Yesterday’s session was quite volatile on an intra-day basis, but in the end, nothing really changed. The only thing that’s worth commenting on regarding yesterday’s session is silver’s small outperformance. Gold and miners didn’t close higher, but silver did – not significantly, but still. This outperformance seems to be present also today as silver moved higher in today’s pre-market trading. Gold moved higher as well, but silver’s $0.35 upswing is more visible. What are the implications?

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Yesterday’s session was far from volatile, but the one thing that made it worth describing, was the performance of mining stocks. The latter moved lower even though gold, silver and the USD Index moved back and forth. What are the implications?

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In our Thursday’s alert, we discussed the downside potential of the silver market and we argued that the bearish analogy to the previous cases in silver is very likely intact, but it hasn’t played out yet due to the declining USD. Interestingly, it doesn’t seem that a rally in the latter is necessary for the decline to really start – it seems that all that is required is that the USD stops declining. On Friday, the USD Index moved sharply higher and silver responded with a big decline, just as we had expected. What’s next?

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Some time ago we discussed the analogies in the silver market and the implication of the analogies was that a big decline should follow. However, we have not seen anything epic on a medium-term basis – only a local (yet powerful) intra-day slide. Was the analogy invalidated and did the outlook become bullish?

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The precious metals market didn't do much yesterday, but it doesn't mean that the situation is now any less tense than it was previously - the gold market is still on the verge of a major move and the same goes for mining stocks and - in particular - silver.

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