t heard before anywhere else. Get wiser and benefit!

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Gold stocks declined once again yesterday despite the lack of meaningful declines in gold or silver. Seems miners simply can’t wait to move to lower values just like we indicated previously. Even those that pointed to Stochastics’ recent buy signal have to agree to the bearish interpretation now as the latter flashed a sell signal once again. Miners’ underperformance of gold is never a bullish sign and at this time it provides a screaming confirmation of the point that we made yesterday. Namely, the miners provide the critical sign that clearly shows what’s likely to happen next.

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After gold’s plunge on Thursday, it made a comeback attempt on Friday. But that erased only half of Thursday’s vigorous decline. The situation in silver and gold miners doesn’t provide much ground for optimism either. The silent scream we wrote about in the Wednesday’s Alert brought serious repercussions. Both immediately and step-by-step as in a trainwreck in slow motion. Either way you look at it, just in time. Today, gold is striving to build on Friday’s gains. How much longer can this last?

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