Very little changed in the precious metals market yesterday and the vast majority of investors and traders will think that this means that nothing changed. And that will be very wrong. “What changed” is not the only important question that one should be asking. “How did it happen” and “in light of what” questions and replies to them provide very important details to those, who can read between the lines in reports and candlesticks on charts.

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Strong words, aren’t they? And yet, we are not afraid to put them right in the title. The number of factors (and their importance) that point to a nearby reversal and continuation of the major decline is too significant to believe in the bullish case, even though gold, silver, and mining stocks moved higher in the last few days.

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Gold moved a bit higher yesterday, but silver and mining stocks soared. If it was only the rally in the white metal it would be easy to dismiss the entire move and call it a bearish confirmation. But, since the mining stocks rallied, and the HUI Index has clearly invalidated it head-and-shoulders pattern, it seems that the outlook has really become bullish. But is it really the case?

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After several days of lower prices, the precious metals sector moved visibly higher yesterday. The rally was particularly visible in case of the mining stocks. Since the latter is the part of the PM sector that often leads the rest, is it the case that we have just seen an important short-term bottom?

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The white metal continues to slide to new yearly lows each day now, proving the previous bottom-callers incorrect. The next stop is the 2015 low, but it doesn’t seem that it will be able to prevent the big decline for longer, if it manages to do it at all. And we just saw new signals that confirm the bearish outlook not only for silver, but also for the rest of the precious metals market.

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