Palladium stole the spotlight yesterday as it plunged about $100 in just a few short hours. Taking the last 48 hours into account, palladium is down by about $150. This could never happen to gold… Right? But wait, it already did happen. About 6 years ago, 48 hours was all it took for gold to decline about $200. Many investors thought that this is a one-time development and that it will never be repeated. The palladium market’s plunge just provided a clear reality check. Big, volatile moves are still on the menu and the golden platter may be full of them once again. In fact, palladium’s action has immediate and meaningful implications for the gold market.

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We previously wrote about the situation being similar to 2012 with regard to overall price movement in gold and in particular with regard to the 61.8% Fibonacci retracement that has been just reached. The yellow metal declined by a few dollars yesterday, just like it did after topping out in November 2012. Higher prices were never seen since that time, which means that there was no single day giving a better opportunity to sell gold. But… Gold miners just moved higher yesterday, even though gold declined, which is a classic buy sign.

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The more things change, the more they stay the same. Or how Heraclitus used to say it, “change is the only constant in life”. He probably never thought that his quote could be applied to the precious metals market and its short-term price swings about 2500 years later. But that’s precisely the case. Gold rallied yesterday and it’s all in tune with the bigger picture. And that picture tells us that something very interesting, and even more profitable is about to happen soon.

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Some things change, and some things don’t. On the precious metals market and the related ones, we currently have both. There are trends that were unaffected by last week’s developments, but there are certain markets that made powerful moves and flashed important signals. And in order to correctly determine the next direction for gold, silver, and mining stocks, we will examine all of them.

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Yesterday, we asked here the question how much gold could (should) have risen based on such bullish news as the Fed’s monetary policy turnaround.  One day later, how far has gold progressed? If not rising sharply on account of this, can the gold bulls use any other ace up their sleeves? Provided that they have any actually. Let’s see in detail what the current situation most likely means for the precious metals going forward.

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