In the previous alerts we wrote about the mining stocks’ strength and why it was not really important because it was just a very short-term event. But during yesterday’s session we saw the mining stocks’ strength once again and it was more profound than what we had seen previously. Namely, miners closed the day higher even though gold and silver closed it lower. What does it mean? Should we prepare for a rally?

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Gold and silver declined as the USD Index rallied, but mining stocks showed strength by not declining below the Monday’s low. Are we seeing the early signs of a bullish reversal?

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During yesterday’s trading, we saw a small rally in metals and miners, which doesn’t seem to be anything special at first sight, especially that the precious metals market had declined substantially on Monday and thus a small corrective upswing was a rather natural development. But the HUI rallied by about 1.4% and the GDX ETF almost erased the entire Monday’s decline. Did the outlook just change?

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Silver’s anniversary decline was a very profitable move for those who prepared for it. Gold and miners declined as well, while the USD Index closed at a new monthly high. The real big move seems to have begun. What’s next? When are the precious metals likely to form at least an interim bottom?

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The silver volume that we saw last week was huge and we don’t mean only the one that accompanied the sizable daily price spike. The volume was huge also if we take the entire week into account. In fact, there was only a single week when silver rallied on volume that was bigger than what we saw during last week’s rally – ever. That was the 2011 silver top, when the emotions reached their zenith. But surely that was just a coincidence as there’s nothing else that connects these cases, some will claim, forgetting about the thing that is more important than price – time. The 2011 top formed on Monday, April 25th. You’re are reading this on Monday, April 23rd. Time is almost in perfect tune. Will this be a happy anniversary? It will, for those who are prepared.

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