Gold and silver declined yesterday, but the really profound action was seen in the precious metals mining stocks. Both key indices for this sector (the HUI and XAU) declined below their respective 2008 lows and managed to close below them. What’s next? Will gold and silver stocks bounce like they did in late 2014?

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The situation in Greece and in the Eurozone in general is critical and while one would expect gold to soar given these circumstances – it didn’t. It moved only a few dollars higher (despite the USD’s much more visible decline), silver remained unchanged and mining stocks declined along with other stocks. Is the situation really that bad?

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The debt agreement was not reached once again and this time it seems that the situation worsened significantly. Greece introduced capital controls and Greek banks didn’t open on Monday. Gold moved over $10 higher when the markets opened after the weekend and investors could react to the situation in Greece. Afterwards, gold corrected most of this rally, but since the end of the Greek crisis is nowhere in sight, gold could still soar based on the Greek turmoil…

Last week, however, gold declined over $26, silver declined $0.30 and the HUI declined more than 4 points. The entire sector moved lower, but miners are not underperforming gold as they used to in the previous weeks. Moreover, silver reversed in quite a meaningful way on Friday. Is the miners’ outperformance – on a weekly basis – a sign of strength, especially given that silver refused to slide much further?

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The precious metals sector didn’t do much once again yesterday – gold declined a few dollars and so did silver and mining stocks, but the size of the move was not huge. The small decline, or as we can also call it, the pause, is not something that should make one think that the same kind of performance will be seen for much longer. In fact, it is the time before the move that one should be most focused – not after it.

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The precious metals sector didn’t do much yesterday – gold declined a few dollars, but silver and miners didn’t – they moved a little higher. Overall, all parts of the precious metals sector closed more or less where they had closed on Tuesday. The pause, however, is not something that should make one think that the same kind of performance will be seen for much longer. In fact, it is the time before the move that one should be most focused – not after it.

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