The prices of gold and silver declined yesterday, but the size of the moves were nothing worth calling home about. The mining stocks, however, erased a few days of gains during just one session. This means that the underperformance of the miners is back and the implications are not something one should ignore. At least not if one wants to profitably trade the next big move in the PM sector.

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We’ve seen myriads of signs pointing to lower precious metals prices in the past months, weeks, and days. We even discussed how ridiculously similar the current situation is to what happened in 2013, right before the $200+ decline in gold. But the final bearish confirmation usually comes from the silver market and this time is no different.

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Something happened yesterday on the precious metals market, and some things didn’t. Both should make you very, very cautious with your PM investments.

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We often wrote that the weekly closing prices are more important than the daily and – in particular – intraday prices. It’s simply a reflection of the fact that the markets can act on random and / or emotional factors, but when it’s all said and done, they once again start to reflect the real, meaningful values. Many traders open and close positions within the session and some of them exit their positions before the end of the week. Sometimes – in case of expiring options – the positions are closed for them. Either way, The weekly values are critical when trying to determine where a given market is about to move and the precious metals market is not an exception from this rule. Since we just saw the weekly closes, let’s check what changed, what didn’t, and – most importantly – what’s next.

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